The upward mobility of women in the business owner ranks is increasingly apparent, not only in the U.S. but throughout much of the world, newly released figures suggest.
Over the last year or so in 74 separate economies, an estimated 163 million women launched their very own businesses, according to a joint report issued and sponsored by Babson College, the Korea Entrepreneurship Foundation and Smith College, among others.
In some parts of the globe, women are more likely than men to be doing well in terms of staying power, such as in Asia, Europe, the Middle East, and America. In these respective continents, the study found, men are more likely to have ceased operations over the past year. Additionally, the gender gap is narrowing, with the ratio of women to men being business owners now 5 percent closer today than it was at this time back in 2015.
Donna Kelley, professor at Babson College and co-author of the Global Entrepreneurship Monitor, said women have a lot to be proud of, having clearly made their mark on the business map.
“This not only shows the magnitude of impact women entrepreneurs have across the globe but highlights the contribution they make toward the growth and well-being of their societies,” Kelley explained in a statement. “Women entrepreneurs provide incomes for their families, employment for those in their communities, and products and services that bring new value to the world around them.”
More women point to necessity as the reason for entering the business world
What’s driving women to launch their own companies? Motivations vary, but it’s often out of necessity. Indeed, the study found that women are 20 percent more likely to cite circumstances as the main reason for becoming their own boss.
Working for one’s self, while rewarding, typically comes with more hours on the job than the typical employee. More than one-third of women business owners work between 40 and 50 hours per week, according to polling data compiled by the National Association of Women Business Owners. Around 10 percent of women work average 60 hours per week on the clock or more.
Mountain West home to a greater percentage of women business owners
Although women business owners are undeniably more numerous, men still represent the majority. However, the gap is narrowing in just about every state, some more so than others. For instance, in Montana, almost 10 percent of businesses are women owned, according to employment search engine Zippia’s calculations. That’s the highest share in the country. Other states where the rate skews higher include Idaho at 8 percent Oregon at 7.9 percent and California at 7.4 percent.
Another great state for women to launch their own companies is in Ohio. In fact, with the Ohio 166 Regional Loan Program, women can use the funds for a variety of purposes, such as construction, purchase of machinery, even for renovations. Plus, in today’s low-interest environment, payments are highly affordable. Click here or call directly to learn more.