When it comes to entrepreneurship, a lot of people are quick to say, “That isn’t for everyone.” In this episode, I want to make the case for entrepreneurship being a viable and desirable option that women of all backgrounds should a least consider.

Entrepreneurship is on the rise, especially for women. A few facts:

1. According to a study from American Express, the number of women-owned businesses increased by 114 percent between 1997 and 2017, a rate 2.5 times higher than the national average. In 2018, 11.6 million U.S. businesses were women-owned and generated more than $1.7 trillion in revenue.
2. Women with established businesses rate their well-being almost three times higher than women who aren’t entrepreneurs, and 1.6 times higher than their male counterparts. 68 percent of women owners run their businesses from home, and 78 percent of female entrepreneurs believe they’ve achieved work-life balance.
3. 71 percent of new women-owned businesses launched each day are owned by women of color, with Black women as the fastest-growing group of entrepreneurs.

Entrepreneurship is an especially appealing option for women due to:

1. Flexibility
2. More opportunities for growth
3. More control over income
4. The ability to pursue personal interests and passions

Many times, especially for marginalized groups, entrepreneurship is a necessity due to a lack of traditional workplace opportunities. This was my experience.

There’s a difference between being an entrepreneur and an employer:

1. An entrepreneur is anyone who goes into business for themselves. This often includes businesses with only one employee (the business creator). People who “own their jobs” in this way are known as solopreneurs.
2. An employer is a person or company that provides a job paying wages or a salary to one or more people
3. It’s possible to be an entrepreneur without being an employer. In fact, most entrepreneurs are. According to the Small Business Administration, over 70 percent of businesses in the United States are owned and operated by sole proprietors.

You don't have to quit your job! You can always start and run a part-time business, either on its own or in addition to your current job. Expand your thinking about entrepreneurship.

Even if you don’t want to own a business, you should at least have multiple streams of income. Here are a few suggestions:

1. Investments: If you don’t want to own a business, owning stock in someone else’s business is the next best thing.
2. Real estate: Buying and holding property will provide you with cash flow, which ensures you can pay your bills even if you lose your 9 to 5.

Action Step: Go back to the information you wrote down about your calling and assignment from episodes #2 and #5. Use that information to brainstorm ideas for a potential side hustle.

Resources:

1. Episode 2: “Purpose, Calling, Assignment: What’s the Difference?”
2. Episode 5: “5 Questions to Help You Discover Your Calling”
3. "25 Intriguing Facts About the State of Female Entrepreneurship" from Startup Nation