Right now, women are opening up small businesses at a faster pace than men. However, according to a CNN Money article, they’re facing more road blocks when it comes to being successful.
The article references a recent report published by the Federal Reserve Banks of New York and Kansas City, which says that about one in five small businesses is majority female-owned. The numbers of majority female-owned firms also jumped by 22 percent between 2007 and 2015, with more than 970,000 small firms now having majority female ownership. Men, on the other hand, run three million small firms.
Dell Gines, Senior Community Affairs Advisor at the Kansas City Fed, said in a statement cited by CNN Money that women “face different sets of challenges in terms of operating and growing.” For example, women are more likely to report financial problems in the first 12 months of opening a business, even though they typically have less debt. CNN Money says that companies run by women are also more challenged to make a profit, generate revenue above $1 million and boost employment.
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