In the late 60s Virginia Slims told women; “you’ve come a long way baby”, and so we have.
Women-owned businesses generate a higher revenue than companies led by men. Women leaders can create positive work environments with happier employees. This way, they can attract diverse talent and a diversity of ideas which speed up their success
42% of all U.S. businesses are owned by women (13 million). Women-owned businesses employ over 9.4 million workers. Women are three percentage points more likely to start a business than men
59.2% of women-owned businesses are profitable in 2022.
These businesses grew 16.7% between 2012 and 2019 compared to the 5.2% growth rate for men-owned firms. In addition, gross receipts for women-owned companies increased “exponentially” (51.9%) during that time, while revenues for employer firms owned by men rose 34.2%
- 17% of black women are in the process of starting or running a new business.
- 14% of women-owned businesses employ between 11 and 50+ workers.
- Women represent 50% of entrepreneurs in Latin America and the Caribbean.
- Women made up 36.8% of Canadian business owners in 2021.
- Women-owned and controlled enterprises create direct employment for about 27 million people in India.
- The revenue generation is around $1.8 trillion annually. (Legal zoom)
- It has been observed that women control $20 trillion annual spendings. It is predicted that this number will rise to $28 trillion in the upcoming years. (What to become)
- Latina women-owned businesses grew more than 87%.
- 64% of new women-owned businesses were started by women of color last year.
- There are 114% more women entrepreneurs than there were 20 years ago.
- Women started 1,821 net new businesses every day last year.
Why more corporations need to move women into leadership roles.
Only 26 women are found as CEOs at Fortune 500 companies. According to Pew research, this makes only 5.2% of the female population. (Forbes)
- Organizations that prefer women in leadership roles achieve 90% retention rates. (Impact group)
- Private tech companies led by women achieve 35% higher ROI.
- Women-founded companies in First Round Capital’s portfolio outperformed companies founded by men by 63%, yet Women receive just 7% of venture funds for their startups.
These statistics are amazing yet the glass ceiling still exists. What can be done to change this?
Positively, things have changed a lot in the last two-three decades. However, in terms of leadership and management, the clichéd thinking is still prevalent. We all need to understand that irrespective of one’s gender, “assumption-based” behavior will affect a person’s confidence, approach and style of leadership permanently. Good and bad bosses could be anyone. It is not specific to a gender. Hence, shift your focus from, ‘gender’ to ‘actual work’. See the impact it will have on your performance too!
Evidently the ratio of female-male population in management roles is also comparatively less. Of the total global workforce women make up 40% , holding only 24% of senior management roles. Furthermore, several familiar professions like, technology, aviation, cardiologists, public administration, safety, etc. have dearth of female participation. This is also a hint for new opportunities in these areas.
Offering more STEM and STEAM programs in schools is making great inroads to balancing genders and races in higher level positions.
Women in business are a driving force in the nation’s flourishing economy. As the statistics we highlighted in this article demonstrates, the US economy is increasingly reliant on the work and devotion of female entrepreneurs. Women are starting and running businesses at a stunning rate—and they’re doing so with demonstrable skill and expertise.
Important to remember for aspiring women.
- Don’t try to wear the pants: Aspiring female entrepreneurs often feel that in order to beat the men in business, they have to adopt the “male attitude.” FALSE. Women should remember that they got this far by being themselves.
- Don’t be afraid to fail: According to Babson College’s 2012 Global Entrepreneur Monitor, the fear of failure is the top concern women entrepreneurs have.
- Don’t forget about the funds: One of the top challenges women entrepreneurs do face is getting funding. According to Inc.com, women have a hard time raising funds offline. Online, however, female founders perform equal to or better than men.
- Do continue to support each other: According to Inc.com, 94% of decision makers at venture capitalist funds are male. Venture capital firms with women partners, however, are more than twice as likely to invest in companies with a woman on the executive team.
- Do continue to manage work-life balance: Aspiring female entrepreneurs often fear that success will take a toll on family life when, in fact, in a PayPal survey, 55% of American women entrepreneurs said they were motivated to start their own business to achieve better work-life balance.
Isn’t it time to embrace the power and knowledge everyone brings to the workplace without colorizing it with gender, race , age or other stereotypes Remember when the water raises one ship all the others rise too.