If Sadie Hawkins Day has taught us anything, it is that women are powerful enough to take charge, which is evidenced by the ever-growing number of women-owned businesses. According to the National Association of Women Business Owners (NAWBO), more than 9.4 million firms are owned by women, employing nearly 7.9 million people, and generating $1.6 trillion in sales as of 2016.
Whether it was running a lemonade stand, babysitting the neighborhood kids, or giving dance lessons, running businesses as girls built confidence in these young entrepreneurs. This confidence comes from facing the unknown and feeling the success of running an operation, even if the profits were not always astronomical. These young women carry those feelings of success into adulthood, and are more likely to want to continue with their entrepreneurial ways.
Women-owned businesses are one of the fastest growing types of small businesses, growing nearly 60 percent in the last 20 years. To encourage this growth, Entreprenuer.com offers a few tips including finding your passion, fitting your business to your personal goals, and forming genuine connections. Women owned businesses are an important part of the economy, and it is crucial that women are encouraged to start and continue with their business ideas.
Here are a few interesting statistics on women owned businesses:
- Women-owned businesses produce employment for more than 23 million people in the United States, or nearly 16% of the workforce.
- Approximately 8% of the total labor force work directly for a woman-owned firm.
- Women-owned businesses have an economic impact of nearly $3 trillion.
The SBDC has a branch specifically for women entrepreneurs known as the Women’s Entrepreneurship Center (WEC). WEC offers various programs aimed towards helping women with their business ventures every step of the way. For more information regarding the Women’s Entrepreneurship Center please visit: https://scrantonsbdc.com/womens-entrepreneurship-center/.
Amy Simpson,
B.S. Business Administration 2018
Intern
The University of Scranton
Smal Business Development Center
