Women in Business Myths Debunked
In today’s ever-evolving business world, women are making significant strides and reshaping industries all around the globe.
The 2022 Annual Report from the National Women’s Business Council (NWBC) shows there are 1.2 million women-owned businesses employing over 10.8 million employees (that’s about twice the population of Arizona). This number does not count for the other 10.9 million women-owned businesses that do not have employees. From 2012 to 2019, these businesses grew 16.7% whereas male-owned firms only grew 5.2%. According to the NWBC, women-owned businesses in the USA alone earned over $1.8 trillion in revenue.
Despite all the achievements women in business have accomplished, outdated stereotypes and biases still limit women’s opportunities for professional growth. Gender biases contribute to the fact that women are less likely to be approved for a business loan or receive federal funding.
According to the Small Business Administration's most recent data, women receive more loan denials than men and account only for 4.85% of federal lending contracts – and this does not even account for women of color. Though women are making vast contributions to the US economy in recent decades, the approval rate of federal funding only went up approximately 1% in the last five years. The other 95.15% of businesswomen have to search for capital elsewhere whether it’s asking friends/family, crowdfunding, applying for a business credit card, or seeking out alternative lenders. That’s why we have created this infographic with up-to-date statistical evidence debunking common myths about women in business.