RMS McGladrey, the National Association of Women Business Owners, and the University of Chicago, just published their 2007 survey into the nature of, and challenges faced by, women-owned businesses. In addition to fundamental trend analysis, this study dug into women entrepreneur risk profiles, management structure of women-owned businesses, and access to equity and debt capital.
In terms of demographics and education, 68% of the women business owners surveyed are married and 67% have children, which is higher than the national data for all working women married which is at 53%. There is also a strong correlation between education and entrepreneurship, with 40% of these women business owners having post-graduate education versus 25% of all U.S. professional women, and 9% of the female work force.
As it pertains to business characteristics, more than 60% women-owned businesses have been in business for six years, exceeding that national average of 40% of all small businesses being in business for six years. The most successful women entrepreneurs are also younger, with almost 40% of women with businesses in the highest revenue category starting their businesses between the ages of 20-29.
From an entrepreneurial profile perspective, women business owners also take risks: The top two survey responses to the risk question being that they have used up to 95% of their personal savings, including putting their home up for collateral. These female entrepreneurs also defy the typical female profile of operating from instinct or their "gut," by showing their tendency to favor factual information as the basis for making important business decisions.
More results from this study in my next post.
Shivonne Byrne, Innuity CMO
It is unfortunate that having a life and being successful in business is newsworthy, but that is where we are. In my book, "The ParentPreneur Edge," I interviewed several successful entrepreneurs who were also parents. The sad part is, it was HARD to FIND who was a parent because people just don't talk about it. Like it makes us LESS serious about businesss...NOT!
Posted by: Julie Lenzer Kirk | October 02, 2007 at 06:04 AM