Did you know that women launch businesses at a higher rate than the national average? The number of U.S. businesses grew by 34% between 1997 and 2011, whereas the number of women-owned businesses increased by 50%!
As of 2011, experts estimate that there are:
- 8.1 million women-owned businesses in the U.S.
- 7.7 million people employed by women-owned companies
- $1.3 trillion in revenue from women-owned firms
The Anchor Leg
While the number of women-run businesses is growing, the businesses themselves tend to have between 10 and 99 employees. If you look at entrepreneurship as a marathon, women-owned businesses are falling behind during the “anchor leg” of the race: at the 100-employee threshold and the million-dollar mark.
What’s Going On?
Why aren’t women-owned enterprises moving along the growth continuum? What is stopping female entrepreneurs from reaching their full potential? The American Express OPEN State of Women-Owned Businesses Report aims to figure out what’s going on, and is doing so by publishing data and statistical analyses on women-owned businesses. The report’s authors hope that their findings will spur conversation among corporate decision makers.
What Do You Think?
How are the women-owned firms that you know of doing? Let us know in the comments section.