In the last two decades, the number of women entrepreneurs has increased by an impressive 114%. Recent data from 2020 indicates that 47% of women started a business, compared to 44% of men. As of 2023, there are now over 9.4 million women-owned and women CEOs businesses in the United States. This growth is a positive reflection of the increasing visibility of women CEOs and entrepreneurs in various regions.
However, according to the 2022 Women & Minority Business Owner Spotlight, women entrepreneurs said that they face more challenges in business than their male counterparts, with 59% reporting they have to work harder for the same success as men. 66% of women entrepreneurs report difficulty of the challenges to stem from limited funding of these challenges stem from limited funding, resulting in insufficient financial support to expand their businesses and pursue their goals because of this women entrepreneurs are 63% less likely than men to obtain venture capital financing. Within the industry, gender prejudices persist, creating barriers for women to accessing crucial resources, opportunities, and the rightful recognition of their accomplishments. A report from Simply Business highlights the disheartening reality, revealing that an overwhelming 91% of women business owners believe gender bias or inequality remains prevalent in the business world.
A Women Entrepreneurship Report by Inc. magazine. Reveals that 62% of women entrepreneurs have faced gender bias while seeking funding for their businesses. Even those who have not directly experienced it have come across instances where other women have faced it. The lack of financial support makes it challenging for women to scale their companies. According to Fundera, women-owned businesses, on average, secure nearly $5,000 less in startup loans compared to their male counterparts. Because of this most women entrepreneurs may find it difficult to invest in the necessary equipment, hire, and launch effective marketing campaigns.
Running a business while also being the owner requires investing in extended hours. Entrepreneurship calls for significant time and patience, and for women entrepreneurs, juggling family, spouse, children, and numerous other responsibilities can lead to challenges in achieving a healthy work-life balance. According to a recent study in The Lancet Public Health, women tend to spend twice as much time as men on caregiving and household duties. When coupled with the responsibilities of a full-time job, these tasks can lead to exhaustion for women in leadership roles. McKinzie Bean, the founder of Moms Make Cents, shared her experience as a women entrepreneur and mother of two. She revealed that finding balance can be a daunting task, as it often feels like your heart and time are being pulled in a million different directions simultaneously.
To continue, having a strong support network and connection is crucial for entrepreneurial success. Hence when it comes to many women founder 48% report that a lack of available advisors and mentors limits their professional growth many this causes many women entrepreneurs to miss out on developing their professional networks. This can make it difficult for them to find mentors, sponsors, and other supporters that can help them succeed. Research shows that women are often at a disadvantage, with men being 13% more likely to receive leadership training and 19% more likely to receive formal assessments. Due to this, almost half of all women founders’ report feeling limited in their professional growth because they lack access to advisors and mentors, according to a report by Inc. magazine.
As a women's business owner, it can be challenging to manage multiple responsibilities. Integro Bank’s small business focus strives to close gaps within business environments, which includes providing support mechanisms, financial tools, products, and access to our executive team from small business segments, such as women-owned businesses.
Join us at Integro Bank's CEO Club Event on July 26, 2023, where we will be hosting a Women Entrepreneur & Leaders Fireside Chat. Our mission is to promote an inclusive entrepreneurial ecosystem, and we believe this event will be an excellent opportunity to gain valuable insights from successful women entrepreneurs. Our Chief Innovation Officer, Elaine Szeto, will be moderating the discussion with prominent women entrepreneurs and leaders. Through real-life stories of resilience and determination, attendees will be empowered with inspiration and practical strategies to tackle challenges in their businesses. We look forward to seeing you there!
RSVP, today, for this free fireside chat event: https://integrobank.hubspotpagebuilder.com/en-us/ceo-club-july26-2023