Times are modernizing with the rise of women in business in the last decade. A recent study showed that 37 percent of all businesses worldwide are owned by women. Despite these incredible numbers, women are still paid on average 18% less than their male counterparts.
Investing in women has proven to pay off especially businesses in busy areas like Chicago, IL. Bank of America is one of USA’s most women-friendly companies, where 50% of their workforce are females. Women empowerment has risen over these troubling times, and the show is not over.
Women-owned Businesses Spike During COVID
During the pandemic of COVID-19, many have lost their jobs and some have lost their homes. It is strange that somehow, more businesses have sparked during these times and many of them are women and people of color.
Many are suggesting that these times are surfacing from necessities. Communities are now growing stronger together by trading and supporting each other. In 2018, women of color were starting businesses at about twice the rate of White women.
As the pandemic continued, more minority women entrepreneurs have become the breadwinner for their families. At the University of Utah, professors have said that right before COVID there was a “huge surge” in the number of minority women-owned businesses.