Women Business Owners Continue to Thrive
By Gerry Myers
Women are starting businesses at twice the rate of men, and have for the past
several years. For the last 15 years of the Twentieth Century, the number of
women-owned firms increased 103 percent, employment grew at a rate of 320
percent and sales skyrocketed 436 percent. Today, there are 9.1 million women
business owners (WBOs) who employ 27.5 million people and generate $3.6
trillion in revenue annually.
Over the last decade, the number of women-owned firms
increased two-and-a-half times faster than all U.S. businesses. Employment in
women-owned firms grew more than three times the rate for all firms. Payroll
in women-owned firms grew at almost twice the rate for all firms. Within a few
years, it is projected that women will account for half of all small
businesses, as well as a growing number of mega-companies.
Women-owned firms are continuing to diversify into many
industries long considered "non-traditional" for women or "male-only" types of
businesses. Construction, manufacturing and transportation have experienced
the most growth. Based on the number of women-owned firms, number of employees
and sales revenues, California, New York, Florida and Texas rank as the top
four states for WBOs.
Technology Continues to Play a Major Role in the Growth of
Women Owned Businesses
Women business owners’ economic clout and business-related
purchases continue to swell. It is estimated that women business owners will
spend $33.5 billion this year on telecommunications equipment, enhanced
services and Internet access, according to The Insight Research Corporation.
By 2005 women business owners, one of the fastest growing segments in the
telecommunications customer base, will nearly double their telecommunications
purchases.
Did You Know...
Women entrepreneurs' backgrounds are:
Management 25%
Sales 21%
Accounting/finance 18%
Marketing 6%
Engineering/manufacturing 4%
Human Resources 3%
Other 23%
What women like about being entrepreneurs:
Being their own boss 20%
Setting their own hours 17%
Controlling their destiny 17%
Pleasing customers 16%
Having independence 16%
Making decisions 15%
Achieving goals 10%
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