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.
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:
- Wanting to pursue their personal passions.
- Ready to be their own boss.
- Opportunity presented itself.
- Dissatisfaction with corporate America.
- Laid off and/or job outsourced.
Women entrepreneurs face a number of obstacles when starting up their companies:
- Lack of capital/cash flow to start and/or grow their business.
- Lack of knowledge of how to market/advertise their business.
- Time management – how to accomplish everything and have it all.
- Education – how to set up the accounting system, payroll, HR, lease or buy, equipment, and the list goes on.
- Work force – how to hire, train, and retain employee(s).
- Management training.
- The lack of role models and mentors to share knowledge and resources.
- 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.
- One-on-one mentoring and role models.
- Keynote speakers to address topics like women in non-traditional roles, motivation and inspiration, and more.
- Skills workshops and training.
- Celebrate Women’s Small Business Month each October.
Women role models and mentors play a key role in the success of all women entrepreneurs.
- Without a role model, women make other career choices.
- Strong business relationships build knowledge, experience, and resources.
- Elevates women’s professional capabilities.
- Eliminates stereotypes in science, finance, IT, and technology.
- 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!