Small businesses are a major part of the American economy, and women appear to run them better. Small businesses fuel job growth, generate taxes and make up a large percentage of American businesses overall. While immigrants and other groups have carved out a large portion of this segment of the economy, a newly released survey suggests an even bigger demographic contributes to the small business landscape: women.
The ninth annual State of Women-Owned Businesses Report estimates that approximately 42% of all American businesses are owned by women. That block of businesses generates $1.9 trillion and employs 9.4 million workers. According to the study, commissioned earlier this year by American Express, women with “diverse ethnic and geographic backgrounds started an average of 1,817 new businesses per day.”