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Challenges of Women Business Owners |
It may be a surprise for some that the number of women-owned businesses grew 20% in the last five years, at the rate twice the national average, Census Bureau reports.
Some interesting statistics about business ownership by women:
While women business owners constituted only 5% of all businesses in the 1970’s, women business ownership constitutes a third in 2006. The number of women business owners is expected to keep increasing rapidly, and women business owners are expected to make a huge impact on US business and economy.
While a third of women-owned firms are in traditional women’s professions such as health care and social assistance, the biggest growth among women-owned firms is coming from non-traditional industries such as construction, wholesale trade, transportation/communications, agriculture, and manufacturing.
States with the fastest rates of growth for businesses owned by women were Nevada, Georgia, Florida, and New York.
What makes women move towards business ownership and what are the advantages of business ownership?
Women get satisfaction from building relationships, being in control of their destiny, improving economic situation, and giving back to the society. Also, flexibility is very important to women with small children. Finally, women’s involvement in the decision-making aspect of a business is a true empowerment.
Business ownership is one of the most effective ways of improving the financial well-being of women since business activities generate income and wealth. One study suggests that the average income of women-headed households with a business was 2.5 times higher than the one without a business. Moreover, owning businesses is a step toward women’s socioeconomic equality with men.
Challenges of women in business:
Despite their increasing numbers, women business owners remain invisible. The challenge lies in being taken seriously.
Although women have come a long way, they still have a long way to go in terms of the share of business income, number, and size of businesses they own (women-owned businesses are more likely to be small, with fewer than 5 employees), and in the economic returns to their business.
What is it that keeps women entrepreneurs behind? Are stereotypical gender differences of men being competitive risk-takers and women being team-builders are an “issue”? Higher risks have higher potentials. Are women risking less? Or are women less interested in “making it big”? Scarce recent researches have not found an unbeatable answer yet. One research suggests that women are more likely to quote lower prices because of fear to lose a potential client. Another one focuses on women valuing self-employment for flexible hours that can be spent with children.
The bottom line:
The above questions will remain and answers will be looked for. What matters at the time is that women are realizing their dreams and have a remote control to their destinies. There are so many resources and tools nowadays that help make a right decision. Self-employment is not for everyone, but what matters is the availability of choices for both men and women. There is no doubt that women who want to “make it big” will definitely do so. And, women who are not running after being visible, but are enjoying the tangible and intangible returns to their endeavors, definitely deserve respect.
Whether you a woman or a man, below are things to take into consideration before starting a new business:
1-- Clarify unique direction, goals, and needs of a business
2-- Address typical challenges of the industry
3-- Develop strategies that are both realistic and actionable
4-- Acquire relevant knowledge, information, and resources
5-- Come up with accountability and motivation needed for success
Don’t forget legal and financial concerns. And, don’t underestimate yourself!
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