Around the world, most economic news has been on the depressing side. Women are providing a silver lining and source of optimism when it comes to recovery, and there is great evidence of this in the United States.
As referenced by CNBC, the National Association of Women Business Owners (NAWBO) in America called 2013 the year of the female entrepreneur. A recent study conducted by NAWBO illustrates why they would be so enthusiastic about the progress of women in business.
The numbers speak for themselves. Women, who employ over 13 million people and generate nearly two trillion dollars in sales each year, own over 10 million American businesses.
Not only are women experiencing this great success in the states, but also they are showing potential for a very bright future. The number of U.S. businesses owned by women has increased by approximately sixty percent since the late nineties alone, and female-led businesses are among the fastest growing small business types in the country.
Areas Where Women Continue to Struggle
While women are running and owning more businesses, the businesses typically have the smallest numbers of employees. The business journal Upstart explains that women own nearly half of all small businesses that have one to four employees, but as the businesses grow in size, the proportion of female leaders grows smaller.
This could be because women in the U.S. do not have the same access to capital as men. NAWBO found that in 2013, loan approval rates for women-led businesses were fifteen to twenty percent lower than those for male-owned businesses. Women seem to be aware of this discrepancy, as a NAWBO survey also found that women were less likely to even seek loans for capital.
Looking to the Future
While there is, of course, plenty of room for improvement, the achievements and rapid progress of female entrepreneurs provides plenty of reason to be optimistic.
Article researched and prepared by Ariane May, Founder of By Ariane – a community of stylish executive women. Topic requested by member. If you have any suggestions on information you would like to see in our blog, please email editor at email@example.com. We will do our best to include it in future editions.