Women are creating new businesses faster than the national average, but they’re hiring far fewer workers. One solution: better networks for women.
By Chelsea Sheasley (Contributor, Christian Science Monitor)
The problem: Most firms never create jobs for people other than the founder. Of some 27 million businesses in the US, only 6 million create extra jobs. Women own 29% of businesses, but employ only 6% of the workforce and contribute less than 4 percent of total revenues.
Business “was such a male-dominated area for so long that there is some validity to women not having the same networks as men,” says Alicia Robb, a senior research fellow at the Kauffman Foundation. She points to three areas where women entrepreneurs need to progress: networking, financing, and managing the work-family balance.
Business networks can help entrepreneurs with promotion, marketing, and access to the key for any startup: money. But women historically have had difficulties accessing growth capital. Part of that challenge may be the lack of women venture capitalists and angel investors, who play key roles in helping fund burgeoning businesses.
» Read the full article at Christian Science Monitor.