Business Booms for Hands-On Female Entrepreneurs - Other News

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Business Booms for Hands-On Female Entrepreneurs

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Business Booms for Hands-On Female Entrepreneurs

Firms owned by women have added 175,000 jobs to the economy over the last six years. In contrast, businesses headed up by men have seen a steep decline during that time. Male-owned businesses lost 675,000 jobs between 2007 and 2013, according to the State of Women-Owned Business Report.

In October, American Express is sponsoring the OPEN for Women CEO BootCamp, a program designed to help women entrepreneurs grow their businesses even further through networking and mentoring opportunities.

Last month American Express conducted the American Express OPEN Mindset Survey to shed light on the way women feel about their businesses and help craft the curriculum for the  program. It included responses from 300 women who own businesses with fewer than 100 employees.

According to the results, 70% of women say they are hands-on business owners, preferring not to delegate tasks, even when doing so could be good for business. And in spite of the steady growth of women-owned business, only a little more than half (54%) consider themselves successful in their business ventures.

When it comes to growing their businesses, 41% of women feel it’s all about commitment. They cited a mental or personal commitment to grow as the most vital ingredient in their success. Many of them look for business advice in places other than a formal board, and feel that their business budgets are on-target to meet their plans for growth.

Stats from the Mindset survey:

  • 85% of women entrepreneurs don’t get advice from a formal board

  • 62% of women feel that their growth targets are clear and they have a budget plan in place to reach their goals

  • 53% of women business owners are motivated to earn more money

  • 49% of women consider themselves excellent decision makers

  • 39% of women feel that they are excellent at managing their business finances

  • 27% of women have positioned themselves as leaders in their industry

  • 26% of women say they are excellent at delegating business duties

  • 26% of women think their negotiation skills are excellent

American Express OPEN will provide programming directed at female entrepreneurs at the National Association of Women Business Owners Conference 2013 in Miami, Florida, October 3-5; at Digital UnDivided’s Focus 100 in New York City October 4-5; and at Women Leadership Exchange events in New York City on October 15 and Chicago on November 7.

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