Your Guide to Crushing It as a Female Entrepreneur

Oct 29, 2020

Your Guide to Crushing It as a Female Entrepreneur

Did you know that we’re living in the golden age of female entrepreneurship? Women are taking the business world by storm in multiple ways. Consider these super-impressive stats:

  • Women-owned businesses comprise 42% of all businesses
  • These businesses generate nearly $2 trillion in annual revenue
  • The total revenue of these businesses has increased 21% over the past 5 years
  • The overall number of women-owned businesses increased 21% over the past 5 years (while businesses as a whole increased just 9%)

Yes, there’s a lot of positive momentum right now. Research shows that 13 million or so women are currently considering making the jump from the corporate world into entrepreneurship.

“In the past 20 years, the growth rate for women-owned businesses has dwarfed the national average—increasing by a staggering 141% compared to 44% for all businesses,” says Forbes. “Determining how these companies perform compared to those run by men is a nuanced undertaking, but recent research suggests women entrepreneurs are just as successful as their male counterparts.”

But when you dig deeper into the data, you realize that it’s not just superb talent and great ideas that are compelling these women to leave the corporate world. There are also some pervasively negative factors in the mix. Those most commonly cited by women include a glass ceiling on opportunities, pay disparities, and discrimination experienced in the workplace.

These issues are illustrated in jarring fashion by the fact that there’s a higher number of Fortune 500 chief executives named James than the total number of women chief executives on that list. If you set the Fortune 500 list aside and consider all the businesses operating in our nation’s top 50 cities, only 30% are women-led.

Women who start their own businesses cite 3 key reasons for doing so, and they correlate perfectly with the negative factors listed above:

  • 70% feel that their potential for career growth will be better
  • 58% feel that workplace discrimination will be less likely
  • 54% feel that they’ll be less impacted by a gender pay gap

So how does it work out for most of these entrepreneurial women? Over 90% report that they’re proud to be a small business owner. Nearly that same number report that they’re happy with their jobs, and 83% report high satisfaction with their career choices. Contrasting those stats with the overall American workforce highlights just how remarkable they really are: just 51% of the overall workforce is satisfied in their jobs. Ouch.

About the Author

Grant Olsen

Grant Olsen

Grant Olsen is a writer specializing in small business loans, leadership skills, and growth strategies. He is a contributing writer for KSL 5 TV, where his articles have generated more than 6 million page views, and has been featured on FitSmallBusiness.com and ModernHealthcare.com. Grant is also the author of the book "Rhino Trouble." He has a B.A. in English from Brigham Young University.

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