The Time Is Ripe To Become An Entrepreneur

By: WE Staff | Wednesday, 27 May 2020

Question, are you passionate about an idea in your head? Or are you thinking about taking the plunge into entrepreneurship? Women may be hesitant to take those first, all-important steps toward starting their own business.

Times have changed. And while many challenges still exist, there definitely are advantages to being a woman entrepreneur. You may choose to focus on the obstacles but to no effect. Advantages will take over and you’d be convinced that today is the best time to be a women entrepreneur. Having an understanding of the advantages available can help transition more smoothly into the entrepreneurial role, and recognize the opportunities that exist for the female entrepreneur today.

The Stats are on your Side

There has never been a better time for women to start their own businesses. According to American Express's 2018 State of Women-Owned Businesses Report, the number of women-owned businesses grew from 402,000 in 1972 to 12.3 million in 2018. This growth is even more striking when compared with the overall growth rate of all firms: The number of businesses overall saw a 1 percent annual growth rate from 2007 to 2018, while women-owned businesses experienced an annual growth rate of 4.2 percent over the same period.

The employment and revenue statistics also are impressive. Women-owned businesses employ 9.2 million people and, when it comes to generating revenue, these businesses are more than holding their own, generating USD 1.8 trillion annually.

Women of color also have taken breathtaking leaps in the women-owned business stats. As of 2018, women of color account for an estimated 5.8 million businesses (or 47 percent of all women-owned businesses), and these businesses employ over 2.2 million people overall, with revenues of $386.6 billion.

The statistics make one thing clear: More women are starting their own businesses these days, and many of these businesses are thriving.

Female entrepreneurs focus more on collaboration than competition.

Collaboration is an important factor when it comes to being a successful entrepreneur. Even Fortune 500 companies engage in collaboration with other companies and, for the entrepreneur, the ability to collaborate—that is, to form relationships and partnerships with other businesses or entrepreneurs—can have a significant impact.

The good news for women when it comes to collaboration? The fact is that women are socialized to be more relationship-oriented, which is a big plus when it comes to collaboration. Research has found that women prefer collaboration, compared to men, who may tend to be more distrusting of colleagues. This trend toward female collaboration starts at a young age: A study published in 2017 found that girls are better at working together toward a collaborative solution than boys are.

In today's world of business, cutthroat competitive strategies are no longer the only route to success. Your ability to work well with others can be an invaluable asset in the modern business environment.