If there was ever a better time for women to take up entrepreneurship, it is now. If there is anything good that has come out of the roller coaster ride of the economy, it is the fact that it has pushed women to start their own entrepreneurship journey. And boy have it woken the giants within – you better believe it. Here are some data that supports my claim.
Female entrepreneurship is on the rise around the world, according to a recent study. The Global Entrepreneurship Monitor Women’s Report released in November 2015 reveals that female entrepreneurs have narrowed the gender gap by six percent since 2012, with women ages 25-34 leading the way.
According to the 2016 BNP Paribas Global Entrepreneur Report, for which Scorpio Partnership consultancy surveyed about 2,600 high and “ultra-high” net worth entrepreneurs from 18 countries, the researchers found that almost 90% of women entrepreneurs expected their companies’ gross profits to increase or remain stable in the next year. More specifically, 61% expected profits to rise, compared to an average of 58% among all entrepreneurs.
Women have been found more trust worthy – they come with the perfect mix of heart and brain. While the business world runs with data and numbers, you cannot ignore the human aspect and people involved. As we all know its people who move products not the other way round. This is probably why more and more women are gaining success. Women have always been able to find that fine balance of people and purpose. Here are some statistics that will blow your mind:
Women Owned Business in the United States
- More than 9.1 million firms are owned by women, employing nearly 7.9 million people, and generating $1.4 trillion in sales as of 2014.
- Women-owned firms (50% or more) account for 30% of all privately held firms and contribute 14% of employment and 11% of revenues.
- Over the past seven years, the overall increase of 8.3 million (net) new jobs is comprised of a 9.2 million increase in employment in large, publicly traded corporations, combined with a 893,000 decline in employment among smaller, privately held companies.
Businesses Owned by Women of Color
- 9 million firms are majority-owned by women of color in the U.S.
- These firms employ 1.4 million people and generate $226 billion in revenues annually.
Million Dollar Businesses
- One in five firms with revenue of $1 million or more is woman-owned.
- 2% of all women-owned firms have revenues of 1 million or more.
High growth firms
- Women-owned firms exceeded their own expectations regarding growth. Compared to men, women were less likely to expect rapid firm growth, but were more likely to actually see rapid growth.
- High growth women-owned firms were more likely to be owned by teams, more likely to be in high-tech industries, more likely to be incorporated, and less likely to be home-based. They tended to have owners with higher credit scores and more education.
- Gender differences exist even among firms with high growth potential. Women business owners of high growth firms had less startup experience and industry experience than their male counterparts, and their firms had fewer employees, less intellectual property, and were less likely to be in high-tech industries.
This is just the tipping point as there is so much potential still untapped. There is tremendous power in women entrepreneurship and some of us are losing out. Stop being a spectator, become a player.
You can do it. If you need help, contact me to get a copy of the book Sheroes Next Door that will really help you get motivated, inspired but above all feel confident of yourself.