September 22 Is American Businesswomen’s Day
According to statistics gathered by the Federal Census Bureau, there are more than 1.3 million businesses in the United States owned solely or principally by women. By comparison, in 1973, women owned only about 400,000 businesses nationwide. Most of those business ventures were financed either with money from male family members or the common requirement that a husband, father or son co-sign on the business loan. According to one statistic, women are now responsible for opening nearly 2,000 new businesses every day across the United States.
Honor the Accomplishments of Female Business Owners This Month
In 1982, to call attention to the achievements of women business owners and their considerable contribution to the American economy, the American Women’s Business Association sponsored American Business Women’s Day. The U.S. Congress subsequently issued proclamations, in 1983 and 1986, acknowledging the day and the accomplishments of American businesswomen.
The Contributions of Women Business Owners to the World Economy
Female business owners play an integral role in both the American economy and the world economy, employing nearly 10 million workers and producing annual gross revenues of nearly two trillion dollars. Women own more than a third of all businesses in the United States (some 12 million plus businesses, or about 42% of all commercial enterprises). A study reported in the Harvard Business Review also found that employees in women-owned businesses were happier and gave higher leadership marks than those in male-owned businesses.
The Challenges Faced by Women Business Owners
Female business owners experience two significant difficulties trying to effectively compete in the market:
- Obtaining funding for startup, operations and expansion—Studies show that the average dollar amount of a business loan for a female-owned enterprise is about half of what male counterparts receive. In addition, less than 3% of all venture capital funding in the United States goes to women-owned businesses.
- Persistent sexism—Female business owners constantly face sexual harassment or disparate treatment because of their gender
How You Can Help Promote American Business Women’s Day
Here are some simple ways you can help women get an equal piece of the pie:
- Go to work for a female-owned business
- Choose to business with a women-owned enterprise
- Offer words of encouragement to women entrepreneurs
Learn more about the many successes of female-owned businesses
