Women-Owned Businesses Key to Future U.S. Job Growth
January 19, 2010
In just 10 short years the number of U.S. small businesses (500 employees or less) owned by women jumped from 33 percent to now more than 51 percent, according to research by the Center for Women's Business Research. These women-owned firms "contribute nearly $30 trillion" to the U.S. economy and are responsible for 23 million U.S. jobs, or 16 percent of all U.S. employment, according to the study. "If U.S.-based women-owned businesses were heir own country," states the executive summary, "they would have the 5th largest GDP in the world, trailing closely behind Germany, and ahead of countries including France, United Kingdom and Italy."
Furthermore, recent research conducted by The Guardian Life Small Business Research Institute projects that women-owned businesses will create more than 5 million additional jobs by 2018. The institute believes that women-owned businesses will generate more than half of the 9.72 million new small business jobs, and about one-third of the 15.3 million total new jobs estimated by the U.S. Bureau of Labor Statistics to be created by 2018.
Institute executives believe that these trends are going to have a profound impact on the U.S. workplace. The increasing influence of female business leadership will make the U.S. workplace "far less hierarchical" according to the institute's director, Mark Wolf, noting that women generally eschew the "top-down, command-and-control style of management" practiced by male business owners.
"This women-led management approach will have a profound impact on the employees and customers connected to these businesses," said John Krubski, research advisor to the institute. "Women small business owners will ultimately create more opportunities for employees to grow in their jobs and inspire others to start their own small businesses–all while providing customers with superior service."
Source: Examiner.com
