Women Mentoring Women Entrepreneurs

2018 Women in Business Trends

In 2018 women entrepreneurs own four out of every ten U.S. small businesses, which represents 40% of all companies. Female-led businesses have grown 58% from 2007 to 2018 compared to overall businesses that have grown by only 12%. Women business owners employ 9.2 million people, which represents 8% of the private sector workforce, and generate more than $1.8 trillion in revenue.

Daily, women start 1821 new businesses. As of 2018 minority women account for 47% of all women-owned businesses. Sixty-two percent of women entrepreneurs depend on their business as their primary source of income.

Demographic Profile

Baby Boomers represent 52% of female entrepreneurs, Gen X is 29%, and Millennials come in at 19%.

Thirty-six percent of the women entrepreneurs have a high school diploma, 16% an associate’s degree, 29% a bachelor’s degree, 15% a master’s degree, and 4% a doctorate’s degree.

Top five reasons women are motivated to start their own businesses:

1. Wanting to pursue their personal passions.
2. Ready to be their own boss.
3. Opportunity presented itself.
4. Dissatisfaction with corporate America.
5. Laid off and/or job outsourced.

Obstacles

Women entrepreneurs face a number of obstacles when starting up their companies:

1. Lack of capital/cash flow to start and/or grow their business.
2. Lack of knowledge of how to market/advertise their business.
3. Time management – how to accomplish everything and have it all.
4. Education – how to set up the accounting system, payroll, HR, lease or buy, equipment, and the list goes on.
5. Work force – how to hire, train, and retain employee(s).
6. Management training.
7. The lack of role models and mentors to share knowledge and resources.
8. Unequal access to funding and venture capital resources.

Solution for MCDEVCO

Women Mentoring Women Entrepreneurs – build a community of women to support, educate, network, collaborate, and lend a hand to assist.

1. One-on-one mentoring and role models.
2. Keynote speakers to address topics like women in non-traditional roles, motivation and inspiration, and more.
3. Skills workshops and training.
4. Celebrate Women’s Small Business Month each October.

Role Models

Women role models and mentors play a key role in the success of all women entrepreneurs.

1. Without a role model, women make other career choices.
2. Strong business relationships build knowledge, experience, and resources.
3. Elevates women’s professional capabilities.
4. Eliminates stereotypes in science, finance, IT, and technology.
5. Encourages women to stretch outside of their boundaries to grow.

Unlocking the potential of women-owned businesses represents a powerful opportunity for economic growth for all.

Note – If you would like to be a mentor and/or role model, teach a skill and/or workshop, or be a speaker for this program please contact us!