WOCPSCN's JazzyJZ initiative is to encourage, motivate, and inspire young businesswomen. Closing our month-long events honoring Women's History Month was a discussion on what has inspired young female entrepreneurs to move forward into the new COVID era.
Currently, 40% of US businesses are women-owned. Women started 1,821 net new businesses every day last year. 64% of new women-owned businesses were started by women of color last year. Latina women-owned businesses grew more than 87%. .
Yet, according to Forbes, Black women represent 42% of new women-owned businesses—three times their share of the female population—and 36% of all Black-owned employer businesses . Additional statistics states :
1. There are approximately 13 million women-owned businesses in the U.S.
2. Women-owned businesses are growing at a rate of 5%
3. Nearly 9 million Americans are employed by women-owned businesses
4. An estimated $1.9 trillion in revenue is produced by women-owned businesses
5. Women-of-color account for nearly 90% of the new women-owned businesses annually
6. Growth rates for minority women-owned businesses are 10%
7. Out of all women-owned firms, roughly 21% are owned by African Americans
8. Average revenue for African American women-owned businesses is less than 20% the average revenue for all women-owned businesses.
What are the motivating factors that drive African American women-owned businesses? How can the collective "we" support, encourage, and promote entrepreneurial business opportunities among young women professionals? WOCPSCN supports and mentors young women in business through our JazzyJZ business mentoring initiative.