The role of women in the world is significant and highly relevant. Their participation in the economy is an issue that must be addressed immediately. According to figures from McKinsey & Company, if women’s participation in the economic and labor market were equal to that of men, the additional contribution to the world’s GDP would reach 28 million dollars.
Beyond economic issues, women’s participation in absolutely all aspects of life should not be limited. Great women have paved the road for access to basic rights such as education, employment, and housing to be much simpler and universal. Although the journey is still a long one, it is the obligation of all the world’s governments to create the necessary conditions for their full development.
Women entrepreneurs manifest day after day their ability, tenacity and intelligence. They have relied on financial products such as business loans for women to consolidate the companies of their dreams, despite the disparity they face in all industries – such as customer support. In the following, we will present five statistics that show a general overview to understand the current situation of female entrepreneurship.
Five statistics that show disadvantages for women entrepreneurs
Entrepreneurship in the United States
There are 11.6 million women-founded businesses in the United States. They provide nearly 9 million jobs and more than $1.7 trillion in sales. These numbers are significant, but they represent only 39% of the total number of privately held firms in the country, according to statistics from the National Association of Women Business Owners.
Many women entrepreneurs turn to business loans, equity investments or manage to raise capital after working for another company to establish their own business. This assignment is complicated, as the wage gap is a reality. According to information from UN Women, men earn between 35 and 40% more in the same jobs than women.
Access to financing
Women worldwide are less likely than men to have access to financing to start a business. Likewise, they tend to have fewer financial services such as bank accounts. However, the Organization for Economic Cooperation and Development (OECD) states that in countries such as the United States, Mexico, Greece, and Indonesia, women are equally likely to have access to financial products such as business loans.
Female entrepreneurship income
Recently, The Women’s Business Enterprise National Council (WBENC) published that 88% of women-owned businesses generate profits of less than $100,000. Despite this statistic, 62% of women entrepreneurs have their company as their primary income.
Types of women-owned businesses
Fifty percent of the businesses founded by women are in sectors such as other services, health care, and social assistance, and professional/scientific/technical services. Women-led businesses with the highest revenues are wholesale trade (17%), retail trade (15%), and professional/scientific/technical services (10%). A good strategy to achieve high earnings is to look for the best business loans for women to access capital.
Since 2007, women’s entrepreneurship has shown a sustained growth of up to 58% in the United States, according to information from WBENC. One of the main reasons is the access to financial products from new companies that are approving business loans for women and focus on their success. Don’t wait any longer; reach your professional and personal goals through a successful business where you can show all your talent and skills to the world.
No matter what your entrepreneurial goal is, whether it is financial independence, obtaining an extra income, helping your community, or promoting a social initiative, encouraging female participation will improve the working and financial conditions of any company. Women are the present and the future of business.