About 75% of female entrepreneurs are upbeat about their businesses, and 79% said their business was not impacted by the government shutdown.
A new Cox business survey showed women business leaders are concerned about the national debt ceiling not being raise. About 56% said in the survey that another recession is likely unless Congress finds a compromise and agrees to raise the debt ceiling.
Cox conducted the survey in October. There were 624 female business owners surveyed in the United States. October is National Women’s Small Business Month.
The reasons for women owning their own business are varied. The survey found that 61% of the respondents wanted their own business so they could be their own boss. Another 52% said they wanted to control their own destiny, while 47% wanted to pursue the vocation they wanted and 32% said they could make more money in their own business as opposed to working for a company or organization.
About 28% said they liked having their own small business so they could spend time with family and children.
“This survey reveals that women are enthusiastically taking control of their professional destinies and taking the entrepreneurial road to self-sufficiency, personal satisfaction and financial success,” Jill Campbell, Executive Vice President and Chief Operating Officer of Cox Communications, said in a press release.
The number of women running their own businesses has jumped in the last 40 years. In 1970, only 5% of all small businesses were owned by women, according to the federal Small Business Administration. That number is now 30%.
Still, women business owners said in the survey that many problems remain for women. About 85% said there are challenges “unique” to women, with 73% saying bias against women exists and 71% saying entrepreneurship increased their workloads because of family responsibilities.
Also, 55% said many industries still do not offer women many opportunities for promotion or advancement.
The survey also found that women help other women. A huge majority of women entrepreneurs – 89% – said that their professional network plays a crucial role in the success of their business.
In the press release, author Porter Gale (“Your Network is Your Net Worth”) said, “Your ability to build a network of authentic personal and professional relationships, far outweighs your financial capital. In fact, it is the most important asset in your portfolio. Collaborating with people with similar interests and values provides a strong foundation and enables anyone to reach a higher level of success than they could on their own.”
