Today, there are over 13 million women-owned businesses and women are starting businesses at double the national average rate, according to the 2019 State of Woman-Owned Businesses Report. Additionally, women of color make up the majority of new business owners, making them the fastest growing group of entrepreneurs. The month of October is National Women’s Small Business Month, which celebrates women-owned businesses and their effect on the country’s economy.
In 1972, there were only 400,000 women-owned businesses and until 1988 women needed a male relative to co-sign business loans. Since then we have come so far.
According to the 2019 report, women-owned companies grew 3.9% annually from 2014 to 2019, 2.2% more than all businesses at the time. By 2019, women-owned businesses represented 45% of all U.S. businesses and generated $1.9 trillion worth of revenue. Despite these great advancements, there are still many hurdles women entrepreneurs face when starting new businesses.
This week, from October 18 – 22, marks Women’s Entrepreneurship Week (WEW) where colleges and organizations across the country host events and share resources to help women entrepreneurs grow and succeed. Berkeley College is one of many institutions that will be hosting a WEW event. The virtual event, The Future is Women, will take place tomorrow, Tuesday, October 19 and will feature panels of diverse women leaders and entrepreneurs. See here more information and to register.
Additionally, the U.S. Small Business Administration (SBA) offers plenty of resources for women business owners and entrepreneurs to help women entrepreneurs launch new businesses and compete in the marketplace.
The Office of Women’s Business Ownership is one branch within the SBA that specifically works to enable and empower women entrepreneurs through advocacy, outreach, education and support. Established in 1979, the Office of Women’s Business Ownership has fostered the participation of women entrepreneurs in the economy, especially those who have been historically under-served or excluded. It supports programs through each of the SBA’s 68 district offices, providing business training and counseling, access to credit and capital, and marketing opportunities.
Resources and further reading for Women Business Owners and Entrepreneurs
Women have made tremendous leaps and bounds in the area of business and entrepreneurship in recent decades. With over 13 million women-owned businesses and counting and the fastest growing group of business owners, women are an unstoppable force. To continue to foster this growth, we must continue to share resources and support initiatives that support women entrepreneurs. Below are a few resources and articles for further reading to help women entrepreneurs get started and succeed.
- SBA Resources for Women-owned Businesses
- The National Women’s Business Council Covid-Recovery Resources
- 10 Free online resources for Latinas and other women small business
- Latina Leaders share small business post-Covid recovery resources
- Grow with Google: Lucy Pinto discusses digital tools, trends, and resources for small businesses