Female Entrepreneurs Are a Major Driver of Business Startup Growth

Americans have started more new businesses last year than ever since data collection started and female entrepreneurs are a major driver of that growth.

New data from my company, Gusto, shows that women started half of all new businesses in 2023. This is compared to a mere 29% in 2019. Women-led businesses have proven uniquely resilient to tough economic conditions like persistently high inflation and interest rates, and they generated $2.7 trillion in revenue last year. 

For women, flexibility is the No. 1 reason for starting a business.  They want to have the freedom to decide how they work.

At Escape From Corporate America (EFCA), we have known this to be true since 2003 on the flexibility and freedom parts of Gusto's findings.  Here's what I said in 2003 when EFCA was launched:

"They [women] want freedom, flexibility, recognition, more money, and opportunities to leave a legacy -- all the things they once thought they would find within corporations."

Read the full article to learn how female entrepreneurs are a major driver of business startup growth.

Women-Led Enterprises Are Regenerative Forces in Our Economy

Around the world, small businesses are the hearts and souls of communities. Your local barber and corner stores offer more than just transactional interactions for essential products and services. They are places where people listen to your everyday problems and foster a sense of belonging. What’s more, there’s a one in three chance that these micro, small and medium-sized enterprises (MSMEs) will be led by women.

Policymakers, businesses, banks, community leaders, and individuals have a role to play in unlocking women’s economic power, valued at $10 trillion annually. We need whole system change that includes comprehensive macroeconomic reforms including fairer tax systems and recognition of the care economy.

We need localized women-centered financial products and entrepreneur support systems to create more equitable economies for all marginalized groups, including women.

The latest evidence on women-led businesses finds that they not only reduce poverty but that they also drive job creation, spark innovation, and contribute to safer, greener and more vibrant communities, ensuring that everyone thrives collectively. These women-led enterprises are regenerative forces – building business communities and hiring local workers. Local economies simply cannot succeed without them.

Thanking All the Super Supportive Dads!

Twists and Turns on the Path to One Woman's Success

Amy Somerville, CEO of Success Magazine says that the path to success is anything but straightforward; it’s riddled with twists and turns, setbacks and triumphs.

And, now, as I [Amy] watch my own children play “grown-up,” my heart is full. They create clever roles as entrepreneurs, inventors, artists and social influencers. Will they follow the traditional path of higher education and conventional careers? Who knows? 

She goes on to say that what truly matters is that they [her kids] dare to dream big, set their sights high, push boundaries and understand that with unwavering determination and perseverance, any goal is within reach.

Impact of Female Entrepreneurship on Economic Growth

The central question of the study, "The Impact of Female Entrepreneurship on Economic Growth in Developing and Developed Economies," is: what is the impact of women’s entrepreneurship on economic growth in developed and developing countries?

To answer this question, two hypotheses have been formulated related to the adoption of women’s entrepreneurship as a vector of economic growth. These two hypotheses guided the authors's analysis:

• H1:  The impact of women’s entrepreneurship improves well-being and accelerates economic growth.
• H2:  The level of human capital contributes to the development of women’s entrepreneurship.

Read the abstract and download the full study, "The Impact of Female Entrepreneurship on Economic Growth in Developing and Developed Economies."

Wishing You a Meaningful and Thoughtful Memorial Day Weekend

Women Entrepreneurs Grow Global® crafted a beautiful post about Memorial Day – honoring brave citizens that have sacrificed for our country.

Take a moment to express admiration for those who have served our country.  We are forever grateful for their service and owe them all.

It's Never Too Late to Pursue Entrepreneurial Dreams

Notably, women over 40 – mid-career women – are starting businesses twice as fast as men. Using their corporate experience and networking abilities, they identify untapped opportunities.

Unwilling to be confined by the corporate ladder, they flourish in the retail, healthcare, and professional services sectors. They constantly push boundaries and prove convincingly that female entrepreneurs can also excel in traditionally male-dominated industries.  

Most importantly, they showcase that it’s never too late to pursue entrepreneurial dreams.

Happy Mother's Day to All Mompreneurs

©2024 Laurel J, Delaney.  All rights reserved.

Happy Mother's Day to all, especially mompreneurs!  Mothers are living metaphors of love who believe in only giving and not expecting anything in return. So, this Mother’s Day, let us honor their contribution and provide them with a chance to bask in the glory of their achievements as a mother and a businesswoman.

Etsy Mother’s Day 2024 is a good day to take inspiration from mom entrepreneurs who have been juggling motherhood and running a business.  Consider “the women” (in all forms) out there to excel even in the business sphere, like; being more creative, selling online, building a brand, and being famous worldwide.

Note:  80% of female entrepreneurs sell on Etsy, out of which many are mothers.  

Here's a list of some of the most wonderful women entrepreneurs on Etsy and their stories of how they made it into the world of eCommerce.

Some Badass Woman-Owned Businesses in Louisville

When it comes to woman-owned businesses, Louisville is at the top of its game.  And what a great day to feature them – Kentucky Derby Day!

Women entrepreneurs are running everything from tour and event companies to hat shops, clothing boutiques, art galleries, and more!

While Kentucky is filled with far more woman-owned businesses than can be covered in this article, that's a great thing!

If your favorite spot isn't featured, share this list and shout them out. All of Louisville's woman-owned businesses deserve our love and support!

Revisiting Women's Entrepreneurship: Breaking Stereotypes and Seizing Opportunities

Globally, one in six women reported an intention to start a business in the near future. The highest entrepreneurial intention rates were observed in low-income countries, where approximately 28% of women expressed intentions to start a business. 

Nearly one in every three entrepreneurs running established businesses is a woman. For start-up activity, there are .80 women for every 1 man. Globally, women were more likely than men to be solopreneurs (1.47 women solopreneurs for every 1 man).

These were among the findings presented in the GEM 2022/2023 Women’s Entrepreneurship report, entitled Challenging Bias and Stereotypes.

If you haven't read it yet, I suggest you do so now because women play a very important role in driving economic growth.

Note:  The report is sponsored by Cartier Women’s Initiative (CWI), the Frank & Eileen™ Center for Women's Entrepreneurial Leadership (F&E CWEL) at Babson College, the School of Management (HEG-FR) in Fribourg, Switzerland and the Women Entrepreneurs Finance Initiative (We-Fi, housed in the World Bank Group).

What Would You Do If You Could Do Anything?

What would you do if you could do anything?  Back it up a bit, what would you do if you could have a months-long paid leave from work?  For me, as boring as it sounds, I would probably continue doing what I am doing.  For Rahel Mwitula Williams, it was climbing Mount Kilimanjaro.

The mountain, which is 5,895 meters (19,340 feet), and is the largest free-standing mountain rise in the world, took Mwitula six days to climb. But the journey was worth it.

So you know Rahel's job, by day she works as the Director Of Innovation for the Evangelical Lutheran Church in America and by night she runs her own socially responsible fashion brand ILAVA.

When she was approved to take a three-month sabbatical from her day job earlier this year, instead of taking a staycation, she set her sights on tackling one of the most challenging treks in the world as an emotional reset.

And that she accomplished.   

Nancy Geenen Says Connecting With Leaders on a Human Level Creates a Trusting, Empowering Work Culture

Nancy Geenen.  Used with permission.  All rights reserved.

Accomplished entrepreneur, author, leadership coach and strategic facilitator Nancy Geenen spent many years “trying to be someone else, in so many ways.”

What she discovered in her journey is that when a woman leader connects with employees on a human level by being vulnerable and inviting in-depth conversations without judgment, other differences are not as significant, and the leader builds trust as people feel more comfortable being themselves.

Here are Nancy's 5 key thoughts about how a leader showing vulnerability and accessibility can create a trusting, empowering work culture:

1. Being accountable and permitting others to hold everyone accountable. “Invite that open, honest, and vulnerable communication that is built on trust,” Geenen says. “And if you behave in a way that’s unreliable, own up to it.”
2. Asking for advice and committing to do better. Geenen says it’s common for team members to have numerous ideas about how a leader can improve their leadership skills. 
3. Knowing your people and letting them get to know you. Geenen says it’s a leader’s responsibility to model relationship-building. 
4. Being empathetic, not judgmental. Geenen says when check-ins with employees are done with a mindset of positivity, curiosity and empathy, not judgment and criticism, it earns the team’s trust because they feel seen, heard, and supported.  
5. Showing you care. When a leader directly pitches in to help one of their teams, be it problem-solving on a complex project or customer-service issue, or performing a tedious task like changing the toner in the copy machine, it establishes common ground with the workforce, showing the leader has humility and sincerity. 

These are among some of the many golden nuggets Nancy shares in her book, "The Advantage of Other:  A Leader's Guide to Building an Equitable, Dynamic, and Productive Workplace."

The Power of Exposure and Leading By Example for Women Entrepreneurs

Entrepreneur Vanessa June says the representation of women in entrepreneurship is critically important, emphasizing the power of exposure and leading by example to create a stronger, more diverse ecosystem.

“If we don’t start businesses, then other women aren’t going to see that as a possibility,” said Vanessa, the founder and CEO of Leva, an app-based community that educates and empowers mothers and parents of babies aged 0-12 months. 

This representation — in entrepreneurship and at all levels of business — matters because women are going to tackle problems with new and different solutions than previously explored.

Learn how we can all build a bigger bandwagon for women entrepreneurs so it's not a lonely journey.

One Month Is Not Enough Time to Celebrate All Women Who Have Changed the World

©2024 Laurel J. Delaney.  All rights reserved.

Progressing through history, from Cleopatra and Mary Magdalene to Madonna and Diana, Princess of Wales, each of these exceptional women's stories is told against the backdrop of the events of their time. For each, we learn of their achievements, backgrounds, characters and little-known details that make them ever more remarkable.

Progressive Black Women Entrepreneurs Are Breaking Barriers

According to J.P. Morgan, Black women are the fastest-growing group of entrepreneurs, and there's no end in sight.  They are making a significant impact and shaping the world as we move through it.

For every Black woman who starts a business, a barrier is broken. An impressive 50,000-plus Black women are innovating in the United States — but not without the uphill battle of fighting bank funding denials, limited access to capital and systemic racism and sexism.

Despite the challenges, Black women are bringing their products and services to the market.

Here are four Black woman-owned businesses breaking barriers and sharing insights on business.

May the Angels Protect You

©2024 Laurel J. Delaney.  All rights reserved.

“May your neighbors respect you, troubles neglect you, the angels protect you, and heaven accept you.” – Irish Blessing (photos of Chicago and the dyeing of the Chicago River green, 3/16/24) 

The Day After International Women's Day 2024

©2024 Laurel J. Delaney.  All rights reserved.

"I am continually inspired by the intelligence and relentlessness of today’s young women warriors. They are keeping us all on the leading edge of modern feminism." – Marlo Thomas, Actor and Activist

Celebrating Courageous Women

Throughout history, the vision and achievements of courageous women have strengthened the United States and opened the doors of opportunity wider for all of us. 

Though their stories too often go untold, all of us stand on the shoulders of these sung and unsung trailblazers — from the women who took a stand as suffragists, abolitionists, and labor leaders to pioneering scientists and engineers, groundbreaking artists, proud public servants, and brave members of our Armed Forces.

Let's put our hands together and applaud all that you, my dear women readers, have accomplished.

Small Business Ideas for Women Entrepreneurs

Considering personal passions and market demand is crucial when determining what is the best business for a woman to start, allowing for a venture that aligns with both expertise and interest. 

That said, women entrepreneurs are rewriting the narrative of small business by bringing their creativity, passion, and unique perspectives to the table. From e-commerce ventures to niche service providers, women thrive in industries ranging from fashion and beauty to technology and sustainability.

Here is a list of small business ideas for women that answer the question of how to make money from home as a woman entrepreneur.  Many require little to no start-up costs.

K-Tec Systems Founder Cathy Koch Goes to Washington

We are big fans of Cathy Koch (pictured) and were thrilled to hear she went from her business K-Tec Systems in Ferndale to the nation’s capital to advise the United States Senate and the federal government about the obstacles facing women entrepreneurs.

Read her full story and discover the challenges she faced while growing her business and how she overcame them.