Member-only story
How to Support Women Who Became Entrepreneurs out of Necessity
What happens when you find yourself unintentionally stranded in the world of entrepreneurship?
The Great Recession prompted a considerable increase in new businesses started by women entrepreneurs, particularly among women of color. This growth, termed the “New Women’s Movement,” illustrated the tenacity of women entrepreneurs and has for many reshaped the perception of women business owners.
“Millennial women entrepreneurs earn over 25% less than their traditionally employed counterparts. Interestingly, this disparity reverses when considered for millennial men.”
Despite this strong class of new women entrepreneurs during and immediately following the Great Recession, the gender gap in entrepreneurship persists, including among millennials. As a self-employed millennial woman, I see (and am told about) this gender gap regularly.
“Millennial women entrepreneurs earn over 25% less than their traditionally employed counterparts. Interestingly, this disparity reverses when considered for millennial men.”
In the face of both increases in educational attainment and the millennial generation’s valuing of independent thought and flexibility, overall, millennials are less likely than previous generations to make the leap to entrepreneurship. In fact, the Ewing Marion Kauffman Foundation cautions that millennials potentially will be the “lost entrepreneurial generation” in the United States.
And the persistence of the entrepreneurship gender gap extends into this generation as well: Millennial women are less likely than their male counterparts to start businesses. Only 3% of millennial women are self-employed at unincorporated businesses, and an even smaller percentage of millennial women (.8%) are self-employed at incorporated businesses, according to the National Women’s Business Council.
If we want to increase the representation of women in entrepreneurship, it’s important to first evaluate why women become entrepreneurs in the first place.
