By Nicole Fallon Taylor, Business News Daily Managing Editor
The business world has come a long way from the days when men dominated the scene. According to American Express OPEN’s 2016 State of Women-Owned Businesses Report, 11.3 million U.S. businesses are currently owned by women, and an average of 1,072 new female-owned companies are being started every day. This number is growing five times faster than the national average for all businesses, meaning more women than ever are taking the leap into entrepreneurship.
But it’s not always an easy road — Keri Gohman, head of small business banking at Capital One, said that there are still numerous obstacles female entrepreneurs may have to overcome.
“Women are starting and growing businesses at a rapid rate, thanks to advances in technology and reduced barriers to entry,” said Gohman, whose company recently released a report on female entrepreneurs through its Future Edge initiative, in collaboration with Center for an Urban Future. “Although women have made significant strides, continued hurdles are preventing them from scaling their business or starting one in the first place, like securing financing, acquiring financial skills, and finding and establishing professional networks.”
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