Female Entrepreneurs Are a Major Driver of Business Startup Growth

Americans have started more new businesses last year than ever since data collection started and female entrepreneurs are a major driver of that growth.

New data from my company, Gusto, shows that women started half of all new businesses in 2023. This is compared to a mere 29% in 2019. Women-led businesses have proven uniquely resilient to tough economic conditions like persistently high inflation and interest rates, and they generated $2.7 trillion in revenue last year. 

For women, flexibility is the No. 1 reason for starting a business.  They want to have the freedom to decide how they work.

At Escape From Corporate America (EFCA), we have known this to be true since 2003 on the flexibility and freedom parts of Gusto's findings.  Here's what I said in 2003 when EFCA was launched:

"They [women] want freedom, flexibility, recognition, more money, and opportunities to leave a legacy -- all the things they once thought they would find within corporations."

Read the full article to learn how female entrepreneurs are a major driver of business startup growth.

Women-Led Enterprises Are Regenerative Forces in Our Economy

Around the world, small businesses are the hearts and souls of communities. Your local barber and corner stores offer more than just transactional interactions for essential products and services. They are places where people listen to your everyday problems and foster a sense of belonging. What’s more, there’s a one in three chance that these micro, small and medium-sized enterprises (MSMEs) will be led by women.

Policymakers, businesses, banks, community leaders, and individuals have a role to play in unlocking women’s economic power, valued at $10 trillion annually. We need whole system change that includes comprehensive macroeconomic reforms including fairer tax systems and recognition of the care economy.

We need localized women-centered financial products and entrepreneur support systems to create more equitable economies for all marginalized groups, including women.

The latest evidence on women-led businesses finds that they not only reduce poverty but that they also drive job creation, spark innovation, and contribute to safer, greener and more vibrant communities, ensuring that everyone thrives collectively. These women-led enterprises are regenerative forces – building business communities and hiring local workers. Local economies simply cannot succeed without them.

Thanking All the Super Supportive Dads!

Twists and Turns on the Path to One Woman's Success

Amy Somerville, CEO of Success Magazine says that the path to success is anything but straightforward; it’s riddled with twists and turns, setbacks and triumphs.

And, now, as I [Amy] watch my own children play “grown-up,” my heart is full. They create clever roles as entrepreneurs, inventors, artists and social influencers. Will they follow the traditional path of higher education and conventional careers? Who knows? 

She goes on to say that what truly matters is that they [her kids] dare to dream big, set their sights high, push boundaries and understand that with unwavering determination and perseverance, any goal is within reach.

Impact of Female Entrepreneurship on Economic Growth

The central question of the study, "The Impact of Female Entrepreneurship on Economic Growth in Developing and Developed Economies," is: what is the impact of women’s entrepreneurship on economic growth in developed and developing countries?

To answer this question, two hypotheses have been formulated related to the adoption of women’s entrepreneurship as a vector of economic growth. These two hypotheses guided the authors's analysis:

• H1:  The impact of women’s entrepreneurship improves well-being and accelerates economic growth.
• H2:  The level of human capital contributes to the development of women’s entrepreneurship.

Read the abstract and download the full study, "The Impact of Female Entrepreneurship on Economic Growth in Developing and Developed Economies."