Women entrepreneurs are a powerful part of today’s economy. Their business acumen, intelligence, and resilience are among the many reasons women make such an impactful contribution.
Here are five reasons the world needs more women entrepreneurs.
1. Women Are Job Creators
The data varies slightly, but consistently shows women comprise a growing percentage of businesses and employers:
2. Women Are Good at Their Work
3. Women Make Do With Less Capital
Unfortunately, women still face biases and barriers to gaining the necessary capital to start a business. The Kauffman Foundation found women generally start their businesses with about half as much capital as their male counterparts. Women are also only a third as likely as men to access venture capital or angel investments.
While there are some federal programs designed to support women-owned businesses, there are still disparities in funding. For example, in fiscal 2013 (the most recent year available), only 15 percent of total award dollars in the federal Small Business Innovation Research program went to women-owned businesses.
4. Women Have Smaller Networks and Leverage Them Less
Kauffman reports only 5.4 percent of women are likely to tap into their personal networks of friends and acquaintances to find funding opportunities compared to men (22.7 percent).
Women also face a dearth of available mentors, citing the lack of mentors as a major deterrent, despite evidence that mentors play a critical role in entrepreneurial success.
5. Women Bear a Larger Work-Life Balance Burden
Women who run their own businesses often are still responsible for a disproportionate share of home and family responsibilities. This disparity places more stress on women who feel the pressure to be successful as business leaders, wives or partners, mothers, caregivers, and friends.
Changing the Dialogue
At Benetrends, we know women entrepreneurs are awesome. That is why we work closely with women-owned businesses to create the right business structure that lets them leverage existing retirement funds to secure start-up funding.
We provide small business funding for women by using existing 401(k) and IRA funds to create the capital that gets entrepreneurs off on the right foot. To learn more how Benetrends can help you with your funding needs, download Innovative Funding Strategies For Entrepreneurs.
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