Women Entrepreneurs are outpacing me, accorting to Wells Fargo’s Latest Report on the impact of Women-Awned Businesses.
Although Corporate America is Still Predominantly Led by Men, the Number of Women-Awned Businesses Has Grown Than Those by Men in the past Five Years. Small Businesses Helmed by Women Have Also Seen Faster Employment and Revenue Growth Over That Period, Based on Wells Fargo’s Analysis of Census Data.
Why Women Are Starting Their Own Businesses
“Women See a Real Opportunity in Entrepreneurship to do Things on their Own,” Said Geri Stengel, The President of Ventureneer, A Market Research Firm that Co-Published with Wells Fargo. “They’ve Hit the Wall in Corporate America.”
While there are Are Still Significant Barriers for Women Raising the Capital Needed to Start a Business, the Report notes that solopreneurs have with the advent of digital platforms that democratizes business optionies. Women, in Particular, Have Continue to Flourish after Federal Stimi Packages Aimed At Supporting Small Businesses During the Pandemic.
Education is a Factor as Well, Stengel Added. Currently Women are Attending and Grading from College at Higher Rates than Men.
Despite the Strong Recent Growth in Women’s Entrepreneurship, they’re Still underrepreseented at the top of the corplate ladder. Women-Awned Companies Only Make Up 2.4% of Businesses that Earn more than $ 20 million a year in Revenue Compared to men-Awned Businesses that make up 22.5%, Accounting to the wells fargo study. The Remaining Balance Represents Companies Owned by Multiple People, or Large Corporations.
Overall the GENDER GAP BETWEEN The Revenue Earned by All Women-Awned Business is gradually closing and if the current trend contingent, the study projects that it would be 120 years before Women EQUAL PARITY WITH MEN.
Where Gaps and Persist Disparities
The Study Goes on to Highlight That Black Women-Awned Employer firms have experiences a growth rate three Times All Women-Awned Businesses-in supported by diversity programs and movements Like Buy Black, according to their findings.
“There was a concerted EFFORT to Support Black/African American Businesses and Communities after the Killing of George Floyd,” Read the Key Statistics on Black Women. In 2020, Activists Affiliate with the Black Lives MATER Movement Called on Consumers to Close the Revenue Gap for Black Entrepreneurs by Spaking Their Dollars at Black-Awned Businesses. “The Growth of Black/African American Women-Awned Employers Surged BetWeen 2019 and 2024, at 51.2%, Compared to All Women, at 17.2%.”
But the Report Also noted that the growth for Black and Latino Employers has cooled, with more recent political changes potentially adding to that slowdown.
“That Wave has diminished to a Large specent,” Stengel Said of the Support for Black-Awned Businesses that exploded the pandemic. “And we’re not going to really see it right now knows of the dei executive orers.”
Trump’s Administration Has Called Diversity, Equity, and Inclusion Programs, Prioritizing Opportunities for Underrerened Groups, “Radical and Wasteful.” Businesses like Target and Amazon have Also Pulled Back on Dei Initiatives The Presidential Election.
This month, the US SMALL BUSINESS ADMINISTRATION AGENCY-WIDE JOB CUTS AND PRIORITY SHIFTS Under the Trump Administration.
“The Agency has veered off track – doubles in size and touring into a sprawling leviathan wounded by Mission Creep, Financial Mismanagement, and Waste,” Said SBA administrator Kelly Loeffler in a Press Release. Several Grants Are Being Terminated Including the Community Navigator Pilot Program that awarded Funding to Small Businesses in Undersserved Areas.
“JUST LIKE THE SMALL BUSINESS OWNERS WE SUPPORT, WE MUST DO MORE WITH LESS,” Loeffler Continued.
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