This guide outlines the history and and projected future potential for women entrepreneurs in the business world.
Women entrepreneurs have much to celebrate. The past 35 years have seen women entrepreneurs making a huge impact on the business world. Now we are looking to the future, and it is important to see what more needs to be done to ensure that a new generation of women can become successful entrepreneurs and influential career leaders in business.
Where women entrepreneurs are found
Today women are not “just” teachers and nurses (both admirable professions) but have everything open to them. In the online world, there are big time women tech developers, entrepreneurs, influencers, and even pro poker players you can read about at Casino Coupon Codes.
Women’s History Month
We have now marked a resounding Women’s History Month so there is no better time to celebrate the success women have made as entrepreneurs in the world of business. Women business leaders play a very important part in the workings of the global economy as well as in their local communities. They are an integral part of the functioning of the global economy and are an important element in ensuring that the next generation of women are also successful entrepreneurs.
The 1988 Women’s Business Ownership Act
The Women’s Business Ownership Act was passed by Congresss in 1988 and this went a long way in moving women forward in the business world. This Act removed many of the barriers that existed at the time in the banking system making it very difficult for women to borrow money in order to grow their businesses. Today women have access to borrowing in the same way that men do.
Being in the middle of Women’s History Month and the fact that it has been 35 years since the passing of The Women’s Business Ownership Act it is befitting to recognize the impact that women’s history has had on our present lives. However, there is still much that needs to be done to empower women to become future leaders and successful entrepreneurs.
Women’s progress over the past 35 years.
Things became easier for women to start a business some 35 years ago. Because of the passing of The Women’s Business Ownership Act it became easier for women entrepreneurs to enter and be successful if the world of business.
Before this Act came into effect women were forced to partner with men in order to acquire business loans from banks. Once the Act was passed it became possible for women to acquire business loans to fund their businesses without the help of men.
35 years is a long time, and since then there has been a real growth in female owned businesses. According to the United States Census, by 1992, only a few years after the Act was passed, the number of businesses founded by women in the US was around 6.4 million. By 2019 this figure had reached almost 13 million.
To top it off, a recent study reported in Yahoo stated, “the number of women entrepreneurs grew by 48% year-over-year, which outpaced their male counterparts by 22%.”
What does the future look like for women entrepreneurs?
As we have seen women have made great progress since the passing of The Women’ Business Ownership Act, but there is still a- ways to go in order that they reach true equity with their male counterparts.
It seems, according to Bank of America’s 2022 Women and Minority Business Owner Spotlight, that “nearly one third of women business owners do not believe that women will ever have equal access to capital, and for those who do, they believe, on average it will take nine years to achieve equal access.” From this we see, women still have to many challenges to overcome.
This unequal access to available capital means women need to find support and alternative ways to source funding. It is the job of banks to make it possible for women to access all and every possible solution to gaining capital for their businesses. There are some resources already operating which many women entrepreneurs may be unaware of.
There is the Access to Capital Directory for Women Entrepreneurs which was launched in 2021 by the Bank of America. This is a great resource which helps to put women in touch with organizations providing capital specifically for female business owners.
Then there is the Bank of America’s Institute for Women’s Entrepreneurship at Cornell, an Ivy League University, which offers women the chance to gain a business certificate from such a prestigious university. At the same time, the Bank is actively supporting and showcasing many of these female owned businesses in an effort to enhance and encourage women’s entrepreneurship.
Getting yourself a mentor can be extremely helpful in growing your business entrepreneurship. In fact, mentoring someone else also has great benefits for you and for them. It is possible to offer support via programs or by being an ear open to listening and encouraging women to try out different programs and other educational resources available to them.
The key to women’s success and equality in the business world is education. It is important that women are aware of all the resources out there to learn about business techniques and strategies and all the channels in which they can access funds.
This will ensure that they have all the necessary knowledge and resources to start their business. Using all the resources available they will be in a better position to ensure they are on the path to success.
Conclusion
Starting a business is full of challenges and more so if you are a woman. However, women continue to dedicate themselves to entrepreneurship and, as we have seen, have made great strides in the last 35 years. The next 35 years look very promising. It will surely see many more women starting their own businesses. There is much to accomplish.
