An article yesterday in the New York Times started a little debate around why such a small percentage of women (less than 3%) take their business over the $1M mark.

On one side of the coin, Nell Merlino of the Make Mine a $Million (M3) program believes that women get stuck at a certain point in their business and can’t move forward without help. On the flip side, Marsha Firestone of the Women President’s Organization (WPO) maintains that those women who are motivated will find a way.

OK – so I have connections on both sides. I am a mentor for the M3 program and a WPO alumna. These two women, though they may not share the same theories about what is happening, certainly share a passion for helping women to grow their businesses. I like that.

I think there are 3 main elements required to put your business in that top 3%:

1. Timing. There is some truth to the fact that you have to be in the right place at the right time. You have to have the right products, targeted to the right customers when they most need it or want it. Sounds easy but in truth, it is really, really hard.
2. Execution. Actually getting out there and doing it. And when you hit an obstacle, looking for the path through, which requires flexibility and vision. Oh, and you also have to be willing to hire help, as Nell suggested, and ask for other’s advice.
3. Don’t be afraid, as my friend Beth Cole always says, to THINK BIG! Some women entrepreneurs may hesitate to envision growth for their company (I did at first!) because it is scary to think about “losing control” of your business or your life. But in my experience, you CAN grow your company AND have a life. The control is just a little…uh…different than what you might expect.

So let’s hear what you think! Do we get stuck or do we just choose to grow at our own pace and explode the growth when we’re really ready?