Women entrepreneurs are not just adding a new perspective to the way businesses work; they are also breaking the ceilings that exist in the male-dominated world. SCORE now aims to help women entrepreneurs fulfill their goals and achieve a greater level of success. Besides offering resources and tools designed especially for women, Score also provides free advice concerning business matters. That said, recently, SCORE released amazing stats on women entrepreneurs to highlight women's progress over the past couple of years. Here is what you need to know.
Top Stats on Women Entrepreneurs
Businesses that are owned by women act as a vital and growing segment of every economy. Ushering new innovations and introducing new products in the market is the ultimate goal of women-led businesses. Here are the stats that are worth sharing with our readers.
1. The chances of women starting a business are slightly more than men
The data released by Score revealed that while only 44% of men were found investing in startups, the rate for women-led businesses was 47%, slightly higher than men.
2. 62% of women consider entrepreneurship as their primary source of income
According to reports, 62% of women rely on businesses as their source of income. This is very surprising because it challenges the age-old assumption about women not having enough caliber to run a business.
Of course, this figure was slightly lower in comparison to men entrepreneurs. However, that does not rule out that women entrepreneurs have successfully aced the growth process by proving their competencies and capabilities. This fact is enough to suggest that businesses are more than just “hobbies” for women business owners.
Also read: Aditi Balbir Talks About Female Entrepreneurship
3. Women are more likely to launch businesses that are related to services
Women entrepreneurs’ score stats suggest that businesses run by female entrepreneurs are more likely to be in services that are professional in nature. For instance, in the health care sector, the percentage of businesses owned by women is 10% compared to 5% in the case of male entrepreneurs.
Moving on to the education sector, again, the rate of businesses owned by women entrepreneurs was 9%, while that of men entrepreneurs was 5%. Studies show that men are more likely to have their business setups in the manufacturing and construction arena.
4. Some women entrepreneurs are looking forward to rapid growth in their business
Even though the percentage of male respondents looking forward to rapid growth in their business was slightly higher than the female entrepreneurs, businesses led by women showed equal signs of growth, with 5% expecting massive growth in the coming years.
5. The percentage of women expecting their revenues to increase in the coming years is 57%
There is no denying that women are now walking at shoulder level with men. The businesses led by women are as likely to grow as businesses owned by men. Stats on women entrepreneurs highlighted the growth rate of their revenue by 59%.
6. Women-owned businesses are now hiring more employees
Besides growing in numbers, women-led businesses are also growing in terms of team members. Reports showed the number of employees hired by women entrepreneurs has gone up to 27% in the last year.
Also read: 10 Creative Female Entrepreneur Ideas
7. Longevity for both men and women-led businesses was comparable, with established businesses being the only exception
While 13% of female respondents owned a business for 20 years or more, the rate for men entrepreneurs was 17% for the same period of time.
8. Only 25% of women opt for resources that help them to fund their businesses
The figure in this respect is slightly less in comparison to male entrepreneurs, which is as high as 34%. Acquiring funds to finance startups can become super challenging for entrepreneurs, especially women entrepreneurs who are still a victim of gender bias and inequality due to the prevailing patriarchal mindset.
9. The percentage of women who are successful in securing funds for their startup is 31%
While men are more likely to be successful than women entrepreneurs in their quest to finance their businesses, women entrepreneurs have proven to be more successful than men.
10. 80% of women-led businesses were successful because of the presence of a mentor
SCORE also announced that women entrepreneurs who received support from people in the form of mentors had a better chance of success than entrepreneurs without mentors.
Mentors are experienced people who make significant contributions to businesses and provide useful insight that helps drive the business forward.
Also read: Encouragement of Women Entrepreneurship
The above stats by SCORE show that women entrepreneurs are as successful as men entrepreneurs, with gender bias standing as the only difference between them. Businesses run by women are not just impactful but are also a fast-growing force making significant contributions to the economy of a country. These amazing stats on women entrepreneurs expose the reality of the societies that we are a part of, where gender-based barriers and misconceptions about women entrepreneurs make it very challenging for them to easily access the market opportunities that men have.
Lack of mentors, the prevailing gender pay gap, and of course, unequal access to funding still stand as obstacles for women entrepreneurs. These setbacks are one of the main reasons why the facts and figures are still slightly lower in the case of women entrepreneurs.
However, the good news is that women entrepreneurs are now coming forward to speak about their personal experiences, including the struggles that they had to undergo while paving their path to success. As more women share their views on the existing gender pay gap and the means they adopted to fight the same, other women are getting inspired by them.
SCORE has been in existence since 1964 and has been making continuous efforts to provide opportunities to aspiring women who want to shape their careers. They have helped over 11 million entrepreneurs and continue to provide free mentoring sessions and workshops to clients across the globe.
It also dedicates 3.6 million hours every year to creating thousands of business opportunities, especially for people who are unemployed. It’s time that more organizations come forward and take initiatives to empower women.
Also read: Female Entrepreneurs' Success Secrets