In the small business sector, the development of the women-owned small businesses, in the last twenty years, has been phenomenal. The development of these businesses was nearly six times from what it was in the 1980s. At present, nearly 30% of the small businesses in the United States of America were owned by women business owners.
These women-owned small businesses in the United States of America dealt mainly in the retail sectors but at present, these entrepreneurs are also establishing themselves in the sectors like construction and manufacturing.
Comparison between Men and Women-Owned Small Businesses
There are a number of differences among the women-owned small businesses and the men owned small firms. The women-owned firms generate lower revenues than the men-owned firms.
At the same time, operating in limited sectors is also reducing the income and growth rate of the women-owned firms. According to several reports, it has been observed that the women-owned firms generally generates five employment options whereas, the men-owned firms provide employment opportunities at an average of 11 for every firm.
On the other hand, the women-owned small businesses are comparatively new in the business sector and so these firms need some time to establish themselves in the sector and to compete with the men-owned firms properly.
Recent Initiatives of Promoting Women-Owned Small Businesses
Instead of all the above said drawbacks, the women-owned small businesses in the last two decades have developed rapidly. There are certain reasons for this. Primarily this has happened because availability of financial support from the formal sources has increased for all these women-owned firms. At he same time, there are a number of organization that are providing financial as well as technical support for establishing or expanding women-owned small businesses. The government has also taken a number of initiatives to promote these firms and to provide them with equal growth opportunities like the men-owned firms.