According to Womenable’s 2013 State of Women-Owned Business Report, commissioned by American Express OPEN, women-owned businesses in the United States greatly contribute to the growth and stability of our economy. This eye opening report proves that women entrepreneurs can’t be overlooked and should most certainly be recognized as an important part of our society because of their contribution to job creation. Did you know?
There are about 8.6 million women owned firms that employ just about 7.8 million people! Combined these firms generated about $1.3 trillion in sales as of 2013. Women owned businesses (along with Fortune 500 companies) were responsible for the net increase in employment during the heart of the Great Recession during 2007-2013. It’s very apparent that jobs are the lifeblood of our society and when they aren’t any available we don’t thrive. Permanent job availability is the key to keeping the money circulating so we can all live productive and fruitful lives. One in five businesses with revenues of $1 million or more is owned by women. This speaks volume to the fact the women are starting businesses that thrive and have the potential to create well-paying jobs for the citizens of this country.
Women Business Owners Need Assistance
Although more and more women are realizing their dreams of successful business ownership, women entrepreneurs need help more than ever. According to the report “Launching Women Owned-Businesses on to a High Growth Trajectory”, by Sharon Hadary, DBA, the former and founding executive director of the Center for Women’s Business Research, women entrepreneurs are still lagging behind their male counterparts. The report also found that even though many women owned business are generating over $1 million in revenues, only 6% of them are generating that much in comparison to men-owned businesses. As recently as 2008, the average revenue earned by women-owned business was only 27% of the average revenue earned by men-owned business.
This is a clear sign that women owned businesses still need assistance to support growth and stability. The report also included information from a recent survey and study completed by the Kauffman Foundation, that concluded women and men business owners are equally capable to succeed in business if that have similar conditions.
What We Can Do to Help
Educate! Women entrepreneurs can excel at the same level of the male counterparts simply by being educated on what resources are available to them. This includes knowing where to go to get help with things like capital acquisitions, management assistance, and sales and marketing. There are more well-known and traditional organizations that provide assistance to women entrepreneurs seeking to start and grow such as the Small Business Administration and the National Women’s Business Council. However, there are smaller companies and organizations also committed to the continuous growth and stability of women owned businesses. For example, my company CaptiaLinker.com is dedicated to educating women on how and where to raise capital. Our primary focus is to educate women business owners on:
- What funding options are available to them.
- How to qualify for those funding options.
- How to take advantage of those funding options.
- How to use and manage those funding options effectively to grow their small businesses.
This is the kind of help and guidance women small business owners need to thrive in a male dominated economy where they often lack equal resources. The key is to spread the word about the sources you come across such as the Small Business Administration or CapitaLinker.com. Sharing your knowledge and paying it forward helps all women thrive in our endeavors.