Management Practices of Successful Female Business Owners

Abstract

This research project examines management techniques used by 58 female owners of small businesses in three eastern metropolitan areas. Data indicate that financially successful women owners delegate certain key tasks to employees, are more highly educated, and have more prior work experience than less successful females. The primary inadequacies reported by the women were difficulties in leading others and inability to delegate tasks. In addition to a lack of formal planning and policy setting, other seemingly important management functions did not materially affect sales or profit. Moreover, the level of mental and physical effort and degree of participative management were not significant criteria for success.