The Rise of Women-Owned Businesses

According to the National Women's Business Council, more than 7.8 million businesses in the U.S. are owned by women. This constitutes more than one-fourth of all nonagricultural businesses and accounts for approximately $1.2 trillion in revenues each year. Women dominate the healthcare field with 52 percent ownership in this sector of the economy. While Washington, D.C., continues to boast the largest percentage of women business owners, other states are in hot competition for the title:

• Washington, D.C.: 34.5 percent
• Maryland: 32.6 percent
• New Mexico: 31.7 percent
• Hawaii: 31.0 percent

As women ascend to leadership roles in the corporate world, they are increasingly involved in fields more commonly associated with men, including waste management services, communications, IT consulting, energy, and retail marketing. In many cases, women-owned IT firms specialize in a particular field. For example, four of the top 10 fastest growing women-owned companies in a list compiled by Entrepreneur Magazine were IT-related; of those, two catered specifically to government clients, one offered services designed for healthcare providers, and the last delivered general IT consultancy solutions.

As women continue to take the lead in the business world, more companies are likely to enjoy the added flexibility and fresh perspective of these leaders. This can potentially lead to increased innovation and openness to change, allowing greater expansion and growth across the entire U.S. economy.