Women entrepreneurship has hit a tipping point. But is it just a fad, or is it a real economic force that’s reshaping the world?
It’s the latter.
Women are building companies at a momentous rate, with nearly ten million female-owned businesses in the country today, according to the 2016 State of Women-Owned Businesses Report commissioned by American Express. Over the past 15 years, these companies have grown 1.5 times compared to other small business, and will likely provide over five million jobs a year from now. Also, women entrepreneurs are getting more help and funding from governments, corporations, and universities.
Not to mention, women entrepreneurs are being featured in major publications; in fact, a magazine dedicated to businesswomen, Hermag.co, was recently released.
Golden Age for Women Entrepreneurs
This decade is the golden age for women entrepreneurs. Interest rates are low, creating an excellent environment for commercial borrowing. Women are also founding businesses in the healthcare sector, which is great, as the economy makes the shift to STEM-based industries. The entrepreneurs also include hair salon owners, high-tech visionaries, and everything in between.
According to a recent report, businesswomen are not only at par with male entrepreneurs, too – they’re outperforming them. The researchers surveyed around 2,600 high and ultra-high net worth entrepreneurs from nearly 20 countries.
Challenges Await Women Entrepreneurs
Still, many challenges remain for businesswomen. These include managing their businesses, limited access to capital, and lack of access to seasoned experts, mentors, advisers, and business connections. Implicit bias is also an issue, not to mention that female entrepreneurs often have a different leadership style than their male counterparts.
Given the studies and the reports on women entrepreneurship, it seems the numbers are destined to continue moving up. And this will be good for all of us – good for aspiring women, good for consumers, good for the economy, and good for society in general.