Post by Dr. Marsha Firestone, contributing Women On Business writer
Each year at the WPO/WPEO office, we order the new update of the “Key Facts about Women-Owned Businesses” booklet from the Center for Women’s Business Research. The information is not only useful in keeping us updated on the progress that women in business make each year, but is also a way to track the achievements of businesswomen even in tough economic times. I like to share it with our WBEs to encourage them to think about the positives, and to focus on moving forward and growing their businesses. The following are some inspiring statistics about women in business from the Center for Women’s Business Research.
There are 10.1 million firms that are 50% or more owned by women. This is down from 10.4 million in 2007, but considering the economic downturn, this number is still very impressive. These businesses are employing 13 million people, up from 12.8 million in 2007, and are generating $1.9 trillion in sales as of 2008. This means women in business are surviving and thriving through the turbulence caused by the economy.
Twenty-six percent of all women-owned businesses are owned by a woman of color. Presently, there are 2.3 million firms that are 50% or more owned by women of color- African American, Asian, Latina, or other races. These firms employ 1.7 million and generate $235 billion in revenues, and are also the fastest growing firms (2002-2008)!
Three percent of all women-owned firms have revenues of $1 million or more, compared to 6% of all men-owned firms. This statistic has stayed consistent for the past few years. One in five firms with revenues of $1 million or more is woman-owned. These women attribute their success to action and creating their own rules, seizing opportunities, being energized by growing a business instead of operating a business, and being life-long learners.
Women business owners continue to be inspired to work harder in order to grow their businesses and reach new levels. Each year women-owned businesses are persistently strong, making their own undeniable mark on the economy. Even during a downturn, women are thinking ahead, and 37% of women business owners are planning to pass their business on to their daughter(s) in the future, ensuring women-owned businesses will be sticking around for a long time.