The secret’s out! The “rate of growth in the number of women-owned enterprises is growing at 1 ½ times the national average,” so say’s The State of Women-Owned Businesses Report. Given the current state of the women-owned enterprise, is it time for you to start that business you’ve always dreamed of?
Let’s take a look at the numbers:
- 8.3 million women-owned businesses in the U.S. generate nearly $1.3 trillion in revenues and employ 7.7 million people.
- Health care and social assistance (53% of firms are women-owned), educational services (45%), other services including beauty salons, dry cleaners, and pet-sitting (40%), and administrative and waste services (37%) enjoy the highest concentration of women-owned firms.
- The lowest concentration of women-owned firms is found in construction (8%), and finance and insurance (20%).
- The fastest growing segments are education services (up 94%), health care and social assistance (up 55%), and arts, entertainment and recreation (35%).
- New York (670,100), Los Angeles (417,900), Chicago (293,400), Miami (235,200), and Washington, DC (205,300) are home to the largest numbers of women-owned firms.
- The states with the fastest-growing numbers of women-owned firms are Georgia (95%), Nevada (92%), North Carolina (83%), Mississippi (75%), and Texas (75%).
Conclusion? More and more women are joining the ranks of entrepreneurship.
Do you have what it takes?
Although there’s no way to eliminate all the risks associated with starting a business, you can improve your chances of success with good planning and preparation. A good place to start is by assessing your strengths.
There isn’t a set profile of a successful business owner, however, there are some common qualities that the most successful entrepreneurs possess. These include:
- Hard working
Is entrepreneurship for you?
Launching a business —regardless of the size—is not for the faint of heart. Yet, if done right, entrepreneurship is one of the most rewarding adventures. Consider these points as you evaluate the possibilities:
- Are you a self-starter?
- How well do you get along with different personalities?
- How easily do you direct and influence the actions of others?
- How willing are you to innovate?
- Do you have the physical and emotional stamina to run a business?
- How strong are your planning and organizational skills?
- How will the business impact your family?
- Do you have reserves of time, cash and skills?
- How willing are you to learn new skills and behaviors?
- How strong is your determination?
- How well do you problem solve?
Once you have evaluated your answers to each question, you’ll want to mull over your plans for addressing your responses to improve your chances of success.
There’s allot to consider when launching your business but anything worth doing is worth doing well and worth doing right, right? What do you need to launch your enterprise? Are you one of those courageous women that has already launched their enterprise? What advice would you share with those ready to put their toe in the waters of business ownership?