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REAL SMART – Business Who Runs The World?

Real Women Atlanta  Real Smart   REAL SMART – Business Who Runs The World?

REAL SMART – Business Who Runs The World?

Women-owned small businesses are vital to the US economy as well as the health of local communities. In fact, women are founding businesses at 2.5 times the national rate. That means, there are a lot of resources out there to help all you women entrepreneurs achieve your dreams! Women entrepreneurs are the key drivers of US entrepreneurship today. Women are starting up businesses at 2.5 times the national rate. And many of these women-owned businesses are headed by women of color. In fact, in recent years, the number of businesses led by women of color has grown by up to 300%.

 

Women have always owned businesses. What has changed over the last few decades is women’s increased participation, leadership, and impact in a wider range of businesses.2 Women-owned firms have grown by one and a half times the rate of other small enterprises over the last 15 years and now account for almost 30% of all businesses.3 Since 2007, women-owned businesses have led privately held company job growth in America, second only to publicly traded firms.

 

According to the 2013 State of Women-Owned Businesses Report, commissioned by American Express OPEN, women-owned businesses added 175,000 net jobs versus a national net decline of 569,000 jobs among all privately held firms during the same time period. While the Small Business Administration reports that there have been signs of stabilization in the overall share of women-owned businesses during the Great Recession, women’s overall share of businesses owned remained “sizable and stable” between 2007 and 2012, locking in the notable gains seen over the last few decades.4 A major reason for the boom in women-owned businesses is that they are at the forefront of a new kind of enterprise, one that often employs no more than its proprietors. In many cases, these “solo entrepreneurs” include corporate executives, technicians, and other professionals who, either by choice or necessity, have chosen to start their own microenterprises. These entrepreneurs contribute to the “1099 economy,” a reference to the 1099 tax form that allows individuals to report income received throughout the year other than the salary received from an employer. A large portion of this bustling 1099 economy comes from the growing ranks of boomers who are no longer willing or able to work for a large corporation. Women make up a significant part of the solo entrepreneur movement with an estimated 90% of women-owned firms having no employees other than the business owner.

 

Not only are women-owned businesses booming, they also have the potential to be more successful than homogenous, male-run companies. Studies indicate the companies with gender and racial diversity perform better than their small business peers without such diversity. In other words, women-owned businesses are good for the economy, the community, and (of course) the women in charge. So take the plunge and start your own business!

 
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