According to statistics, it was found that the women enterpreneurship had increased rapidly. It was seen that between 1992 – 2006, the total number of women owned businesses were doubled from 5.4million to 10.4million.
Between 2002-2008, it was seen that, majority of women owned firms grew by 11% when compared to 12% by majority of men owned firms. Revenue grew by 12% in majority women owned firms, whereas, it was 14% in men owned firms.
2% increase in employment was seen in majority women owned firms, compared to -1% in majority men owned firms.
In U.S it was found that, many of the multi million dollar companies whose annual revenue topped $1 million were lead by women. This indicates that women have capacity, vision and perseverance to make a business successful.
Though it was seen that in 2008, the gap between the men and women success rate had decreased, the average revenues of women owned business were 27% of the average of men owned business.
When researched, two reasons were found for the above situation. The reasons are lack of planning and access to credit. The women are found to lack focus on the future growth of the businesses. They are found to concentrate more on start up plans rather than long term strategies. The other reason is that, women tend to think that debt as a bad thing, which makes themselves deprived of access to credit. It was found that 62% of women-owned firms started with capital of less than $25,000 compared to 56% of men owned businesses.