As a serial entrepreneur and employer of many amazing female team members, I have always been fascinated by what women bring to the workforce and economy in general. In fact, in the past decade I have placed more females in leadership and management roles than men.
My wife is a visionary entrepreneur as well and I have written on this subject matter before. Since my last article on female entrepreneurs a couple of years ago we have continued to see a dramatic uptick in women-owned startups.
American Express’s State of Women-Owned Businesses Report details that the last fifteen years have seen an unprecedented 54% growth in women-owned startups. Adding to this statistical momentum, the National Association of Women Business Owners estimates that there are more than 9.1 million companies owned by women, employing nearly 7.9 million people, and generating over $1.4 trillion in sales. Check out their great infographic below.
1 – According to US Census data, the number of women in the labor force is almost equal to men.
While this data may not initially seem exciting, it is important to understand the implications. Culturally, the United States is becoming as familiar with women in the workforce as men. The 2014 U.S. Census showed that women comprised 47.2% of the workforce, compared to 52.8% men. White explained why that number has grown:
“When I stepped into my first job in the insurance industry, the female executive was still an uncommon occurrence. Despite this, I believed that I had the solutions needed to get the job done. In 1996, I was able to make that dream come alive when I started Collegiate Risk Management as the founder and CEO. It’s a positive multiplier effect, as more women start companies, it will become easier for others down the line.”
2 – The funding gap is beginning to close.
Finding funding for ventures has been historically difficult for women entrepreneurs. Vonda shared her own experience seeking funding to buy a bank-owned College campus for a summer camp and boarding school:
“When I was seeking funding for Camp Pillsbury several lenders were hesitant because I was a woman. The fact that I owned and ran my own multi-million dollar company didn’t assuage their doubts. Instead of giving up or getting upset, I kept searching, argued that the college campus we were going to purchase was a stagnant asset that I could turn around, and eventually I was able to secure the loan and open Camp Pillsbury, which is thriving in its third year!”
News and Image Source:forbes.com