The U.S. economy has made great strides over the last decade as it continues to rebound from the country's worst financial collapse since the Great Depression. Women entrepreneurs have been at the forefront of the economic recovery as female-owned companies grew at a rate five times the national average over the last nine years, according to The 2016 State of Women-Owned Businesses Report, commissioned by American Express Open.
There are now an estimated 11 million women-owned companies, a 45 percent increase in the past decade, and they are responsible for more than $1.6 trillion in revenue.
Recognizing this trend, President Trump has backed his commitment to women entrepreneurs by appointing Linda McMahon as head of the SBA. As president and CEO of WWE, McMahon grew a regional wrestling league to a billion-dollar enterprise. She later co-founded Women's Leadership LIVE, a company that promotes leadership opportunities for women by providing them with proven processes and sustainable strategies and by organizing conferences.
"I want to be a strong advocate for women and for minorities and veterans and with members of Congress to ensure we have the right regulations to help our businesses grow," McMahon told the Senate Small Business and Entrepreneurship Committee before her confirmation by the full Senate in February.
That's a pledge women entrepreneurs in America want to hear. That's because women entrepreneurs still lag considerably behind their male counterparts in key financial categories, according to Biz2Credit's annual gender-based survey of 25,000 small businesses in 2016.
According to Biz2Credit, 29 percent of the registrations on the platform came from female entrepreneurs, up from 27 percent in 2016. Average annual revenues of women-owned businesses jumped by 47 percent, to $210,000, in a year-to-year comparison. However, they still trail the average revenues ($363,414) of companies owned by men. The difference was a whopping 73 percent higher revenues for male-owned businesses.