Facts
and Research About Business Women
Statistics
from the National Women's Business Council
and the Center For Women's Business Research
Times
have indeed evolved when it comes to the world of business and,
specifically, to the role of women within this world. In the
past, young girls “were expected to be nurses, secretaries,
teachers, or homemakers” (Smith, 2007). In addition, you
would be hard pressed to find a woman even in a top level position,
much less being taken seriously within a company at all. However,
as Bob Dylan so poignantly wrote, “Your old role is rapidly
aging, please get out of the new one if you can’t lend
a hand, for the times they are a-changing.”
Now,
clients and other business associates have fewer qualms about
speaking with a woman in their business interactions (Cho, 2007),
whereas, in the past, this was unheard of. As they continue
to gain respect for their contributions as entrepreneurs and
top players within companies, women are showing the world just
how much they can offer. Their contributions are so large that
many experts believe that business women have a strong
impact on the economy.
1)
In 2006, there were about 10.4 million businesses that are owned
by women, employing 12.8 million people and generating $1.9
trillion in annual sales.
2)
According to the 2002 U.S Census Bureau, women-owned firms make
up 6.5 percent of the total employment in the United States
and represent more than 4.2 percent of total receipts.
3)
During the period of 1997 and 2002, an average of 424
new women-owned companies were started every day. This calculates
to nearly 775,000 start-ups per year, and accounts for more
than 55 percent of all new business start-ups.
4)
During the period of 1997 and 2006, the number of firms
that were owned by African-American business women grew at an
estimated 147%. These firms increased their number of employees
by 20%, and sales by 70%.
5)
Also, between 1997 and 2002, the number of women-owned firms
increased by 19.8% and women-owned employer firms increased
by 8.3%.
6)
Sole proprietorships owned by business women grew faster
than their male-owned counterparts, with nearly two thirds of
female sole proprietors working in the services industry. They
beat men in terms of the following factors: number of businesses,
gross receipts, and net income.
7)
In Fiscal Year 2006, the Small Business Administration
(SBA) made almost 17,000 loans and equity investments in women-owned
businesses, totaling to more than $2.4 billion dollars.
8)
Women-owned businesses with $1 million or more in annual revenue
are more likely than their counterparts to have large corporations
(34% vs. 12%) and government (31% vs. 8%) as their primary clients.
9)
In a 2004 survey, NAWBO members cited marketing, growth and
expansion, cash flow and capital, and time management as etheir
top business concerns.
|
10)
Despite various ethnicities, the majority of
business women in the United States consider growth as
a primary goal in their future. (86% Black, 71% Asian,
80% Caucasian, 84% Hispanic).
11)
Women entrepreneurs are as likely as men to adopt
new technology and more likely (24% vs. 18%) than women
in general.
12)
While 6% of firms owned by men generate $1 million
or more in revenue, 3% of all women-owned firms also have
$1 million or more in annual revenue
13)
In 2004, women-owned companies without employees generated
over $167 billion in annual revenue
14)
Most business women (2/3) choose financial products and
services based on their relationship and experience with
their bank.
15)
Women, unlike men, emphasize relationship building
and fact gathering when running a company. Also, women
are more likely to consult with employees and fellow business
associates before making a major decision.
|
|
So, what lies in the future for women in business? According
to Sandra O’Connell, "Women are very often setting
their sights lower than male entrepreneurs in the belief that
a smaller business will fit in better with their life. In fact,
the opposite may be the case, (2008)". Obviously, a significant
allocation of time, especially at the commencement of a new
business, is needed to ensure success. However, smaller businesses
require the owner to be involved in every area, taking her time
away from the very things that may have encouraged her to begin
the business to begin with, such as family responsibilities
and a more flexible workload.
Although
it is currently widely debated whether gender plays a role in
entrepreneurship, it would seem to be an issue that, if even
debated, is still on the table. Therefore, more focus should
be put on striking a balance in this area so that the question
becomes one that is not even there to debate in the first place.
Currently, as an unfortunate side note, “the behavior
(business or other) of women involved in entrepreneurial activity
of whatever sort is defined and evaluated according to the standards
of an invisible masculine norm (Lewis, 2006).
Cho,
Cynthia H. "Business women rising to new heights: Women
business owners attribute successes to more resources and networking
opportunities." Daily Press (Newport News, VA) (01 July
2007). Newspaper Source. EBSCO. Aurora University, Aurora, IL.
3 Apr. 2008
Lewis,
Patricia. "The Quest for Invisibility: Female Entrepreneurs
and the Masculine Norm of Entrepreneurship." Gender, Work
& Organization 13.5 (Sep. 2006): 453-469. PsycINFO. EBSCO.
Aurora University, Aurora, IL. 3 Apr. 2008
Smith,
Katharine P. "Calling high school girls with interest in
business." Detroit Free Press (MI) (30 Sep. 2007). Newspaper
Source. EBSCO. Aurora University, Aurora, IL. 3 Apr. 2008
