Women entrepreneurs, with more focus on their successes, can help bring more women into business ownership through mentorship and awareness. Industries with the highest growth rates in terms of number of women-owned businesses include utilities (151% growth), other services (126%), construction (94%), accommodations and food services (85%), and administrative, support and waste management services (70%). Small Business News ● Media push back against gender stereotypes This group is growing at a rate that is faster than the growth rate for larger women-owned companies. 88% of women-owned businesses generate less than $100,000 in revenue. For businesses that had 25% or more of their customer base outside the country, 31.7% were run by women and 37% by men. The Senate’s Small Business report noted: As of 2018, there are 12.3 million women-owned businesses in the U.S. Interestingly, the NWBC suggests that women start businesses because of limitations in the workforce, personal responsibilities or the challenges that come from a market that fails to meet their needs3. Necessity entrepreneurs are individuals who cannot find quality employment and typically return to the workforce when the economy improves. ● 78% of new women-owned businesses are owned by women of color7. ● Small business owners who have access to mentoring report higher revenues and growth rates11. African American Small Business Statistics The survey found that in 2018, 45% of small business owners were minority ethnic groups. Men continue to be the majority of small business owners, at 73 percent. [2] https://www.nwbc.gov/sites/default/files/FS_Women-Owned_Businesses.pdf Women are significantly more likely to launch businesses within the healthcare (10%) or education sectors (9%) than men (5% in both cases). The Senate report on women entrepreneurs focuses on three particularly unique obstacles: More women use credit cards, while more men use equity investors. The report says, “From 2007 to 2018, higher unemployment rates, longterm unemployment and a much greater gender and racial pay gap led women of color to start businesses at a higher rate out of necessity and the need to survive, rather than a desire to seize a market opportunity.”, Women-owned businesses employ 9.2 million people. ● Supporting working mothers. Driving the Growth: Women of Color . This blog is written and managed by the team at Experian Business Information Services. Founded in 1975 by a group of like-minded businesswomen to serve as the voice of women business owners and advocate on behalf of their entrepreneurial interests, NAWBO is proud to carry on that legacy and serve as the collective voice for women entrepreneurs of this generation and the next in the Nation’s Capital and state capitols across the country.
Walker Impacted the History of American Entrepreneurs, 200,000 People Downloaded Her App Within Two Weeks, and Forbes Magazine is Calling Her "The Next Steve Jobs", Colombian Actress Turned Entrepreneur, Sofia Vergara, Empowers Women By Launching New Subscription Underwear Service, After Turning Down a "Shark Tank" Offer, This Genius Entrepreneur Went and Raised Over $3 Million From Crowdfunding, A Look at all of Joanna Gaines’ Business Ventures, 6 Inspirational Quotes by Morgan Harper Nichols - A Talented Writer, Artist and Musician, This Refugee-Turned-Entrepreneur Owns 2 IHOP Restaurants, Her Own Soul Food Restaurant, and a $250 Million Real Estate Portfolio, 5 Influential Female Entrepreneurs Who Started With Nothing. OverviewTeamCertificationEvents Contact WBENC. Compare that to 1972, when there were only 402,000 women-owned businesses, representing 4.6 percent of all firms. [13] Small Business Administration, “SBA Lending Statistics for Major Programs as of 9/30/2016,” (accessed on October 15, 2017) (online at https://www.sba.gov/about-sba/sba-newsroom/weekly-lending-reports/archive/sba-lending-statistics-majorprograms-09-30-2016).
With media attention on male entrepreneurs such as Elon Musk, Mark Zuckerberg and the like, many women lack important motivation that can come from a mentor to inspire them into starting businesses. Supporting businesses on the cusp of crossing this threshold ($100,000 to $249,999) — and those that have crossed it — could accelerate the growth of larger women-owned businesses.”. The good news is that more business women are speaking out about their own challenges and successes, including several in the Senate report. Not surprisingly, these challenges, and the desire for flexibility, lead more women to start their own businesses.
For more in-depth information and statistics, please read the 2018 State of Women-Owned Business Report by American Express, and SCORE’s Megaphone of Main Street: Women’s Entrepreneurship, Spring 2018 report.
(Note, this is just 4.3% of the total private sector revenue.). When a woman graduates from college, she may be making only 90% of what her male counterpart is making. 86.3% of small business owners take a salary of less than $100,000. Behind the numbers: The American Express report notes that it was a combination of necessity entrepreneurship and opportunity entrepreneurship driving much of the more recent growth. Women-owned businesses have the highest total revenue in wholesale trade (17%), retail trade (15%) and professional, scientific and technical services (10%). In contrast, men are significantly more likely to start businesses in the construction and manufacturing industries (12%) than women (4%). [15] PwC, “Women Unbound: Unleashing Female Entrepreneurial Potential,” ( July 2017) (online at https://www.pwc.com/gx/en/diversityinclusion/assets/women-unbound.pdf). The new business statistics from Fundera’s study showed that small business owners work harder but don’t make as much as the traditional CEOs. 86.3% of them take less than $100,000 a year.
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