Written by 4:03 pm Women in Business • 54 Comments

What Role do Women Play in the Business World Today?

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According to the 2019 “State of Women-Owned Business Report” commissioned by American Express, women are taking on more ownership, leadership, and senior roles within the business world. I agree with their analysis that women entrepreneurs’ potential has not yet been fully realized. Although we are seeing vast improvements with equality in this area, I firmly believe we still have so much work left to do.

Female Entrepreneurs Over the Last Five Years

According to the same report, the number of new businesses increased by 9% over the last five years, while the number of women-owned companies increased by a whopping 21%. Yes, ladies, let’s do this.

Even more interesting here is that businesses owned by women of color grew by an even larger percentage, 43%. Women professionals from all walks of life are taking their careers and dreams far more seriously than ever before. There is absolutely nothing holding any of us back but ourselves.

One of the most exciting pieces of data in this article is that both male and female-owned businesses saw an increase in total revenue between 20 and 21%. This means that women-owned businesses can grow and achieve the same levels of success that male-owned businesses can.

Women Are Ambitious

If you take anything away from this article, please let it be this; female professionals are ambitious and have every right to be. The three primary industries women are beginning to dominate are:

  1. Healthcare and Social Assistance
  2. Professional/scientific/technical services
  3. Other services such as salons and pet care services.

Women-owned businesses generate approximately $1.8 trillion a year. You have to admit that it is not only inspiring to hear that but also impressive.

Women receive only approximately 7% of the venture capitalist funds that feed start-up businesses. This begs the question; why? The reality is that although the information I’ve shared is positive, we still have a long way to go.

Are women not asking for the capital, are VCs not taking them seriously? Even when women entrepreneurs receive funds from investors, it is still significantly less than their male counterparts.

How Do We Fix It?

Hopefully, this doesn’t come as a surprise, but we change it by doing the following:

  • Go after the job(s) and role(s) you want.
  • Have confidence in your ability.
  • Back up your business by showcasing your skills.
  • Ask for the capital if you need it.

One of the easiest ways to shift the tide, even more is for you to start going after the career you want. This doesn’t just apply to female entrepreneurs. If you’re going to be a CMO, a CFO, or any other c-suite executive, the answer will always be no unless you throw your hat into the ring.

You also need to wear your confidence on your sleeve. Let it be seen. Shine your confidence as a guiding light to open the doors, windows, and paths necessary to achieve your goals.

Showcase your desire and the skills that make you qualified to either be in a specific role or start that business you’ve been dreaming of. There is truth in that old saying that “one must pay their dues.” You have to put in the effort required and be willing to experience the struggles and overcome obstacles to achieve your success.

Lastly, you have every right to go after the investments needed to make your business ideas come to life. Business is typically a numbers game. If you show your skillset, drive, and passion to enough people, someone will share your vision, and you will eventually succeed. You cannot let your fear of rejection stop you from asking.

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Last modified: June 1, 2022

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