By Kristen K. Shanine | Nashville Business Journal | October 22, 2021
The pandemic has created a surge in entrepreneurship within the United States. There was an impressive 24 percent increase in startups between 2019 and 2020, the most significant increase on record. Many women were forced to leave jobs during the pandemic to take care of kids who were no longer at school, and many of these women started businesses. Women represent one of the fastest-growing segments of entrepreneurs. Entrepreneurship is one way to balance work and family because of the flexibility it can provide.
According to a study by Lotte Bailyn, two-thirds of women structure their businesses around their family life. Despite this attraction, pre-pandemic research shows that female entrepreneurs confront a glass ceiling just as real as the one women face in the workplace. Women-owned businesses are typically smaller and less profitable.
Because women currently own between 34 and 48 percent of all businesses in North America, it is crucial from an economic standpoint to understand why women-owned businesses are smaller and grow more slowly than those owned by men and identify factors that can help women succeed in our current environment.