There’s never been a better time to be a woman in business. Today, the United States has more than 12 million women-owned businesses — and those numbers are only growing. As women take the stage and make a name for themselves as business owners, the economy will only benefit. In fact, a few stats you might not have known about female entrepreneurs include:
-40% of US businesses are women-owned.
-US women-owned businesses generate $1.8 trillion per year.
-Women-owned businesses also added half a million jobs between 1997 and 2007.
-There are 114% more women entrepreneurs than there were 20 years ago.
With greater access to education, employment, as well as entrepreneurial opportunities, millions of women are paving the way for a bright future in business. Some of the most successful female entrepreneurs around the world include:
-Zhang Xin: Known as “the woman who built Beijing,” this real estate mogul and co-founder of SOHO China is now worth more than $1.4B.
-Kiran Mazumdar-Shaw: The businesswoman who brought us Biocon, Mazumdar-Shaw leads the highest-grossing biopharmaceutical company in India.
-Janice Bryant Howroyd: As the co-founder of ActOne Group, a workforce management firm, Howroyd was the first Black woman to achieve $1B in annual revenue.
-Oprah Winfrey: With a net worth of $2.5B, media mogul Oprah Winfrey has a stake in successful companies like Oxygen Media, Weight Watchers, as well as the Oprah Winfrey Leadership Academy for Girls.
-Rihanna: As the youngest self-made billionaire in America, 34-year-old Rihanna has amassed $1.7B from her cosmetics line, Fenty Beauty.
These women are only the beginning. In fact, with more women at the forefront of business, individual companies and the entire workforce will benefit. Some of these benefits include:
-Economic growth. Women contribute $1.8 trillion to the economy every year.
-Diversity in leadership. According to a study by McKinsey & Company, businesses with diverse leadership teams are 25% more likely to have above-average profitability.
-Innovation. Research from the Peterson Institute for International Economics found that companies with more women in leadership positions are more likely to introduce innovative products and solutions.
-Role models for future generations. More women in business can break gender stereotypes as well as empower future generations to pursue their ambitions.
Whether you’re a business owner yourself or simply looking for ways to support female entrepreneurs, you and your organization should do the following:
-Provide education and training to women
-Encourage mentorship and networking
–Address bias and discrimination
-Promote work-life balance
– Increase representation in leadership
If you are a woman interested in starting your own business, it’s important that you partner with a team that can give you receive the resources, support, as well as guidance you need to succeed.
Foster Financial CPA provides a full line of small business solutions, from planning to tax preparation to cash flow services.
Contact us today to find out how we can help you make waves in your industry as well as set an example for all women in business.
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