Women entrepreneurs mean business and continue to gain ground while the odds against them dwindle.
By Kaiti Evans, Illustrations by Jessica Wetterer
Smart businesswomen throughout the country are really cashing in. The National Association of Women Business Owners claims in 2017, women-owned businesses in the U.S. generated some $1.7 trillion in sales and employed nearly 9 million people. Furthermore, the U.S. boasts 5.4 million companies owned by women of color, which employ more than 2 million workers and generate annual revenues of $361 billion.
4 of 10
Since Texas is tops for female-owned businesses, it is no surprise Austin and three other Texas cities are among the top 10 locales with the most representation of women entrepreneurs. According to American Express, Texas’ capital city ranks fifth in the country for female entrepreneurs. To see such flourishing businesses in action, check out Austin’s Second Street District, where nearly half the shops are operated by women.
According to StartupNation, which touts the slogan “Build your business. Live your dream,” women are doing just that. Established women entrepreneurs rate their well-being some three times higher than that of women who aren’t entrepreneurs, and 1.6 times higher than that of male entrepreneurs. And more than three-quarters—78 percent— of women entrepreneurs say they’ve achieved work/life balance.
Once a woman’s business is up and running, the next goal is success. And according to some research, women-run businesses throughout the world are experiencing success in great numbers, often generating higher revenues than businesses run by men—sometimes to the tune of 13 percent more. Experts say this success can be attributed to four key factors: Businesswomen set achievable sales goals, prioritize collaboration, grow their businesses slowly and methodically, and employ excellent time-management skills.
Women entrepreneurs are on the upswing in the U.S., with the number of female-owned businesses increasing by an astonishing 3,000 percent since 1972. Growth is especially significant in the Lone Star State. According to fitsmallbusiness.com’s Best States for Women Entrepreneurs 2019 list, Texas is the No. 1 state for women entrepreneurs this year, up from a No. 8 ranking in 2018, based on factors such as its business climate, the current number of women-owned businesses, overall state economic and financial health, and safety and well-being for women.