Women-owned Businesses Are Becoming More Popular, Creating Jobs For The Common Good
By: Monica Victor
Right now – someplace, somewhere, women owned businesses are popping up in the nation, creating jobs not only for those women but for millions of other Americans, too. A trend experts say is necessary to boost a wobbly economy.
Up until the 1970’s a woman’s place was largely thought to be in the home rearing children and keeping the household up. During that time there were only 30.3 million women in the labor force performing jobs in the field of teaching, secretarial, and administrative.
Then at the turn of the century more and more women entered the workforce, until between 2006 and 2010 that number ballooned to 72.7 million women in the workforce. Today women are also heading major corporations in areas such as engineering and tech. Currently women hold 23 (4.6%) of CEO positions at S&P 500 companies. Albeit still a small number, but it is still a huge stride forward and very encouraging.
There’s Mary Barra who became the first female CEO in the automobile industry and Marissa Mayer who became the first female CEO of Yahoo earlier this year. Then there’s Ursula Burns, Chairman and CEO of Xerox, Denise M. Morrison President and CEO of Campbell Soup Company, Indra K. Nooyi Chairman and Chief Executive Officer, PepsiCo, Virginia M. (Ginni) Rometty Chairman, President and Chief Executive Officer of IBM and Meg Whitman Chairman, President and Chief Executive Officer Hewlett-Packard (HP) Corp just to name a few. A full list can be found here.
Last year women opened roughly 887 new firms per day. That’s according to the 2015 State of Women-Owned Businesses Report, commissioned by American Express OPEN. In fact the data also shows 30 percent of the businesses in the U.S. are currently owned by a woman. According to the data there are 9.4 million enterprises owned by women in the U.S. These businesses generate $1.5 trillion in total revenue and employ 7.9 million workers especially in the health care and social assistance, educational services, and administrative support and waste management services.
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