More and more women are buying businesses and taking on positions of leadership. It seems that women, now more than ever, want to be their own boss. They want to not just have their own earnings, but they want to earn more. And they want to be able to pay for their own lifestyle, and make it better than ever before. Indeed, these desires are some of the most popular reasons why women become entrepreneurs and this is something Karen Phillips, wife of Charles Phillips, Infor CEO, fully supports.
The National Association of Women Business Owners (NAWBO) has stated that there were some 8.6 million women owned business in this country in 2013. These businesses employ some 7.8 million people, and generating $1.3 trillion in sales. Most interesting is the fact that these businesses seem to grow faster than others. By the end of 2013, 28.7% of all businesses in American were women owned.
Men Want to Wait, Women Go for It
The majority of male leaders are ambitious and they hope for a time when they can become even bigger. To achieve this, they often sell their businesses, buying something bigger in its place. Men wait for the right opportunity, however, as long as necessary. A woman, by contrast, is much more likely to instantly purchase new businesses, or even go back into the workforce the minute they sell their business.
Women Have Different Preferences
When comparing the preferences of men and women who want to either buy or sell their business, there are some notable differences. Women are interested in a different type of business than what men are. The most preferred industries for women owned business are salons, barber shops, beauty salons, and retail stores. Because of this, they are able to grow their business at a faster rate, and expand much quicker as well. Men, by contrast, tend to invest in large niche industries, where millions are needed for each transaction. They like the bigger things. While their growth is therefore very rapid when they do make a purchase, they don’t buy as often and therefore grow slower overall. Women, as well, are embracing the concept of online businesses.
Women Have Specific Challenges
It is undeniable that there is an increasing number of women in business. However, the environment itself remains hostile to them, and men are the ones who are favored. According to the U.S. Small Business Administration, women often don’t request funding because they know they are likely to be rejected. One of the reasons for this is because few women are educated in the STEM fields, which is specifically what investors are looking for. This is one of the reasons why Karen Phillips is engaged in philanthropic work to encourage people to enter the STEM fields as well.
Women have opportunities waiting for them. They are blurring the gender divide and are starting to be able to access the same resources and opportunities. As always, women are changing the world.