Women-owned companies are a crucial constituent of the economy. Businesses run by women can generate as much as thirteen percent higher revenues than those owned by men. Therefore, women are systematically but surely succeeding in entrepreneurship. So, people should support and invest in women-led and women-owned businesses. This article articulates some of the reasons why you should do so.
1. The Number of Women-Owned Businesses is Growing
Currently, many measures have been undertaken to achieve a balanced workforce. Some of the previously adopted barriers that limited the success of women in business have been broken completely. Previously, it was not common to see a female executive in various sectors. However, this has drastically changed since women are motivated to develop their own businesses. Besides, many financial institutions are also ready to support them.
However, this tremendous growth of businesses owned by women is also due to their success. Women have also gained control in some of the sectors of the economy. For instance, salons currently account for 95% of the U.S. hair market. This sector is largely led and owned by women.
Furthermore, experienced female entrepreneurs continue to launch second and third firms as they also invest in other female-owned businesses, hence boosting their motivation. Therefore, when a person ventures in entrepreneurship, they should consider targeting a growing industry. Since women-owned and women-led firms are across all many sectors, they certainly offer competition in the market. Besides, women bring new perspectives and innovation in business; therefore, people should expect enterprises run by women to continue to grow in the future.
2. Women Prioritize Collaboration
Nowadays, a company’s culture is an essential element when it comes to employee attraction. However, implementing this may be challenging. To maintain employees plus their loyalty, they should ensure that their employees feel valued and part of the business’s success. So, this entails more than just free meals or recreational events. Women are good at boosting employee’s morale and bringing them together to work as a team.
Since women entrepreneurs have higher influence and vision than males, they can easily make people more productive. These skills to collaborate instead of making solo decisions boosts their ability to run businesses and generate more revenues.
3. Women Are Often Underestimated Despite Their Merits
Generally, women prefer to develop their companies methodologically. This leads to continued profitable growth. Besides, they also tend to reinvest their profits and avoid uncertain strategic plans that can negatively affect their businesses. On the other hand, men seem to be risk-takers to grow their businesses faster.
However, women are typically underestimated regardless of their qualities. Contrarily, women are significant stakeholders in the business world. For instance, businesses owned by women employ nearly 9 million people, according to statistics from 2017. Furthermore, women can also multitask various projects. For example, a person may be a mother as she manages her businesses and pursues their education.
4. Women Serve Women Clients Better
Women serve other women better. This is a crucial element in marketing, since women are the major buyers in the consumer market. This makes women essential in achieving a thriving economy. Typically, women are connected with other women’s needs since they ensure that they design products and services to meet their needs.
5. Women Can Create Products Men Don’t Even Know They Want
Men and women take different leadership perspectives. Gender diversity facilitates original thinking and a wider knowledge base, hence spurring innovation. Higher women’s proportion at ownership and management levels is linked with high innovation level intensity. Besides, women understand the market needs. For instance, since only 10% of people who get melasma are men, women in leadership can effectively oversee the development and implementation of essential products.
Women-owned and women-led firms continue to grow in the economy drastically. As seen above, there are many reasons why a person should consider investing in these companies and making more money.