Is Small Business a Woman’s World?
Women owned businesses have become their own economic sector. There are 8 million of them generating $1.3 trillion in revenue. They employ almost 8 million people and account for 35% of all businesses. Such excitement in numbers is supported by research in the SBA Office of Woman Owned Business, The National Association of Woman Business Owners (NAWBO), and Forbes.
Job Makers
According to the National Women’s Business Council, women owned businesses employ 23 million workers or 16% of the total US workforce. And, they will be the source of more than 33% of the 15 million jobs the Department of Labor predicts through 2018. The same studies indicate the women owned workplace will be more diverse, inclusive, and collaborative.
What They Do
Women are less likely to stumble into business. Most women business owners are college graduates who have approached their business opportunity with some expertise and structured planning under their belts. They are sharp enough to focus on capitalizing on and bringing something new to worlds of healthcare, retail businesses, virtual work, and women-oriented services where they have some affinity.
How They Do It
Evidence shows that men plan less and spend more in business start-ups. Women spend more time on organization, produce earlier revenues, and create positive working environments. They struggle to balance life and work, and they think it important to extend the balance to others. They are likely to pay and benefit employees better, and they motivate employees emotionally and psychologically.
Women take fewer risks than men take in business and are more reluctant to purchase an up and running business. In addition, they prove better at customer retention because their customer relationships are more direct and personal. They are better at differentiating their strategic and unique business proposition. And, they network in a more shared and less exploitive way.
What’s Their Future?
The future of women owned businesses is strong. Because they are more likely to co-exist with competitors, they do not burn out with slash and burn competition. They will seek and use the advice of their peers and expert consultants. They will listen to their employees in a no-fear environment and integrate their feedback.
It may be profiling to site that women business owners are likely to have a wider, deeper, and longer-lived vision. They write better – often exhaustive - business plans and invest themselves emotionally. They think more about security, their employees, and their retirement than they do about trophies and toys.
What Do They Want?
Women seek support and financial attention. The SBA Women’s Advocacy, National Association of Women Business Owners, and Count-Me-In are just a few of the hugely supportive information centers that support women.
Women are sharp at recognizing values in outsourcing; they listen well to prudent planning, and they collaborate well with vendors. They are becoming expert at running tight and efficient ships. At this, they will continue to lead the economy.
