The Overall Picture
- 10.1 million firms are owned by women (50% or more), employing more than 13 million people, and generating $1.9 trillion in sales as of 2008.
- Three quarters of all women-owned businesses are majority owned by women (51% or more), for a total of 7.2 million firms, employing 7.3 million people, and generating $1.1 trillion in sales.
- Women-owned firms (50% or more) account for 40% of all privately held firms.
Businesses Owned by Women of Color
- 1.9 million firms are majority-owned (51% or more) by women of color in the U.S.
- These firms employ 1.2 million people and generate $165 billion in revenues annually.
- Between 2002 and 2008, these firms grew faster than all privately held firms.
Technology and Business Growth
- Women business owners' top concerns about technology are the protection and security of data.• Security of internet purchase: 82%• Computer viruses: 81%• Protecting business data: 77%• General system failure: 73%
- Women business owners are as likely as men business owners to be willing toadopt new technology and more likely (24% vs. 18%) than women in general.
- Women business owners value technology as a means to create workplace flexibility:• 61% use technology to integrate the responsibilities of work and home.• 44% use technology to enable employees to work offsite or to have flexible work schedules.
Million Dollar Businesses
- One in five firms with revenue of $1 million or more is woman-owned.
- 3% of all women-owned firms have revenues of $1 million or more compared with 6% of men-owned firms.
Exit Strategies of Women Business Owners
- Women and men business owners are equally concerned about price when selling their business.
- Women owners who plan to sell are more concerned than their men counterparts about:• the buyer's identity, personality, and background (72% vs. 39%)• the buyer's plans for the business (79% vs. 52% )• plans for current employees (86% vs. 61%)
- Women business owners are nearly twice as likely as men business owners to intend to pass the business on to a daughter or daughters (37% vs. 19%).
Banking and Finance 
- Women business owners' satisfaction with banking relationships has more than doubled since 1992 (35% vs. 82%).
- More than two-thirds (67%) of women business owners choose financial products and services based on their relationship and experience with a lender.
- Women business owners who obtained capital persevered, making an average of four attempts to obtain bank loans or lines of credit and 22 attempts to obtain equity capital.
Characteristics of Women Business Owners
- Women business owners are prepared to face risk: most (66%) are willing to take above average or substantial risks for business investments.
- Women and men business owners have different management styles. Women emphasize relationship building as well as fact gathering and are more likely to consult with experts, employees, and fellow business owners.
- Women owners of firms with $1 million or more in revenue are more likely to belong to formal business organizations, associations or networks than other women business owners (81% vs. 61%).
Source: Center for Women's Business Research, 2008
The 10 largest metropolitan areas for women-owned firms for 2004 are:
1. Los Angeles-Long Beach, CA 2. Chicago, IL 3. New York, NY 4. Houston, TX 5. Phoenix-Mesa, AZ 6. Washington, DC-MD-VA-WV 7. Dallas, TX 8. Detroit, MI 9. Philadelphia, PA-NJ 10. Atlanta, GA, and Seattle-Bellevue-Everett, WA (tied)
Source: Center for Women's Business Research, 2004
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I believe woman have a natural business sense. My biz hero Guy Kawasaki always says in his discussions on entrepreneurship that when ever thinking of starting a business and someone wants honest feedback; always ask a woman.
Very Informative post, Thank you.
David Spencer
@David
I agree, and think that men in business are often too eager to jump in and start DOING something. We men need action most of the time, and can bored with the planning, contemplative aspects of starting or building a business. We would say “Don’ just sit there, do something!” Where a woman entrepreneur would say “Don’t just do something, sit there!”
And yes, anytime I need honest feedback I ask my wife…sometimes she gives me honest feedback without my even asking =)
Matt
These numbers are so exciting to see as more women are starting their own companies and becoming their own bosses. As a female business owner myself, it is always exhilarating to see women running their own businesses and being successful. I think it is very important that we encourage young women today to pursue their professional careers as well. Besides trying to provide mentoring that young women can relate to in our office, I also write a blog http://geekgirlsguide.com/, and offer advice and inspiration for young female professionals in the blogosphere. We must not only empower our female colleagues, but we must also empower young women and girls to see themselves as success stories and to see their goals as achievable.
Nancy Lyons
CEO
Clockwork Active Media Systems
http://www.clockwork.net/
I ask my fiance also when I want a honest feedback
I’ve actually been lucky enough to meet a safe-made millionaire woman and I can tell that she played a very big part in my decision to open my own business.
@Nancy
What a great focus for your work and your blog. Opening up doors for people when they think they are closed is such a rewarding activity, and good for the business world as a whole. How boring would it be if the only people who could own businesses were white males? I am a white male, and that kind of society doesn’t sound too appealing to me.
Keep up the good work,
Matt
@Andrei Buiu
Only thing to remember about asking for honest feedback is you have to be ready to get it. You are very lucky to have someone close to you who is successful, she can teach you a lot, and you can learn from any mistakes she made starting out before you make them yourself.
Thanks for coming by,
Matt