Originally published May 18, 2020
Women. We are amazing in everything that we do! No matter what life throws at us, we always make a way through it. More women are becoming entrepreneurs and have been dominating the game. The United States has 12.3 million women-owned businesses which bring in $1.8 trillion a year. According to Fundera, women have added half a million jobs between 1997 and 2017, 1,821 women started a business last year, and 64% of new businesses were started by women of color. This is amazing news for new business owners who are thinking of starting a venture. Having something to call your own and being able to take care of your family and impact others around you as a woman business owner is a huge accomplishment. Women have been sticking with each other because together we can make anything happen.
Challenges Women Entrepreneurs Face
Opening a business is a risk endeavor and there are a lot of things that go into making a business successful. Women often have limited funding. With the lack of financial support, most women have to come up with the money from credit cards or from their savings. Women are more often denied from loans due to gender and cultural biases; and that takes a toll. Having to find a way to come up with financial gains while raising a family, being married, and other factors can be difficult. Another challenge is having an inadequate support system. Most women have to deal with the lack of support from friends, family, and even the world that makes women sometimes feel like a failure. Not having the right support system can make the road to entrepreneurship the hardest challenge. Gender inequality is another obstacle that makes starting a business difficult. Women are not supposed to be leaders in some cultures and to have them go against the grain is tough.
Lastly, women have to deal with saturated markets. With so many businesses being created, it is harder to be marketable and different. Consumers want something new and different, and if it isn’t appealing to the eye, that’s lost money. However, things can change and have been changing over the course of years.
Women Dominating Industries
Women are dominating in so many industries. The top industries are professional services, such as executive recruiting firms or co-working spaces, healthcare and health fitness, apparel and accessories, and personal services. Felena Hanson launched the first female-focused coworking and business accelerator. Romy Devack created a high-end sleepwear business. Norine Hill created Mother Nation to help Native American women heal from abuse and homelessness. All these industries include women entrepreneurs, and they continue to dominate the game more and more every year. There’s no idea that is too small or too big to create a business with. Never let anyone stop you from going after your dream of creating a business because someone started something similar. We are women! We create, we collaborate, we are hard workers, we are leaders, and we are successful business owners.
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Hello, my name is Alexis Williamson (soon-to-be Audrey). I am a young, aspiring screenwriter from the south side of Chicago, IL. I've wanted to be a writer since I was a little girl and decided a year ago to major in screenwriting so I can write movies! I have other interests in music, fashion, and painting. I love meeting people from all walks of life, cooking, and having intellectual conversations. I am a tea lover and a cat mom!