We’ve all heard the phrase ‘go big or go home,’ but the sad truth is that many female entrepreneurs end up choosing the latter. Women are two times more likely to shut down their businesses due to a lack of capital, and despite the fact that there are 10 million female entrepreneurs in the US generating $1.4 trillion in revenue, only 3% of women-owned businesses hit the $1M mark.
These are the statistics that inspired Julia Pimsleur to start the Million Dollar Women Movement, a venture dedicated to helping one million female entrepreneurs reach $1M in revenue by 2020. The movement encompasses an annual summit for high-growth women entrepreneurs, the Million Dollar Women Masterclass, as well as her book, Million Dollar Women: The Essential Guide for Female Entrepreneurs Who Want to Go Big.
Pimsleur’s work with Million Dollar Women stems from her experience as the founder and CEO of Little Pim, a foreign language learning program for young children and one of the few women-led venture capital backed companies in the US. The movement leverages the lessons she learned while scaling up Little Pim, and affords Pimsleur a platform to inspire and educate other women entrepreneurs in the areas of fundraising, sales and developing the ‘go big’ mindset.
Pimsleur is also an award-winning filmmaker, a trained NLP master practitioner coach and mother of two. When she isn’t speaking or coaching Million Dollar Women, she can be found kicking a soccer ball in Central Park with her boys. Today she explains the vast gender gap in the entrepreneurial space and explores the reasons why women tend to downplay their strengths. Listen in to learn the benefits of networking and how to develop a ‘go big’ mindset.
Key Interview Takeaways
There is a vast gender gap in the entrepreneurial space. Pimsleur was inspired to start the Million Dollar Women Movement when she learned that only 1.8% of women-run companies were getting to $1M in revenue in 2014, and only 4% of venture capital goes to businesses run by women.
Pimsleur’s big goal is to get one million women to $1M in revenue by the year 2020 by way of her book, Million Dollar Women, as well as the Masterclass and annual Million Dollar Women Summit.
The three things you need to ‘go big’ are mindset, skill set and network. Develop resilience, celebrate your strengths and get in the right rooms with the right people – and it’s much easier to get to $1M.
Women are socialized to downplay their gifts, but we must promote ourselves and offer our credentials right up front. If you have a PhD from Harvard, lead with that!
Networking is key in making it to the next level. Though successful women are often fiercely independent, we must get outside our comfort zone and develop relationships with the right people – and that might mean attending Entrepreneurs’ Organization events rather than having margaritas with our girlfriends.
Develop a ‘go big’ mindset. Visualize yourself running a multimillion-dollar company and know that it is possible.
Connect with Julia Pimsleur
Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg