Women are Starting Companies at a Faster Rate Than Men
Entrepreneurship rates among women are growing.
Women are starting companies at a faster rate than men, especially women of color.
According to the latest data from the U.S. Census Bureau's Survey of Business Owners, women owned about 9.9 million U.S. businesses, or about 36.2 percent of the total businesses in 2012 — a 27.5 percent growth since 2007.
Among employer firms, the number of women-owned firms grew 19.5 percent, while the number of firms owned by men grew 11.5 percent.
Black, Hispanic and Asian women are the reason for the soaring rates of entrepreneurship among women.
Overall, the number of businesses owned by women of color jumped by 42 percent between 2007 and 2012. In 2013, women of color owned 3.8 million businesses; in 2007, they owned about 2.2 million businesses.
The number of Hispanic, women-owned businesses jumped from 87.3 percent since 2007. From 2007 to 2012, the number of businesses owned by African-American women increased 67.4 percent. And Asian-American women increased the number of businesses they own by 38.7 percent.
Although it's not clear why women of color are starting businesses at high rates, Inc. reports that a number of these female entrepreneurs point to family grounds in which immigration played a huge role in developing their family values.
"I think that mindset of resourcefulness comes from an immigrant mentality," Shipla Shah, co-founder of Cuyana, a 30-person online retailer of women's essentials, whose parents were both born in India, told Inc.
"No one's going to make it easy for you. If you see an opportunity you seize it and take advantage of it."
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