Women own 20% of firms with revenues exceeding $1 million according to a new research project released in report by the Center for Women's Business Research. However, less than 3% of the 10.1 million women-owned firms make it to that million-dollar mark. Not only does the research illustrate the economic impact of women business owners, it also reports the common personality traits that may contribute to success.

The report showed:

• Women are similar to the men in saying that one of their primary functions is financial control.
• Women business owners of firms with revenues exceeding $1 million have a lower level of formal education than men business owners.
• In contrast to the men, women tend to be substantially less active in the day-to-day operations of the firm and production of goods/services when compared to men.
• Successful business owners are able to make a transition from working in the business to working on the business. They are more likely to spend time cultivating relationships with bankers and networks, more likely to delegate, and to become more confident of their ability to grow a business.

Other focus group findings show that women business owners who exceed the million dollar
revenue mark typically:

• Are action-oriented women.
• Have a solutions orientation.
• Believe that a larger business is provides more freedom.
• Are energized by the "business of growing a business."
• Create their own rules.
• Focus on internal business culture.
• Are life-long learners.

As of 2008, there are a total of 10.1 million firms owned by women, employing 13 million people and generating $1.9 trillion in revenues, according to the rapport.

See for more information in Dutch, SheConsult.