Gusto’s latest report indicates that female entrepreneurs are establishing businesses at unprecedented levels. Since the start of the COVID-19 pandemic, the trend has accelerated significantly, with more women deciding to venture into entrepreneurship. Their motivations range from seeking greater flexibility to pursuing personal passions. This surge has been particularly noticeable in specific industries such as retail and healthcare.
The research highlights that women of color are driving a considerable part of this growth. They face both unique challenges and opportunities, navigating barriers while capitalizing on market gaps. The data show that businesses founded by women have seen increased support through various funding opportunities, though disparities in access to capital still exist.
Additionally, female entrepreneurs are not only creating new businesses but are also bringing innovative ideas and practices to the marketplace. Their impact can be seen in the diversity of thought and inclusivity they promote within their companies. Small business owners, particularly women, find value in technology to streamline operations, which has become crucial in today’s competitive market landscape.
There’s also a growing movement to provide more resources, mentorship, and networking opportunities targeted specifically toward female entrepreneurs to help them succeed. As these initiatives expand, they address the distinct needs and circumstances female founders encounter on their entrepreneurial journeys.
Gusto’s findings suggest that this upward trend may continue, given the steady increase in the number of women who consider entrepreneurship a viable career path. This momentum is reshaping the business landscape, paving the way for more diverse and robust economic growth driven by innovative female-led enterprises.
Read the full story by: CPA Practice Advisor.