Let’s preface this by me saying that I have always been super passionate about women in the business industry, kickin’ butt and taking charge. My favorite show is also The Handmaid’s Tale because, hello?! It’s a Women’s Revolution!
More and more women of all ages are starting their own businesses and relying on those businesses as their main income source (NAWBO, 2019). The topic itself does not seem to get enough credit. According to Guidant Financial, four of every 10 U.S. businesses are owned by women, with female-led businesses having grown a spectacular 58 percent from 2007 to 2018. Women led businesses are also generating $3.1 trillion in revenue each year (Guidant Financial, 2019). Take that, U.S. economy.
With the current political and social climate of our country in general, it’s no surprise to see this increase. With these growing statistics of women dominating the business industry, is there a deeper issue hidden underneath? Perhaps the way women are treated in corporate America lead them to becoming their own boss (we need another blog post just for this topic). How do different generations of women compare in the business world? While Baby Boomer women take the cake in small business ownership (Guidant Financial, 2019), their reasons for doing so seem to be quite different than younger generations. It seems as though older women cite wanting to provide for their family as a popular reason for starting a business, while younger generations cite wanting to pursue their own passions as a popular reason.
While I’m proud of all women in business and will always be supportive of any woman entrepreneur, my money is now on millennial (currently ages 23-38) women to take women-owned businesses to the next level. Many millennial women were taught skills focused on leadership and the mindset of “shattering glass ceilings,” which seem to play an important factor in running a business. According to the National Women’s Business Council, by the year 2025, millennials will comprise 75 percent of the American workforce, and many will become entrepreneurs. Millennial women are also more racially and ethnically diverse than prior generations (NWBC, 2018). Women leaders in general have stronger interpersonal skills, are more persuasive, assertive and willing to take more risks than their male counterparts (Caliper, 2005). Take charge, ladies!
I could do research all day on this topic, but how do we actually support our women in business? You can view an important blog here at Small Biz Trends, and also do your own research on locally women-owned businesses in your area. Let’s show the women some love, and give them the recognition they deserve!
Now, I'm off to watch Season 3 of The Handmaid's Tail. More to come soon.