March is Women’s History Month, a time to celebrate the accomplishments and contributions of women in all aspects of life, including business. Women entrepreneurs have been on the rise in recent years, with the number of women-owned businesses growing faster than the overall number of businesses in the United States.
Over the years, women have made significant strides in business, from starting their own companies to breaking through the glass ceiling in corporate America. However, despite these advancements, women in business still face unique challenges, from securing funding to overcoming gender bias.
Challenges Faced by Women in Business
Women in business have long faced systemic challenges that have prevented them from fully realizing their potential. Gender bias and discrimination are still pervasive, with women often underestimated and undervalued. Women have had to fight for a level playing field in the business world. However, women have proven time and time again that they are up to the challenge.
Women also tend to have fewer networking opportunities and mentorship, making building relationships and gaining access to resources more challenging.
Overcoming the Obstacles
Despite these challenges, many women have succeeded in business. They have used their creativity, resilience, and determination to overcome the obstacles in their way. Women entrepreneurs have developed innovative products and services, created successful businesses, and paved the way for the next generation of women in business.
The growth of women-owned businesses is a positive trend for the American economy. Here are some notable WIB facts:
Women own 42% of all businesses in the United States.
Women-owned businesses employ 9.4 million people and generate $1.9 trillion in revenue.
Women-owned businesses grew at a rate of 21% from 2014 to 2019, compared to a 9% growth rate for all businesses.
Women of color are starting businesses faster than any other demographic group.
The Struggle for Business Financing
Despite the growth of women-owned businesses, women still need help securing business financing. Women entrepreneurs are less likely to receive loans and venture capital funding than their male counterparts. In fact, women receive only 4% of all venture capital funding, despite owning 42% of businesses in the United States.
An Alternative Lender for Women in Business
Fortunately, alternative financing options are available to women entrepreneurs. ByzFunder is one such lender offering small business loans to women-owned businesses. ByzFunder understands women entrepreneurs’ unique challenges and is committed to providing them with the funding they need to succeed. With ByzFunder, women entrepreneurs can access the financing they need to grow their businesses and achieve their dreams.
Women in business play a vital role in driving the American economy forward. As we celebrate Women’s History Month, let us remember the contributions of women in business and support their efforts to create successful businesses.
To all the women in business, keep pushing forward and never give up on your dreams!