The Rise of Women Entrepreneurs in 2024

6 Reasons to Consider Entrepreneurship and How Career Ownership Coaching® Can Help

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In 2024, more women than ever are considering entrepreneurship as a viable path to professional and personal fulfillment. Whether transitioning from a corporate career or stepping out of a homemaker role, the entrepreneurial landscape is increasingly attractive to women. With the right guidance, such as from a Career Ownership Coach®, the journey from employee or homemaker to successful business owner can be rewarding and impactful.

1. The Growing Presence of Women-Owned Businesses
   The number of women-owned businesses in the U.S. and Canada has grown significantly over the past decade. According to the 2023 State of Women-Owned Businesses Report, over 13 million women-owned businesses in the United States alone, representing 42% of all businesses. In Canada, women own approximately 15.6% of all small and medium-sized enterprises (SMEs), with the numbers steadily increasing year over year.
   This surge in women-owned businesses has translated into substantial economic contributions. Women-owned businesses in the U.S. generate over $1.9 trillion in revenue annually, and these enterprises employ nearly 9.4 million people, showcasing the significant impact of women entrepreneurs on the economy.
2. Success Rates of Women Entrepreneurs
   One of the most compelling reasons for women to consider entrepreneurship is the impressive success rates of women-led businesses. A Boston Consulting Group (BCG) study found that women-led startups generate more revenue—approximately 10% more over five years—than those led by men despite receiving less funding. The success of women entrepreneurs is often attributed to their ability to manage resources efficiently, maintain a strong focus on customer relationships, and bring innovative solutions to market.
   In Canada, women entrepreneurs are also thriving. According to BDC’s 2023 Women Entrepreneurship Report, women-led SMEs are just as likely as male-led ones to be profitable, and they demonstrate higher growth rates in industries such as healthcare, education, and professional services.
3. Flexibility and Work-Life Balance
   Entrepreneurship offers flexibility that is often unattainable in traditional corporate roles. For women, particularly those balancing family responsibilities, the ability to set their own schedules and create a work environment that aligns with their personal values is invaluable. According to a survey by The National Women’s Business Council (NWBC), 61% of women entrepreneurs cite flexibility as a primary motivator for starting their own businesses.
   This flexibility also allows women to pursue their passions and interests, leading to higher job satisfaction and a greater sense of purpose. A Career Ownership Coach® can help women identify their core values and passions, guiding them toward entrepreneurial ventures that resonate with their personal and professional goals.
4. Access to a Growing Network of Support
   The entrepreneurial ecosystem for women has never been more robust. Numerous organizations, mentorship programs, and funding opportunities specifically support women entrepreneurs. For instance, the Women’s Business Enterprise National Council (WBENC) and SheEO provide valuable resources, including access to capital, networking opportunities, and business development programs.
   A Career Ownership Coach® can connect aspiring women entrepreneurs with these resources, helping them navigate the complex landscape of career ownership. By leveraging these resources, women can overcome traditional barriers to entry and increase their chances of success.
5. Empowering Economic Independence
   Entrepreneurship empowers women to take control of their financial futures. By building and growing their own businesses, women can achieve economic independence and break free from the limitations of traditional employment. This is particularly important in light of the persistent gender wage gap, where women still earn approximately 82 cents for every dollar men earn in the U.S., according to the U.S. Bureau of Labor Statistics.
   In Canada, the situation is similar, with women earning an average of 87 cents for every dollar men earn. Entrepreneurship allows women to set their own income levels, directly linking their earnings to their hard work and success.
6. Making a Social Impact
   Women entrepreneurs often prioritize social impact in their business models, contributing to positive change in their communities and beyond. A study by Deloitte found that women-led businesses are more likely to invest in social and environmental initiatives, aligning their operations with broader societal goals. This focus on impact differentiates women-owned businesses in the market and attracts customers and partners who share similar values.

A Career Ownership Coach® can help women define their social impact goals and incorporate them into their business strategies. By doing so, women can build businesses that are not only profitable but also meaningful and aligned with their values.

How a Career Ownership Coach® Can Help

Transitioning from a corporate career or homemaker role to entrepreneurship can be daunting, but a Career Ownership Coach® can make the journey smoother and more successful. A Career Ownership Coach® provides personalized guidance, helping women:

• Identify their entrepreneurial strengths and passions: By understanding what drives them, women can choose business opportunities that align with their skills and interests.
• Navigate the complexities of career ownership: From business planning to financing, a coach can provide expert advice and resources to help women overcome challenges.
• Build confidence: Many women hesitate to pursue entrepreneurship due to self-doubt. A Career Ownership Coach® can help build confidence, encouraging women to take bold steps toward their goals.
• Connect with resources: Coaches can mentor women to discover unique opportunities, programs and funding opportunities, increasing their chances of success.
• Develop a long-term vision: A coach can help women create a strategic plan for their business, ensuring sustainable growth and long-term success.

2024 is a pivotal year for women in entrepreneurship. With the right support and resources, more women can join the ranks of successful business owners, driving economic growth and making a meaningful impact in their communities. A Career Ownership Coach® can be an invaluable partner in this journey, providing the guidance, confidence and connections needed to thrive in career ownership.

 

About Your Career Revolution

Our mission is to help individuals explore self-sufficiency as an alternative career.

We help them define their Income, Lifestyle, Wealth, and Equity goals and provide education on the best ways to achieve them. We don’t sell franchises – we help people achieve their dreams of self-sufficiency through business ownership. The approach is different, the experience is different. And it works.

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