More and more women are embracing entrepreneurship and succeeding, owning their own businesses and progressing dramatically. A study by the Center for Women’s Business Research shows that women now own 40 percent of private firms. That’s 10 times more businesses than women owned 30 years ago.
Us Millennial women are one of the fastest growing demographics of entrepreneurs and overall, women are starting businesses at twice the rate of men. These numbers, however, do not mean we will see equal proportions of men and women running large firms anytime soon. Only one in five businesses with revenue over the $1 million mark are owned by women.
The study’s findings are likely because women entrepreneurs start businesses for different reasons than their male counterparts. Women are more likely to start small, home-based businesses. Women want more freedom and opportunity than the corporate world provides. Women with children want the flexibility of designing a work schedule that balances business and family. In the constant struggle to find balance, many challenges arise for women. We’ll look at those challenges in part three of the series.