Women Entrepreneurs are on the Rise
Women make up 40% of all new business owners. According to the National Association of Women Business Owners, more than 11.6 million firms are owned by women, employing nearly 9 million people, and generating $1.7 trillion in sales as of 2017. What’s the driving force behind these numbers?
Corporate America’s Uneven Playing Field
According to a 2018 McKinsey and Company report, women are underrepresented at every level in the workplace, especially women of color. Only one in five senior women leaders is a woman, and only one in 25 is a woman of color. Women are 15% less likely than men to be promoted.
At this rate, it will take more than a century for women to achieve C-Suite gender parity. With stats like these, it’s no wonder more women are starting businesses.
Women don’t have the same access to opportunities as their male counterparts. It can be deflating to see men climb the ladder after they are afforded different opportunities, yet women are overlooked simply because they are women.
These inequities have caused many women to examine their lives and turn their passions into profitable businesses.
A Path to Financial Freedom and Flexibility
Business ownership allows women to control their financial freedom. They can set their own rates based on what they think their services are worth. And they can market for new clients any time to increase revenue, as opposed to waiting for a crummy annual pay raise from an employer.
Since most women are caregivers for children or adult family members, business ownership grants them flexibility to manage their time to accommodate family obligations.
More networking groups and programs exist for women business owners today than ever before. They no longer have to face it alone or try to figure things out. Agencies such as the SBA’s Office of Women Business Ownership offer information, workshops, grants and other resources for successfully launching a business.
With grit, determination, and hard work, the sky is the limit for women business owners. It’s quite possible she already owns the stars.
Our Certified Career Coach Christine Horstman hosts Her Career Catalyst Virtual Program where you can learn about the characteristics of a successful business owner. Join her here: Her Career Catalyst