| In the last 20 years, where women work, how | | | | take charge of their financial futures. |
| women work, and what kinds of jobs women are | | | | |
| seeking have changed. As more and more | | | | Older Baby Boomer women are retiring early to |
| corporations have re-organized and downsized, | | | | start new businesses. According to AARP, |
| as more children of Baby Boomer mothers are | | | | entrepreneurship is growing in those 50 years |
| leaving home, and as more traditionally | | | | and older. In addition, they predict that |
| employed women are waking up to the fact that | | | | people who take early retirement or whose |
| they want more out of life than just simply | | | | jobs just disappear will drive solo business |
| getting a paycheck, the world of small | | | | formation in the future. |
| business ownership is exploding. | | | | |
| | | | Two Greatest Challenges to Women |
| As a whole, the United States is becoming | | | | |
| more entrepreneurial. More than 1/3 of all | | | | The greatest challenges for women starting up |
| people involved in entrepreneurial activity | | | | businesses are access to capital and general |
| are women. According to an April 2005 report | | | | lack of know-how. However, these challenges |
| by the U. S. Small Business Administration, | | | | are not stopping women from starting up. |
| Office of Advocacy and Business Times, there | | | | Today, women have the same access to money as |
| are an estimated 10 million privately held | | | | men do. In fact, many start-up fund sources |
| businesses in the United States that are | | | | are specifically targeting women through |
| owned by women. | | | | grants and new venture capital. Women can be |
| | | | as creative in their approach to money as |
| More people own small businesses in the | | | | they want to be, making use of incubators, |
| United States than ever before. According to | | | | partnerships, or more traditional methods of |
| the U. S. Small Business Administration's | | | | funding such as home equity lines of credit, |
| report dated June, 2006, it is estimated that | | | | angel funding, or commercial loans. |
| there are 25.8 million small businesses | | | | |
| (including self-employed and sole | | | | Women are also realizing that, just because |
| proprietors) in the United States. According | | | | they don't have a business degree, it doesn't |
| to the same report, over the last decade | | | | mean they won't be successful at running a |
| small businesses have generated 60 to 80 | | | | business. Accounting needs can be outsourced. |
| percent of new jobs, and they employ 50.6 | | | | Teleseminars can be taken. Books can be read. |
| percent of the country's private sector | | | | Questions can be asked. Experience can be |
| workforce. | | | | gained. Women know that they don't have to do |
| | | | it all by themselves! |
| In addition to starting new businesses, there | | | | |
| are also an increasing number of | | | | In addition, women are finding that their |
| entrepreneurial Americans who are buying | | | | life and work experiences count for something |
| existing small businesses, instead of | | | | when starting up a business. They recognize |
| starting their own. According to a report by | | | | the treasure-trove of applicable, relevant |
| Wachovia, small business acquisitions are | | | | experience that they have amassed over the |
| growing in popularity. On any given day in | | | | years and are tapping into these storehouses |
| the United States, 1.7 million businesses are | | | | for their start-ups. Moreover, they know that |
| for sale. | | | | whatever they don't have right now, they can |
| | | | learn as they go. |
| Why Women are Starting Businesses | | | | |
| | | | If you are a woman considering small business |
| Women are starting businesses for two main | | | | ownership, this is a perfect time for you. |
| reasons: lifestyle and money. Many run their | | | | Don't let lack of money or expertise stand in |
| businesses from home so they can be there for | | | | your way. Have confidence in your valuable |
| their children, instead of being dependent on | | | | life experience, and draw from it when |
| daycare and other non-family support care. | | | | starting your business. Then get creative |
| | | | about funding. Never before have banks and |
| Other mid-Baby Boomer women (those in their | | | | other creative lending sources been more |
| 40s) have achieved a level of success in the | | | | supportive of women-owned small business |
| traditional workplace and are striking out on | | | | start-ups. |
| their own, eager to call their own shots and | | | | |