Why Entrepreneurship Is Rising For Women

Women now own over 40% of all U.S. businesses, employing 12.6 million people and generating $2.8 trillion in revenue, according to a recent report by Wells Fargo. The number of women-owned businesses grew 12% from 2022 to 2025, nearly double the growth rate for businesses owned by men.

The trend is particularly strong among younger women and women of color, who are ambitiously launching new businesses. 

Read more here.

Committed to Empowering Diverse and Black Women-Owned Businesses and Entrepreneurs

Committed to empowering diverse and Black women-owned businesses and entrepreneurs, Wells Fargo took center stage at the Woman Evolve Conference 2024 to highlight the importance of unlocking growth for small businesses and entrepreneurs.

Women are ready to learn, connect, and grow. It was a testament to Wells Fargo’s commitment to ensuring that diverse businesses have access to capital, financial education, mentorship, and community. 

The economic potential of women entrepreneurs is vast. The latest statistics show that women-owned businesses contribute significantly to the U.S. economy, generating $2.7 trillion in revenue and employing 12.2 million workers. 

As women-owned businesses continue to grow, it’s essential to recognize the progress made, particularly among Black women, during challenging times.

Black Women Entrepreneurs Make Significant Contributions to the Economy

According to the Wells Fargo 2024 Impact of Women-Owned Businesses Report, between 2019 and 2023, Black/African American women-owned businesses saw average revenues increase 32.7%, compared to 12.1% for all women-owned businesses. 

In spite of this impressive growth, systemic disparities in funding and mentorship opportunities persist. Fortunately, new programs are addressing these gaps.

Read on to learn how black women entrepreneurs make significant contributions to the economy.

Despite Tough Economy, Women Business Enterprises Continue To Reinvent

"Women's business enterprises continue to reinvent themselves and weather economic storms," says Sonya Dukes, SVP and director of corporate supplier diversity at Wells Fargo who will offer specific tips for success at the Women's Business Enterprise National Council's Women in Business 2009: The Bridge to Quality Conference and Business Fair, in San Francisco, June 9-11.

Wells Fargo's commitment to creating sustainability and development in diverse businesses includes providing capacity building and entrepreneurial training for Women and Minority Business Enterprises. The program provides key resources, tools and techniques to develop operational excellence and stage suppliers for growth.

"We saw a lot of potential suppliers – successful companies – were struggling to adjust to our culture. We started this mentoring program to support them through the on-boarding process of understanding how we do business," Dukes says.