Entrepreneurship Case Study
Championing Women in Business
Success is Yours…
A recent study indicates that a significant 72% of women express a desire to become entrepreneurs.
This interest is further fueled by the fact that women are increasingly starting new businesses, with some reports indicating they now account for nearly half of all new businesses. Specifically, a 2024 report showed women starting 49% of new businesses, a notable increase from 29% in 2019.
Several factors contribute to this surge in female entrepreneurship:
Desire for flexibility:
Many women are drawn to the flexibility and control over their work-life balance that comes with owning a business.
Post-pandemic shifts:
The COVID-19 pandemic and its disruptions to traditional work structures have accelerated the trend of women pursuing entrepreneurship, with some studies showing that half of all businesses started during the pandemic era were founded by women.
Diverse Motivations:
While the desire for a more flexible schedule is a primary driver, other motivations include wanting to be their own boss, creating a better world for future generations, and seeking to leave a legacy.
Increased Representation:
Reports show a growing number of women, particularly Black, AAPI, and younger women, driving the growth of entrepreneurship, with some studies showing that women are leading in the creation of new businesses in specific demographics.
Global landscape
- In 2023, approximately 252 million women were reported to be entrepreneurs worldwide.
- Women entrepreneurs have made strides in closing the gender gap, particularly in innovation, with some studies showing them matching or even surpassing their male counterparts in bringing new products and services to market in nearly half of the surveyed economies.
- From 2014 to 2020, the average share of female entrepreneurs showed slight improvements, with a 2-percentage point increase in the share of female sole proprietors.
United States specifics
- The number of women-owned businesses has been steadily increasing, outperforming men’s growth rates in recent years.
- A 2024 report indicates that women were behind nearly half (49%) of new business creations in 2023, a considerable increase from 29% in 2019.
- The growth rate of women-owned businesses between 2019 and 2023 was nearly double that of men-owned businesses, according to a report by Wells Fargo.
- Black, AAPI, and younger women are especially driving the current entrepreneurial boom.
Reasons for the increase
- A major factor driving this trend is the pursuit of flexibility and autonomy, enabling women to balance professional aspirations with personal responsibilities and values.
- The desire for career autonomy is particularly strong among women, with nearly three-fourths of those launching businesses in 2024 stating they wanted to control their work schedules.
- Financial goals, while important, are not the sole motivation.
- Increased access to digital tools and platforms has also made entrepreneurship more accessible.
Challenges and disparities
- Despite the increasing numbers, women entrepreneurs continue to face challenges, particularly in securing funding and navigating societal biases and expectations.
- Traditional lending institutions and venture capital investors tend to favor male-owned businesses, with women-led startups receiving significantly less funding.
- Women are also more likely to rely on personal loans and financing from friends and family, increasing their personal financial exposure.
- Societal norms and expectations regarding childcare and household responsibilities often add another layer of complexity for women entrepreneurs.
Overall, the landscape of entrepreneurship is shifting, with a growing number of women embracing the entrepreneurial path and contributing significantly to economic growth, despite the challenges they may encounter.
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