In the year 2018 women entrepreneurs currently hold positions in 11.3 million businesses in the United states. With the accessibility of social media marketing, user-friendly website creation sites, branding tools galore, and manufacturing at the click of a button, this number is accelerating daily, especially in Los Angeles. From 2007 to 2016, there has been a 9% increase in new national business ventures, in women-owned businesses that number increased to 45%, which means women-owned businesses increased at a rate five times faster than the national average. In 2019, many more women entrepreneurs will begin to take their first leaps into building the foundations of their business dreams.
Why Women Make Better Entrepreneurs
Forbes’ David Prosser published an article on “Five Reason Why Women Make Better Entrepreneurs than Men”. This article states that women are more likely to invest profits in long term sustainability, become better calculated risk takers, are obviously more ambitious, and are “less prone to overconfidence,” which is because men have more testosterone than women. Women are biologically more sensitive, thus tend to care more about their employees and customers. Having a woman running a business is a sure way to sustain happy employees and customers.
An example of a successful women entrepreneur is Janice Bryant Howroyd, the first African American woman to start a billion dollar company. She started with $900 in her pocket and with the goal to start a business that would help others find employment. Now her company is the largest female minority-owned employment agency in the country. She deliberately employs other women because she knows they are more able to resonate with her business and cause. Starting a staffing company that actually helps people find jobs shows how compassionate women can be through business. She branded her company, niche, and ethos accordingly.
Women Know What Other Women Want
Women also know what other women want (women are some of the biggest consumers in America). Take for instance the half a billion dollar valued company Vera Bradley co-founders Patricia Miller and Barbara Bradley Baekgaard. These two friends started by borrowing $500 from their husbands to start making bags in Baekgaard’s basement. These two entrepreneurs noticed a lack of feminine beautiful luggage, and wanted gorgeous luggage, and decided to fill that need. Now over 3,000 stores carry their accessories.
Why This is Our Year
Starting a business in 2018 is easier than ever. Starting a successful business is the hard part. Building a brand that fills consumers’ needs and has an excellent brand image that stands out is the start. In the year of 2018 you not only have to pick a perfect brand name, great manufacturer or team, create a beautiful website, you need to market your brand. People also tend to trust buying more from other people, not corporations. So branding yourself as the main image of your business is perfect. Especially if you are a woman because you will come off as beautiful, trustworthy, and compassionate. Make sure you have professional pictures of not only your product but everything on your website or social media, and of course photos of you.
Source: brio five