Women Small Business Owners More Optimistic Than Men Going Into 2020
Forbes
Female small business owners are more optimistic going into next year than male small business owners. Eighty four percent of women small business owners expect year-over-year growth. More women small business owners than men:
Plan to expand – 73% v 66%
Expect revenue to increase – 62% v 55%
Plan to hire – 25% v 23%
Intend to apply for a loan – 12% v. 11%
The first three growth indicators (expansion, revenues and hiring) trended upward for women small business owners compared to the last four years of the survey, while the same three indicators for men small business owners went down. Interestingly, both groups are less inclined to apply for a loan than in previous years.
These findings come from the Bank of America Small Business Owner Report Survey for 2019. The survey included 1,323 small businesses in the U.S. (annual revenue between $100,000 and $4,999,999 and between 2 and 99 employees), of which 524 were female small business owners.
Bank of America previewed these results at a women entrepreneurs’ panel discussion, which also included insights from women entrepreneurs and small business experts, including:
Elizabeth Foster, President, NAWBO NYC and Founder, Maison Visionnaire
Sharon Miller, Head of Small Business, Bank of America
Deepti Sharma, Founder & CEO, FoodtoEat
The panel was moderated by Liliana Vasquez, Style Expert & Correspondent, NBC’s Today and Access Hollywood. It was hosted at Luminary, a coworking and event space for women and founded by female entrepreneur Cate Luzio.
Whether you are a business owner or a traditional employee, the event included important takeaways for your career. Here are my favorite takeaways:
Start with the low-hanging fruit, the people around you.
Elizabeth Foster, President, NAWBO NYC and Founder, Maison Visionnaire
Elizabeth Foster is an entrepreneur based in NYC now, but started and sold her first business in London. She talked about the importance of tapping the people around you, especially in the short term. People you already know might be customers, advisers or potential partners. (If you haven’t kept in touch with your network as much as you should, you can always rekindle a cold connection.)
Are you talking to the people you already know about your career next steps?
If she did it, so can I. Don’t limit your beliefs on what is possible.
Sharon Miller, Bank of America, Head of Small Business
Sharon Miller presented the survey results, one of which cited “more women in powerful positions of influence in politics, healthcare, and education” as the single most impactful factor to pave the way for the next generation of women entrepreneurs. I have written before about the importance of success stories, which give you inspiration as well as ideas that you can use for your own success. If you already have your own business or have reached the management ranks, being a mentor for someone else helps both of you.
Are you proactively looking for success stories and modeling success for others?
Don’t tell me I have a nice business. Buy from me. Invest in me.
Deepti Sharma, Founder & CEO of FoodtoEat
Deepti Sharma shared the sobering statistic that less than 2% of venture funding goes to women entrepreneurs. If you’re serious about supporting small businesses and women entrepreneurs, vote with your wallet. I love that Sharma made a clear and compelling ask for what she needed – a great move whether you’re an entrepreneur or employee.
Are you directing the budgets you control – at home and at work – towards small business and women entrepreneurs? Are you asking clearly and compelling for what you need?
The state of small business is important to the economy, so it affects you whether you are an entrepreneur or employee, whether you work in a Fortune 500 or a start-up. The optimism of women entrepreneurs might inspire you to finally launch your own business. The expansion plans might encourage you to keep going with your existing business or give you new ideas for your job search. Sharma’s call to action should remind you to support small businesses and entrepreneurs!