The National Foundation for Women Business Owners (NFWBO) identifies trends relating to the small business climate for women. New studies examining the role of female entrepreneurs by the NFWBO have yielded some surprising and eye-opening results.
A joint IBM, NFWBO study of the top fifty women business owners, as well as 10 additional “up-and-coming” business owners, reached several interesting conclusions. The women in the study covered a diverse array of industry categories including 27% in manufacturing and 10% in real estate. 46% of the women inherited a business and over 50% started their own businesses, with 34% starting businesses themselves and another 17% starting businesses with others.
A Preference for Flexibility
One key part of the study centered on the fact that women business owners, in general, appear to prefer smaller operations. Through business ownership, these businesses women achieve a high level of flexibility in their work schedules.
Women business owners are able to equate their business with true success within the workplace. Rather than having to pander to a glass ceiling at a workplace, they have taken it upon themselves to determine their own revenue.
Women are Effective Business Leaders
According to a Pew Research study performed in September 2018, Women are decidedly better at creating a safe respectful workplace. It is no surprise that women are better managers than men. Many books by business professionals recommend women managers because of their emotional intelligence and ability to organize, prioritize and manage. This is also why women are becoming business owners. They are good at it and able to run an effective business.
Tackling Loan Issues
One major obstacle women business owners have faced comes in the form of bank loan inequities. Recently, for the first-time women-owned business are experiencing access to business loans on par with male owners; this may be due in part to the increasing number of women in high bank positions as well as banks now seeing the previously untapped potential of women-owned businesses. The NFWBO has also discovered that women tend to direct loans towards business growth.
Internationally Owned Businesses
On an international scale, the NFWBO studies have shown that women business owners often come from similar backgrounds and express the same concerns regarding business issues. Today, female business owners represent between one-quarter and one-third of the world’s independent business owners and have become increasingly vocal as evidenced by female participation at an international conference in Paris sponsored by the Organization for Economic Cooperation and Development (OECD).
A Trend Towards Progress
To date, many obstacles have been overcome. Simply stated, the future looks bright for women-owned businesses around the globe, and the battle continues. Women who own their own business are definite leaders within their industry. Another area where women are leaders is within the United State Senate. In a recent Pew Research article, it was apparent that 1991 to 2018 resulted in a massive turn in women leaders.
As stereotypes start dissipating we can expect to see the number of women leaders to continue growing more and more. From Women business owners to women in the Senate, we hope to see this change continue.
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