I grew up in a family of entrepreneurs where my mother and many of my aunts were strong businesswomen. I am also an entrepreneur, perhaps because I had female role models, and I have always wondered—why don’t more women start businesses?
Claire Cain Miller of the New York Times agrees that something is wrong with the underrepresentation of female business founders. She notes that while women make up half the workforce and earn 40–50 percent of the degrees in business, science, and engineering, fewer than 10 percent of technology startups are founded by women, and only 36 percent of all US companies are owned by women. Also, many woman-owned businesses are small, employ only the founder, and earn less revenue than businesses founded by men, according to the census data.
Being Equal Doesn’t Mean Being the Same: Why Behaving Like a Girl Can Change Your Life and Grow Your Business by Joanna L Krotz: A Book Review
I recommend this book on entrepreneurship for women by Joanna Krotz to any woman thinking of starting a business. Why is entrepreneurship an important topic for women? Krotz explains that because women still don’t have pay parity and are subject to what Kolb and Porter describe as “second-generation bias,” they are leaving male-run organizations to launch and grow their own businesses in record numbers. For example, women leave technology companies at a rate of 52 percent, twice the rate of men. Krotz notes that in 2015, there were 10 million women-owned businesses (WOBs) in the United States, which generated $1.6 trillion in sales and employed 9 million people. Women of color owned one-third of these WOBs. Krotz describes many unique characteristics and strengths that women bring to running a business that are especially relevant to today’s world, and she offers specific female-friendly tools to help leverage those strengths.