Female-owned businesses are growing in a number of areas. And there are many factors that have contributed to their incredible growth. Let’s look at a few.
Multiple factors influence their success.
Female business owners tend to be younger and unmarried, with some degree of postgraduate education. Women with spouses as co-owners/operators of their business are twice as likely to have employees. And due to various limitations, many women are more driven towards entrepreneurial thinking, seeking to transcend discrimination in their lives.
Growing in many areas.
Female-owned businesses are growing in a number of different fields. One noteworthy area is social assistance: over half of the firms in this industry are women-owned. Other growth areas of note for women-owned businesses include healthcare and administrative & support services.
And growing faster.
A recent survey indicated that women-owned businesses are growing at a greater rate than other businesses. According to an American Express study, “as of 2013, it is estimated that there are over 8.6 million women-owned businesses in the United States, generating over $1.3 trillion in revenues and employing nearly 7.8 million people. The growth in the number, revenues and employment of women-owned firms over the past 16 years exceeds the growth rates of all but the very largest, publicly traded corporations in the country.”