More Women Ascending Business Owner Ladder

Historically, both in the United States and elsewhere, men have represented the majority of the labor force. However, as time has gone on, women have increasingly evened the playing field, particularly in recent years. And not just in terms of participation, but also in position and status. A newly released report indicates as much.

In America's 25 largest cities by population, female-owned business creation has risen by nearly 45% since 2007, according to recent study conducted by the Center for an Urban Future. Additionally, in the U.S. as a whole and over the same stretch, women entrepreneurs rose 27%.

116% growth in Memphis
Nowhere has women's ascendance been more apparent than in Tennessee, Memphis to be specific. Between 2007 and 2012, business ownership among women surged 116%, the New York City-based think tank discovered. Second to The Bluff City was Fort Worth, Texas, where the rate rose 78%.

Jonathan Bowles, executive director at the Center for an Urban Future, indicated that women, perhaps more than ever before, are significant contributors to the U.S. economy.

"Women entrepreneurs have become a major catalyst for economic growth in cities across the country," Bowles explained. "But there is still more that could be done to harness their tremendous economic potential."

One-third of small businesses owned by women
Women's representation has been especially noteworthy in the small business sphere. In the 1970s, women owned just 5% of all small businesses. Fast forward approximately 40 years, and their share has increased to 33%, amassing $1.5 trillion in annual revenue and providing jobs to almost 8 million employees, according to a separate report done by American Express.

That being said, even after one damaging incident - such as a fire or natural disaster - everything that a business owner has built can result in financial ruin. These inherent risks of business ownership can be mitigated, however, with the proper business insurance policy.

"Whether launching a new business, growing your business or competing in the global marketplace, it is essential that women business owners get the right type and amount of coverage," said Loretta Worters, vice president with the Insurance Information Institute. "Without adequate insurance, a natural catastrophe, employee lawsuit or even the death of a business partner could destroy what they've built."

For more information on coverage, visit The Bateman Agency site or contact Donna Bateman at 908-271-2073

Photo and article courtesy of Selective Insurance Group