23 March 2022
Happy Wednesday Luv,
Since we celebrate Women’s History Month, let’s pause for a moment and admire women Entrepreneurs.
In 2019, women-owned businesses created more than 10 million jobs and accumulated $1.8 trillion in profits. We know that women are a key driver of this growth, especially woman Entrepreneurs.
While there has been historic economic growth, there is still room for more growth.
As an Entrepreneur myself, I know the challenges that come with running your own business and help seems so far away. With the pandemic, it has been even more difficult for many women Entrepreneurs. This exacerbated pre-existing inequities in the economy, which caused women Entrepreneurs to continue to trail men in business ownership.
In 2019, 20% of all employer firms were women-owned businesses! Women business owners in all demographic groups are still underrepresented compared to male business owners. Economic equality has huge impacts in every aspect of quality of life for women. The data has shown that it makes this more challenging for women to equitably compete and participate in the marketplace, to gain capital and resources, and to play an active role in economic decision-making at all government levels.
Despite the challenges that came with the pandemic, data from the U.S. Bureau of Labor shows that between March 2020 and March 2021 over one million firms were opened. Between 2019 and 2020, there were more than 200,000 women who listed self-employed as their primary job. This shows that there has been a major increase in women entering entrepreneurship.
Let’s keep the momentum going, despite the odds, we’ve got so much going for us.
Yours in Business,