The modern business landscape has shattered the glass ceiling, creating an inclusive arena for women entrepreneurs where collaboration, consensus, and diversity thrive. Much of this growth occurs online as more women launch ventures digitally. Female founders and owners have surged in recent years, delivering substantial revenue and job creation.
A 2018 SCORE Association report—SCORE being a nonprofit offering free mentoring to small businesses—reveals women-owned firms grew 45%, five times the national average, from 2007 to 2016. They represent 39% of the U.S.'s 28 million small businesses, employing nearly 9 million and generating over $1.6 trillion in revenue.
Betsy Dougert, SCORE's Director of Communications, notes: “We follow Small Business Administration guidelines defining small businesses as those with fewer than 500 employees and under $10 million in revenue. SCORE classifies 0-4 employee firms as micro-enterprises. Most of our 350,000+ clients are micro-business owners starting with $5,000 or less.”
Related: 15 Traits of Shamelessly Successful Women
The American Express 2018 State of Women-Owned Businesses Report (2007-2018) shows women lead 40% of all-size businesses—a 58% increase—employing 9.2 million with $1.8 trillion in revenue. Women of color comprise 64% of startups, led by African Americans, then Latinas and Asian Americans.
American Express credits opportunity and necessity. SCORE surveys highlight motivations: prior experience, financial readiness, passion, and work-life flexibility.
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Women across ages are launching businesses: 76% (SCORE) and 65.5% (AmEx) aged 35-64, but millennials and seniors contribute too. Common sectors include retail, healthcare, education, arts, travel, food, marketing, and professional services. Increasingly, women enter male-dominated fields like construction and manufacturing. STEM participation grows, boosted by 2017's Women's Entrepreneurship Empowerment Act and INSPIRE Women's Act.
Dougert emphasizes SCORE's 10,700 volunteer mentors: "We're here for the life of your business—all resources free, prepaid by taxes."
Women leverage strengths like networking, empathy, and holistic thinking for global and personal challenges. Many credit motherhood for enhanced productivity.
Related: How I make motherhood and solopreneurism work together
Futurist Hazel Henderson, economist, author (four honorary doctorates, bestsellers), and advisor to agencies like the National Science Foundation, founded Ethical Markets Media at 72 in 2004. Operating from her Florida garage, it's a global internet media firm with a TV series for business schools and libraries. Passionate about a "green, clean, knowledge-rich future," she promotes ethical biomimicry finance, stakeholder interests, and green investments as a B-Corp.
Observing patriarchal biases in her upbringing and economics, Henderson advises: improvise in niches without heavy capitalization. "Women connect all the dots… Almost any forward-looking business… tends to be led by a woman." For startups: "Don't take outside investment unless essential, and ensure alignment with your values and long-term goals."
"Women connect all the dots.…Almost all forward-looking companies…tend to be led by a woman."
Journalist Sarah Lacy, Silicon Valley entrepreneur and single mom, launched PandoMedia in 2011 on maternity leave. Her 2017 book A Uterus Is a Feature, Not a Bug argues motherhood liberates, dismantling the 'motherhood wall' myth.
Motherhood honed collaborative leadership, empathy, listening, and multitasking—skills for motivating teams like children. "Yelling works short-term but fails long-term cultures."
Related: The Habits of 12 Highly Prosperous Women
Her Chairman Mom platform fosters sisterhood support. "One woman standing up, all supporting her."
Sharon Hadary, Ph.D., ex-IBM exec, founded the Center for Women's Business Research in 1988 to prove women-owned firms drive growth. Early finding: they employ more U.S. women than Fortune 500 worldwide globally—sparking media, policy, and $10M Wells Fargo lending.
In How Women Lead (2013, co-author Laura Henderson), she outlines eight strategies. "Today, so many women say, 'Yes, I can!'"
"Today… what inspires me is that so many women are saying, 'Yes, I can!' "
Hadary's Enterprising Women events target high schoolers for STEM exposure.
Mina Shah, ex-Tony Robbins trainer, runs Mina meetings in 300 chapters across 52 countries, building confidence via accountability. Her TEDx: reject sexist myths. Profitable since 2011 inception.
MAGDA HERNANDEZ
Related: Women, Own Your Dreams
These leaders recognize male allies' value, especially for capital. Lacy: 20 years building trust with men enabled her success.
"The next hundred years will be called the female redemption." Investor Andy Dunn: female-led futures benefit all.
Shah: Focus on confidence moves the needle. Henderson: "Mature men know women must partner—and lead—for now."
Related: How men can help women fight gender inequality
This article originally appeared in the Summer 2019 issue of LadiesBelle I/O magazine.
