Surprising (to some) facts about women-owned businesses

The US-based Centre for Women's Business Research, whose mission it is to provide data-driven knowledge to help advance the economic, social and political impact of women business owners and their enterprises worldwide, offers a potpourri of data for Nearly 10.4 million firms are owned by women (50% or more), employing more than 12.8 million people, and generating $1.9 trillion in sales.

The overall picture, according to the CFWBR, shows that:
• For the past two decades, majority women-owned firms have continued to grow at around two times the rate of all firms (42% vs. 24%).
• Women-owned firms, account for 41% of all privately held firms.
• There are 2.4 million firms owned 50% or more by women of colour in the US, employing 1.6 million people and generating nearly $230 billion in sales annually.
• Between 1997 and 2006, the number of privately held firms 51% or more owned by women of colour grew five times faster than all privately held firms (120% vs. 24%).
• 77% of Asian women employer firms in operation in 1997 remained in business in 2000, the highest survival rate of all women-owned firms

In addition, says the overview:
• Research shows 83% of women business owners are personally involved in selecting and purchasing technology for their businesses.
• Some 61% of women business owners use technology to integrate the responsibilities of work and home, while 44% use technology to enable employees to work offsite or to have flexible work schedules.
• Some 75% of all firms do not have employees, while 81% of women-owned firms are without employees, for a total of 5.4 million firms.
• Sales revenue increased 66% for women-owned firms without employees from 1997-2004, compared to 42% for all such firms.

Female and male business owners have different management styles. Women emphasise relationship-building as well as fact-gathering and are more likely to consult with experts, employees, and fellow business owners than are men. And:
• Women owners who plan to sell their business are more concerned than their male counterparts about the buyer's identity, personality, and background (72% vs. 39%), the buyer's plans for the business (79% vs. 52%), and plans for current employees (86% vs. 61%)
• Women business owners are nearly twice as likely as male business owners to intend to pass the business on to a daughter or daughters (37% vs 19%).

For more information, please visit CFWBR here.

Article courtesy http://publications.mediapost.com/