It appears that the more women are free to succeed in business, the more everything else succeeds. The concept of women empowerment in business is increasingly unveiling itself—and that’s a good thing.
The 2012 U.S. census reported women own 36 percent of businesses. Five hundred American, women-owned businesses start up every day. With more women stepping out to step up, their new companies continue to create jobs, advance innovation and shift the way we generally view businessowners.
The environment currently proves ideal for people wanting to launch startups, including women, who a Fortune article credited as a more ambitious group overall in regards to starting businesses. In other words, if you’ve got it, go for it.
Who’s Already In the Game?
Geographically, California, Texas and New York rank as top states with the most women-owned businesses. Millennials are currently taking the business world by storm with 37 percent of women-owned businesses headed up by “millennipreneurs.” The word encompasses the group of 20 to 34-year-olds who are launching more businesses, hiring more people and aiming to earn higher profits.
Fortune also found more than 50 percent of baby boomer women were first-generation entrepreneurs, suggesting it doesn’t take a tycoon to raise a successful businessowner.
What It Means for the Economy
It’s obvious more businesses create more jobs. Companies owned by women create 8.9 million jobs, with women-owned businesses predicted to provide a third of new occupations by 2018. In total, these companies currently dish out $290 billion in paychecks.
Healthcare takes the current top industry chosen by women in which to launch businesses, capitalizing on the recent expansion of healthcare access and an aging population that’s living longer.
Educational and teaching services rank second, securing business with the infinite need of instruction for children and future workforce members. By choosing lucrative areas, women-owned companies continue to generate revenue, pay taxable income to employees and strengthen regional economies.
Why It’s A Good Time for Women to Jump In
Increasing media support for women-owned businesses has revealed the public likes to see successful stories of individuals soaring and straying from former widespread beliefs. Popular publications write features highlighting the top influential women of a region, industry or age group.
Combined with frequent coverage on the lack of diversity among investment fund recipients and the longstanding notion of all-women staffs with all-male executive boards, the message is getting out. Business founder demographics may be unbalanced in terms of gender, but they don’t have to be.
The rising number of women angel investors remains another one-up that’s easing the challenge of obtaining funding for women-owned businesses. Women now make up 25 percent of angel investors, which means more people who represent and understand unmet needs in terms of capital funding.
Several organizations are already providing platforms for women angel investment. Female Funders educates women investors aspiring to provide angel funding for entrepreneurs. Plum Alley Investments provides a destination for investors to find women or gender-balanced teams who are creating cutting-edge companies. And the list goes on.
While investment capital awareness and training for women provide a boost, they won’t stand as the entire solution. Men’s support for positive changes for women-owned businesses remains just as crucial. However, existing progress is worth celebrating. Better yet, it’s fueling the motivation to keep going.
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