On today’s Business Beat, On today’s Business Beat, Jeff talks about the rise in small businesses started by women in recent years, highlighting the fact that this trend has continued to build momentum and help shape the economic recovery.
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Good morning, Paul!
Well, there’s a welcome trend afoot in the United States. First as we’ve reported on the Business Beat, entrepreneurship is booming in the US according to the US Census Bureau, the pace of startups being opened in the US is up as much as 80% or more in recent quarters compared to just a year ago.
And the trend I want to highlight today on the beat? Well, many of those businesses being started are being started specifically by women. Survey after survey is underscoring the rise in startups led by women today, and that’s welcome news for many reasons. Why are we excited about this? Well, studies show that startups led by women have tended to show higher revenues, better capital efficiency, and a myriad of other strong indicators of growth.
New research has also confirmed that women and minority entrepreneurs were key drivers of the post 2008 economic recovery, leading one to logically understand that they could and should play a major role once again in helping us shore up our economy in the post pandemic era. And what about women who were already leading businesses going into the pandemic?
Well, 83% of female respondents to a recent Visa study indicate that they are hopeful about the future, with many indicating they are adapting and even growing in the post pandemic business environment today.
It is estimated there are roughly 12 and a half million women owned businesses in the US today, a number 114% more than there were just 20 years ago in the US. The best news, though, is that this new wave of female led startups in the US could dramatically increase that number. And that is welcome news indeed, Paul.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s business beat on the Great Voice of the Great Lakes, WJR.