Women in Entrepreneurship

Women make up a large part of the workforce, but their roles within the market have recently started to see dramatic changes. In early 2019, Forbes reported that 40% of new entrepreneurs entering the market are women. This trend isn’t new. Since 1972, the number of businesses owned by women has grown by 3000%, and between 2017-2018, females in the United States were starting new businesses at a rate of 1, 821 per day. These statistics are undeniable, and women are taking over entrepreneurship in unprecedented numbers.

Why Women are Considering Entrepreneurship

Entrepreneurship offers many benefits that appeal to women. When someone runs their own business, they’re their own boss and get to make their hours. This flexibility is particularly important to women who have children or plan to start a family soon.

Another benefit is female entrepreneurs can pay themselves what they believe they’re worth. In the United States, the average woman still makes 80.3 cents for every dollar a man makes. Entrepreneurship is one way to close the gender pay gap.

There is a common misconception that only large organizations offer quick career advancement and job stability. However, an entrepreneur holds their own future in their hands. Many women have experienced, at some point, being overlooked for job promotions or let go in layoffs. Entrepreneurs build their own success and growth, so their future is in their own hands.

Some studies have argued that women are entering the entrepreneurship market out of necessity. As women continue to experience discrimination in the workplace, they feel that entrepreneurship is the safer bet for their careers. Whether that’s true or not, as women in entrepreneurship transition from employee to entrepreneur, they have a strong possibility of seeing success. Companies with female leaders see 63% better performance than companies with all-male leadership.

Who Should Choose Entrepreneurship?

Any women who are considering entrepreneurship should self-reflect if they have the stamina and the passion for starting a new business. People go into entrepreneurship because there’s a genuine passion for what they’re doing. Starting a business allows people to explore their passions and only have to rely on themselves for growth. However, starting a business can be challenging and it can take time to build. Luckily, there are support systems such as female entrepreneurship groups in most cities, grants for female start-up businesses, and support from other local female business owners. Get inspired by reviewing some incredibly successful companies that are run by women such as 23andMe, Nasty Gal, Tory Burch, Thrive Global, and Bet365. There may never be the perfect time to start a business, so start the transition into entrepreneurship sooner rather than later.