The history of women’s entrepreneurship is a testament to their resilience, determination, and grit – all essential qualities of a successful business owner. The journey of an entrepreneurial woman is not just a story of success but a source of inspiration for all aspiring entrepreneurs, igniting a spark of determination and resilience in each of us. The barriers to entrepreneurship and business ownership that women have faced have, in more ways than one, fueled their drive for success today, knowing that if they had been born into another generation, things would be a lot different.
In 1972, approximately 400,000 women-owned businesses existed in the United States. The business landscape began to shift in 1988 when women could apply for a loan without a male relative as a co-signer. Since then, the number of women-owned businesses has surged by 21% between 2014 and 2019, a clear sign of the growing influence of, and the possibilities for, women in the business world. Today, 42% of businesses in the U.S. are owned by women, with more than 1800 women-owned businesses established every day. These businesses employ 9.4 million Americans and generate $1.9 trillion in revenues annually, telling a different story than that of yesteryears yet painting a triumphant and promising picture of the future of women in business.
And women of color are not just bystanders either. The pandemic catalyzed new business creation among this demographic, a trend that has only gained momentum since 2020. Women of color account for 89% of the net new women-owned businesses per day. To put that number into perspective, women of color represent 39% of the total female population in the U.S., yet they make up the majority of women entrepreneurs.
The courage and determination it takes to believe in yourself and turn your ideas into a successful business is commendable. But to do so in an industry that was once inaccessible to you and not just survive but thrive is a feat that deserves celebration and support. When we think of the strides women have made and are still making, we are thrilled to participate in celebrating National Women’s Small Business Month.
Since 1988, the United States has designated October to acknowledge and celebrate the remarkable accomplishments of women entrepreneurs. This initiative aligns with the enactment of the Women’s Business Ownership Act (H.R. 5050), signed into law by President Ronald Reagan. This legislation improved access to capital and education for women seeking to establish and manage their enterprises.
National Women’s Small Business Month is an opportunity for businesses to honor the strides women have made in such a short time and evaluate how they can be more inclusive and equitable, making sure every woman-owned business is both patronized and nurtured. It’s a celebration of collective achievements and a call to action for a more inclusive future.
At Credico, we support women in leadership positions in business by promoting women into leadership positions. Yes, it’s that simple! Women hold key decision-making roles at Credico, including Vice President of Client Services, Vice President of Strategy and Operations, Director of Corporate Compliance, Director of Human Resources, Director of Client Services, Controller, and Onboarding Manager. By setting this example, we encourage young women and girls to innovate and grow, secure in the knowledge that their ideas can be a business and not just a side project. Just like men, women deserve to own and operate businesses just as they deserve the right to choose to be dedicated and hardworking employees.
We also encourage our teams, partners, and communities where we work around the world to support women-owned businesses. Supporting businesses owned and operated by a woman is not an isolated event in October but a deliberate action we take every chance we get. The way we see it, supporting women is akin to supporting that same entrepreneurial spirit that was the driving force behind the creation of Credico. We admire that fire, the energy that motivates us to say, “I can do this,” and then do it.
Today, we say, “You go, girl!” to all women business owners – current, future, and past! Whatever your dream is, no matter how large or how small, your dreams are inspiring and changing the world for every woman who was once a little girl with a dream.