The way women are treated in the workplace has changed drastically in the last 50 years. Even looking back to the 80’s, women were often faced with inequality in the workplace, and it was unusual to see a woman in a position of power.
A modern digital marketing agency or corporate company with a range of clients will know that some of the most successful businesses are run by women, and it’s a wonder why the potential of women in business was not realised sooner.
While researching what may have prompted this change, we found 8 key reasons women have been so successful in business and why this success continues to grow year on year.
33 years ago, a woman could not take out a business loan without a male co-signer
In 1988 HR 5050 was passed, a law which allowed women to take out a business loan without having to have it guaranteed by a male partner. This didn’t have to be a business partner, it could have been the woman’s husband, friend, son, literally anyone with the male biology.
Make it make sense.
But with this out of the window, women have the ability to get a business loan as and when they wish to – no males required.
Women launch 1200 businesses everyday in the US
Last year in the US, over 1200 businesses were launched by women every day!
By the end of the year, 47% of all the businesses launched were done so by women compared to 43% of men. If that doesn’t show how women are taking over the business world, then who knows what does!
Women own 36% of small businesses worldwide
And this figure is creeping up every year…
With more and more women taking the plunge and starting their own business, it won’t be long before the number of men and women who own their own business levels out.
The number of women-owned businesses has increased by an enormous 114% since 2000
Compared to 20 years ago, women own 114% more businesses.
Although this is an impressive figure, it’s still only 4 in 10 businesses which are owned by women.
But if previous trends are anything to go by, this will be on the rise.
9 million people are employed by women-owned businesses
Thanks to the courage and commitment of so many women in the last 20 years, 9 million people have found employment in women-owned businesses.
20 years ago, all those people would have had to find employment elsewhere, likely in male-owned businesses.
Those who work within women-owned businesses have higher job satisfaction
Not only are women building, they’re innovating.
In a survey conducted by Harvard, participants who were employed by a business owned by a woman were happier than those employed by male-owned businesses.
While it’s hard to attribute exactly why this makes employees happier, it has been suggested that having females in management roles provides younger female employees with a positive role model, believing that they too can achieve what their manager has and greater job satisfaction in the meantime.
Women-led start-up companies have, on average, 35% higher ROI
It’s been proven that start ups led by women have almost double the return on investment that start ups run by males do, with an average of 35% ROI.
Despite this fact, these companies will struggle to raise funds. In fact, the percentage of funds invested in women-owned businesses has dropped by 9% since the pandemic.
But we have a feeling this won’t last…
It’s clear that in the last few decades, women have been gradually taking their rightful place in the business world.
With endless facts and statistics available on the difference women have made in the marketing world, there’s no doubt that women are working their way up in the business world, one start up at a time.