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A Majority of Successful Small Businesses Are Owned by Women

A Majority of Successful Small Businesses Are Owned by Women

According to a new survey, a majority of successful small businesses are owned by women. More than 30 percent of these women have had their businesses open for more than ten years. Twenty-one percent started their business last year. Four-to-five-year-old businesses make up another 13 percent of the total. Just under half of the businesses are new, and only 15 percent are older. The study also looks at how women build a brand and how they attract customers.

In New York City, a number of women have successfully launched their own companies. The Mentor Method, which helps women improve their financial lives, was founded by Janice Omadeke, the 94th Black woman to raise $1 million in venture capital. Other successful women in New York City include Gen-Z entrepreneur Yannis Mansour, who founded a construction management company, and Marci Lobel-Esrig, who created the bill-payment service SilverBills.

The number of women-owned businesses is encouraging. A recent American Express study shows that there has been a 21% increase in the number of women-owned businesses in the U.S. since 2014, while the overall growth in the economy has been only nine percent. This means that more women are starting their own businesses than ever before. Just a few decades ago, women-owned 4.6% of all businesses; by 2019, this number has increased to 42%.

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