This week, Sharon Hadary, former and founding executive director of the Center for Women’s Business Research, wrote a wonderful article for the Wall Street Journal on women-owned businesses.
Women-owned/led businesses are a force that cannot be ignored. According to the CFWBR, there are more than 10.1 million firms that are 50% or more owned by women, employing over 13 million people, and generating more than $1.9 trillion in sales. Three percent of all women-owned firms have revenues of $1 million or more, compared to 6% of men-owned firms.
Here are some more key facts on women-owned/led businesses from the CFWBR’s “Lessons from the Trenches: Learning from $1 Million Plus Women Entrepreneurs”
- Women owners of high-growth firms are just as willing as men are to take on risk in their businesses.
- One in five of the women-owned firms that exceeds $1 million in revenue has revenues between $5 million and $1 billion.
- Women owners of these larger-revenue firms tend to be younger than their male counterparts in the same category, with 5.7% women under the age of 35, compared to 5.1% of men.
While the article outlines the outstanding growth of women-owned businesses over the years, it is only looking at the businesses that are 50% or more owned by women. There are even more women-led businesses that have not been included in this article, and are making a strong impact on the economy.
Click here to read more from the Wall Street Journal article by Sharon Hadary.