In a recent study for the Bank of America Women Business Owner Spotlight , women small business owners are feeling more optimistic about their annual revenue and growth expectations than men. However, despite this trend, those surveyed were still divided over one topic: limitations of the glass ceiling.
The study, published last week, surveyed 1000 small business owners from around the country to access the growth and lingering difficulties faced by women business owners. The number of women entrepreneurs and small business owners has been on the uprise over the past few years and this current study shows that women are feeling empowered by this trend.
Over half of women entrepreneurs (54 percent) expect their revenues to increase over the next 12 months as opposed to 48 percent of male entrepreneurs. This number for males is a sharp decline from what it was during the spring of 2015 with 62 percent of males having said they expect an increase of revenue over the next 12 months.
Even with this rush of confidence for women entrepreneurs, most are still affirmative that the glass ceiling exists (77 percent of women and 56 percent of men agreed), however, 54 percent of women don’t feel as though it affects their personal goals and endeavors. 46 percent of women do think the glass ceiling has limited them at some point in their career.
Interestingly, despite these numbers, 75 percent of women small business owners believe they have the same access to outside resources as men while even more, 79 percent, feel they have equal access to clients. According to another survey by the Census Bureau from earlier this year, women are twice as likely to rely on family members to fund their new business as compared to men.
One study by researchers at Babson College and Baruch College, noticed that women typically need half as much as men in order to start their business at $10,000. This drastic difference could be the result of a few different factors including efficiency, type of business or possibly just the lack of funding.
Regardless, according to the Bank of America survey, 49 percent of women small business owners say their status makes them feel empowered, which is 10 percentage points higher than men. This is likely partly a reflection of the amount of men entrepreneurs versus women.
This trend of women small business owners looks as though it will continue for years to come– bringing with it the potential for amazing ideas from fresh perspectives.
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