How This One Surprising Solution Could Close The Funding Gap For Female Entrepreneurs.
When it comes to equal pay, sometimes the quickest step forward is to become the boss. Such is the case when women decide to launch their own businesses, and despite setbacks for women, a recent study shows that women small business owners are optimistic about the future. In fact, an overwhelming majority reported that conditions have improved for women-owned businesses to start up and succeed in the last decade. This is according to the 2018 Bank of America Women Business Owner Spotlight, which was released last week. The third annual report tracks the experience of small business owners across the United States, revealing that women entrepreneurs are leading men in adopting mobile and other advanced technologies to build their businesses. The report also suggests one surprising solution that women entrepreneurs want more of: gender-blind financing.
When compared to last year’s findings, women entrepreneurs are much more confident about revenue prospects for their businesses (58% versus 44% in 2017), their plans to staff up (21% versus 19% in 2017) and the possibility of their business growing (56% versus 54% in 2017.)
At the same time, overall confidence in the economy is on an upward trend. A near majority (49%) of women business owners are confident that their local economy will continue to thrive, up from 37% in 2016. That optimism is also seen in perceptions of national economic changes as well, up to 48% versus 25% in 2016.
“We know in 2018 that disparities still exist when it comes to equal pay and women’s representation in the C-suite. However, there is also incredible long-term optimism among women business owners that they will be able to level the playing field over the next two decades,” said Sharon Miller, Head of Small Business at Bank of America. Miller noted that this year’s report findings match a similar finding in the 2017 report. That report found a strong belief that business ownership is a path towards matching or exceeding men in holding C-suite and executive leadership roles.
Women small business owners are also leveraging digital and mobile technology at higher rates when running their businesses.