According to studies, women-owned businesses have increased by 114% in the last decade, and women own about 39% of firms (held privately) in the United States!
At the same time, several gender-based obstacles and unfavorable business conditions surround women. Even though they are passionate about driving change, it is not hard to see why women entrepreneurs may be struggling to maintain their businesses.
Despite the growing success of businesswomen and female entrepreneurs in the industry, studies show that women-led ventures are more likely to collapse and not meet their intended goals. This is due to several reasons: lack of professional financial assistance, an inability to follow a financial budget, or investing more resources than needed.
However, this does not mean that they can't learn and get ahead of the game! The 2019 Forbes list of America's richest women included a diverse set of women from many industries such as cosmetics, fashion, technology, and many more!
The novel coronavirus has affected the world in various ways. Other than the loss of life, the economic fallout of this pandemic has been no less devastating. So many businesses shut down; and many others that survived had to lay off a significant part of their workforce.
With countless people losing their jobs and having income streams dry up overnight, an imposing mental health challenge has emerged as well. In the United States alone, about 45% of the adult population has had its mental health negatively affected as a result of stress about COVID-19 and its financial implications. This is according to a survey conducted by the Kaiser Family Foundation back in March 2020.
The situation is no different for women. In fact, they’ve fared far worse in many ways. For instance, working women have faced greater layoffs compared to their male counterparts. According to data gathered by the National Women’s Law Center, about 61% of job cuts in retail alone were attributed to...
The year 2020 hasn’t been kind to a lot of us, and perhaps even that is an understatement. Reeling from the devastating impact of COVID-19, the world is trying hard to make a recovery. From a business standpoint, the effect of the pandemic has been somewhat varied. Different industries/groups have had to endure different types and levels of crises.
However, one group has had to bear the brunt of the economic catastrophe unleashed by the novel coronavirus. Female entrepreneurs (and working women in general) have been hit especially hard by the recession that gripped the world following Covid-19. Several women-owned businesses both at home and abroad couldn’t survive and needed to be shut.
Getting the Short End of the Stick
As per a recent US Chamber of Commerce survey, the ratio of female business leaders who ranked the overall health of their enterprise as “somewhat or very good” was 60% in January 2020. By July, this number had declined to 47%. During the...
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