According to a new survey conducted last month by The Hartford, female small business owners feel more confident in the success of their business than their male counterparts. Among small business owners, 91% of women say their business is successful, compared to 80% of men.
According to a new infographic from Bolt Insurance Agency, women are taking are over small businesses. Small businesses account for more than 99% of employers in the U.S. and female ownership in small businesses increased more than 20% between 2002 and 2007. Women-owned businesses today account for nearly $3 trillion in total economic impact and their influence is expected to continue surging. And this isn’t just happening in the U.S. Brazil and Germany’s female-owned businesses had more than a $2 trillion impact and China came in at an astounding $10 trillion. This means these women-run companies are helping to create 23 million jobs. By 2018, one third of the 15.3 million jobs will have been created by women. It was also recently reported that 22,984 patents were granted to women in 2010, according to a new report from the National Women’s Business Council. That’s up 35% from the previous year, when just 17,061 patents were given to women.
But female entrepreneurs have some struggles too. Female business owners are challenged by increased costs of doing business, cash flow, problems hiring and retaining employees and government rules and regulations. Women are not as optimistic as men in their outlook on the U.S. economy. When asked to gauge their level of optimism that the national economy will strengthen this year, only 53% of women say they are optimistic, compared to 64% of men.
The study also found that female entrepreneurs take a more cautious approach when it comes to business risk. When asked to rate the overall level of risk they are currently taking with their business, 55% of female small business owners rate themselves as conservative, compared to 47% of males. Furthermore, 80% of female small business owners believe they would not have been more successful had they taken on more risk, compared to 67% of males.
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