The tide is turning, however. While it’s a fact that women generally have fewer funds to seed their own ventures, they do not lack focus or commitment; they do not lack staying power or tolerance for risk. And those who do start businesses do very well. The Center for Women’s Business Research found that between 1997 and 2004, the estimated growth rate in the number of women-owned firms was nearly twice that of all firms, and estimated revenues kept pace with all firms. “Business ownership is one of the most effective means of improving women’s economic well-being,” concludes Clearing the Hurdles.
Yes, women have some more catching up to do, but they’re well on their way. Asked to speak at the Women, Money, and Power conference held at Harvard business School in 2002, Joline Godfrey, founder and CEO of Independent Means, Inc. (a company that provides financial education to children and parents), said she believes the next generation of female entrepreneurs will be remarkable. “They’re hungry. They’re fearless. I remember recently being with a group of girls and thinking, ‘Oh my God. I’ve got to cash out really soon because this is my competition.’”
“Women are still definitely an untapped resource,” says Faley. “We need all the innovators we can get.” So, if you’ve got God-given chutzpah and the business knowledge to back it up, don’t hesitate! You were born to be an entrepreneur!
By Pam Losefsky
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