Women in Business: Optimism Reigns Supreme

Written by FarrahKennedy Published in
The government shutdown ended a week ago, and while business is, well, back in business, there was a ripple effect that the economy felt. But don’t count female business owners among them; according to a recent survey, women business owners are optimistic about their future success.

Riding on the coattails of National Women’s Small Business Month (did you know? It’s every October), the Cox Business Snapshot of Women Entrepreneurs surveyed 624 US women business owners and found that about three quarters of US based female entrepreneurs are optimistic about their businesses, despite recessionary fears due to congressional failure to permanently raise the debt ceiling.

Women-owned businesses are one of the fastest growing sectors in the area of small business, currently accounting for a third of all small businesses today, which is a major improvement over figures from 1970, when women owned only 5 percent of small businesses.

Another study, Growing Under the Radar: An Exploration of Achievements of Million-Dollar Women-Owned Businesses, conducted by American Express OPEN, finds that not only are women owned businesses growing faster than the average, but those companies valued at more than $10 million are accelerating at an even greater pace.

The Cox survey finds that despite challenges (such as gender bias and lack of funding sources), women choose to own and operate businesses for several reasons: two-thirds say they want to be their own boss, and half say they want to control their own destiny. While a third say that business ownership is a way to make more money, almost as many (28%) say that it gives them better flexibility in their life.
In short, women start businesses because they want to have more control of their careers and their lives. It’s working, and they’re bullish on their future. It’s their American Dream come true.

Women who want to get on board this train should take a look at the high growth industries of wholesale trade, finance, insurance, transportation, warehousing, and the areas of arts, entertainment and recreation. While there’s plenty of moping and frustration in the business world these days, most women biz owners aren’t feeling it.
Farrah Kennedy

General Manager



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