Once upon a time, the descriptor “bossy” was akin to slander for many women, but those days are long gone. This is the era of the fempreneuer. The girl boss. The boss lady. In the last two decades, there has been a 114 percent increase in the number of women-owned businesses in the U.S. alone. And it’s not just one generation: Women of all ages are forging their own paths in the business world, from Baby Boomers to Millennials. While motivations differ on a granular level, business-minded women are pursuing their own paths for two overarching reasons: necessity and autonomy.
“Necessity entrepreneurship” is the driving force for many women starting their own businesses, according to the National Women’s Business Council. It’s the idea that, for any number of reasons, women are not seeing the positions they want in the labor force, so they’re creating opportunities for themselves. Factors such as income inequality, the glass ceiling and lack of flexibility in dealing with work and family care are potent enough for the fempreneuer to carve out her own career.
Another motivator? Autonomy. Women are starting businesses to achieve the lifestyle they want. More than ever, these #dontquityourdaydream-ers are turning their passions into their careers, with side hustles becoming full-fledged businesses. The digital sphere, and especially social media, have provided ample opportunity to capitalize on niche interests. Personal trainer–turned fitness magnate Kayla Itsines began her career as a personal trainer at a gym. Rather than limit her client base to members of the gym, Itsines took her workouts to Instagram. Her tips and transformation stories racked up a following of over 10 million people, creating a fitness empire that includes best-selling books, stadium tours and an app that topped the fitness charts in 2016.
These female entrepreneurs live in a world where their start-ups receive half the funding of their male counterparts, while producing over twice the revenue. This structure has created new ways to build a business, such as seeking funding from female-managed investment firms, like Golden Seeds, which focus on women-led businesses. Social media has also proven to be a potent tool for women that saw it not only as a way to showcase their offerings, but a platform to build their personal brand.
The increase of female-owned businesses has resulted in another realm of growth: an industry that aims to help women succeed in the entrepreneurial space. In many cases, it’s the result of a “women-helping-other-women” ethos. Those who have succeeded in their business endeavors seek to impart knowledge to women looking to launch their own brand. Create & Cultivate, founded by Jaclyn Johnson, an under-30 female entrepreneurial success story, is a series of conferences that connect like-minded women and provide workshops and networking sessions related to starting a business. Girlboss, founded by Sophia Amoruso, a woman who also found success in the entrepreneurial space at an early age, is a multifaceted platform that provides women with career and financial resources, in addition to hosting events that bring would-be fempreneurs together.
All indicators signal that this female entrepreneurial movement will not slow down. We believe that women will continue to innovate and create new opportunities for themselves. This enterprising attitude is something that brands should consider: Women are ambitious, smart and unwilling to settle. To succeed with this segment, it is crucial to demonstrate an understanding of its motivations, and support the trails women are blazing.