Celebrating and Supporting Women in Business

Wednesday, October 10, 2018

Since 1972, the number of women-owned businesses in the U.S. has risen 3,000 percent. It’s an impressive statistic, especially considering the fact that women were required to have a male co-signer in order to get a loan up until 1988.

Women have come a long way since the then. That’s why October has been designated as National Women’s Small Business Month. It’s an opportune time to recognize and celebrate the impact female entrepreneurs have on our economy.

Today women own 39 percent of small businesses in the U.S. In the last two decades, the number of women-owned businesses increased by 114 percent — a growth rate of more than two and a half times the national average.

It’s important to acknowledge this phenomenal progress while also understanding that challenges still exist for women in business. Research by the Global Entrepreneurship Monitor indicates women in the U.S. are 18 percent less likely than men to have the confidence to start a business.

The absence of role models has been identified as a significant barrier to female entrepreneurship. There’s also evidence to indicate women may have a harder time accessing business financing and may face biases when trying to raise capital.

Raising awareness of women entrepreneurs is a key step in improving this situation. When women hold visible business leadership roles, other women are more likely to consider entrepreneurism as an option.

Faulkton Area Economic Development understands the importance of encouraging women in business. We offer a range of entrepreneurial support and resources to help with business inception and development as well as finding avenues for financing.

Cheryl's Catering, Quilter's Corner, The Shops at 163rd St. Design and Mueller Therapeutic Massage are several examples of businesses owned by women in our community. Test your knowledge. Can you name some more?

Resources:

https://about.americanexpress.com/sites/americanexpress.newshq.businesswire.com/files/doc_library/file/2017_SWOB_Report_-FINAL.pdf

https://www.businesswire.com/news/home/20180821005093/en/Number-Women-Owned-Businesses-Increased-3000-1972-New

https://hbr.org/2013/09/global-rise-of-female-entrepreneurs

https://www.forbes.com/sites/michelleking/2017/12/07/three-ways-to-advance-women-entrepreneurs/#d3adf177d675

https://www.nwbc.gov/2018/03/01/the-latest-report-from-the-national-womens-business-council-on-women-business-owners-access-to-capital/#more-1855

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