Women and Entrepreneurship
More than ever, women are launching and leading thriving enterprises. In fact, women own 4 out 10 businesses in the United States. Since 2007, the number of women-owned businesses in the U.S. increased by 58 percent. This is significantly better than overall business growth, which increased by only 12 percent. In 2018, there were 12.3 million women-owned businesses in America. They employed 9.2 million people and generated more than $1.8 trillion in revenues.
This data is significant. And yet, women are less likely to seek financing for their business (25 percent as compared to 34 percent of men). Women-owned businesses receive only 16 percent of small business loans and less than 3 percent of venture capital nationwide; female founders who secure funding receive less financial backing (smaller amounts) and less favorable terms (higher interest rates) than men.
There are many reasons for these disparities. One of the primary reasons is that female founders tend to lack confidence, which includes an inability to confidently state their business purpose and the impact they intend to make. In other words, women struggle to articulate their WHY, and it is resulting in less money and less success for women-owned businesses.
Disrupting the Status Quo
My Founder Story is on a mission to disrupt the status quo. We support women in clarifying and communicating their WHY, so they can confidently share it with investors, partners, employees, supporters, the world—to get the resources and opportunities they deserve.
My Founder Story also honors women’s significant and valuable contributions to society and the economy by amplifying the true and powerful voices and journeys of women business owners. And in the process, we are providing a platform for female business founders and their supporters to read and share stories, to be inspired, to influence decisions, to ignite action and to lift up one another.
Sources: American Express State of Women Owned Business Report 2018; SCORE The Megaphone of Main Street 2018; Guidant Financial Small Business Trends 2019—Women in Business