The Upward Swing of Women’s Entrepreneurship – There has been a tremendous upswing in the growth of women-owned businesses since around 2000.
Global Entrepreneurship Monitor found that, in 2016, female entrepreneurial activity around the globe increased by 10 percent, and 163 million women were starting or running new businesses in 74 different countries for that year alone.
Additionally, the Kaufman Index reported that 230 out of every 100,000 women became entrepreneurs each month during 2017. While the number of women entrepreneurs is on the rise, experts have differing views on what is driving this rapid growth.
The Upward Swing of Women’s Entrepreneurship
According to the National Women’s Business Council, female entrepreneurs often fall into two categories: those who want to exploit a market opportunity and those who go into business for themselves after realizing the traditional labor force does not offer options that cover their basic economic needs.
Regardless of their reasons for becoming business owners, more women than ever are fnding success in the entrepreneurial world.
For example, in Maine, which is at the forefront when it comes to supporting women in their business endeavors, women entrepreneurs saw the highest revenue growth among the 50 states and Washington, D.C. during 2017, with 45,600 women-owned businesses generating around $13 billion in sales annually.
Since there aren’t many large employers to work for in Maine, numerous women there have started their own businesses, ranging from donut shops to accounting frms.
Entrepreneur Leigh Kellis, who owns The Holy Donut, believes women in Maine share a passion for what they do and a particular inventiveness that makes them successful. The state is undeniably leading the way when it comes to economic prosperity spurred on by women.
While the number of women entrepreneurs is on the rise, experts have differing views on what is driving this rapid growth.
Women Entrepreneurs Take Advantage of Their Unique Strengths
The Hiscox 2017 DNA of an Entrepreneur Report™ found that the top three attributes associated with being a woman entrepreneur are the abilities to promote their businesses, to delegate, and to be patient.
The study also found that women have an inherent sense of independence: 48 percent of women are the sole employee of their businesses, while only 37 percent of men can say the same. Women are playing to their strengths through the types of industries they choose to enter.
Fifty percent of women-owned businesses fall into several categories, including general, professional and technical services, which can include everything from hair salons and healthcare businesses to accounting and architecture frms.
Author and entrepreneur Sallie Krawcheck believes that the qualities women inherently bring to the workplace are exactly what make them great entrepreneurs in any feld. From managing risk and complexity to seeing things holistically and focusing on the long term, Krawcheck says women are in a better place than ever to harness these abilities in the entrepreneurial world.
Entrepreneur Alicia Igess used these traits as she started her own salon. Igess had recently moved to Atlanta to start her career as a hair stylist when a fre left her homeless and without the tools of her trade.
She had a choice: pack up and go back to her lifelong friends and family in Tennessee or soldier on in Atlanta. Igess now has one of the most successful salons in Atlanta. The qualities women inherently bring to the workplace are exactly what make them great entrepreneurs in any feld.
Women entrepreneurs are increasingly optimistic about the future, with a majority believing women will make signifcant strides in the workforce over the next 20 years.
The Hiscox 2017 DNA of an Entrepreneur report shows that 61 percent of women small business owners are optimistic about the economic climate of today’s business world, and 40 percent of women feel better about their personal fnancial situation than they did one year ago.
A report from Bank of America found that, over the next two decades, 80 percent of women business owners believe women will have equal or greater representation in STEM felds compared to men, while 61 percent believe women will have wages greater to or equal to those of men.
Even in the short term, more women small business owners than in previous years believe their local and national economy, as well as the global economy, will improve over the next 12 months.
Entrepreneur Sallie Krawcheck contends that many forces are currently paving the way for women entrepreneurs to fnd success both now and in the future.
She sees a growing network of resources and organizations poised to help women entrepreneurs, offering everything from coaching and networking to instruction and ideas on funding sources.
Additionally, there is increasing recognition of the fact that startups with female leadership perform better than those with all male leaders.