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why women-owned businesses are vital for the economy

why women-owned businesses are vital for the economy - business, economy, small business, support, sustainability, women - local -

in canada, according to a 2014 study, "only 15.7% of [small and medium enterprises] were owned by women, while 64.6% were owned by men. but, from 2005 to 2013, the number of women-owned enterprises grew from about 233,000 to 309,000."  the number of women in business are increasing, but the market is still saturated by male-owned businesses. women-owned businesses promote growth in the economy, contribute to diversity in business, and in the long-term may help to close the wage-gap. 

women-owned businesses show great potential. "the growth of women-owned enterprises was stronger than that of men-owned enterprises in both business counts and employment"

"women who run their own businesses generate 10% more revenue in five years than men do, according to boston consulting group analysis"

though, success is not a guarantee for any entrepreneur, and especially for women. there are a number of factors that contribute to the success of women-owned businesses. a large difference between men and women businesses is the funding and support they receive. now, about 47% of canada’s business owners are already women, they currently receive a mere 4% of canada’s venture capital funding.

research stated in the harvard business review shows that firms with more women in senior positions are more profitable, more socially responsible, and provide safer, higher-quality customer experiences. we could go in to the psychology of this, but let's just say, it makes a lot of sense...

because of the many adversities women have faced and currently face, they often structure their companies in a more fair fashion. this means better pay for employees, which in turn, helps to minimize the wage gap. 

sarah fink, head of research at the centre of entrepreneurs in the u.s., says that if policymakers want to see more businesses thrive and endure, they should encourage female entrepreneurship. women are not only more calculated risk-takers, but they have business longevity as a top priority opposed to men. fink notes, "they often prefer to re-invest business profits over equity investment to scale sustainably.” thus, by reinvesting in their business, it provides more jobs (and stable ones at that). 

shopping from a women-owned business is investing in the economy and supporting a positive change to the traditional inequitable business model.


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