Guidant’s latest Women in Business Trends report reveals contented data that says women entrepreneurs are progressing and handling entrepreneurship in a better way this year as compared to 2023. Considering different generation and industries, the report conducts the study with a focus on businesswomen.

Lately the world has been witnessing a change in the society with women coming to the forefront and taking up many business challenges. They are seen courageously handling entrepreneurship leveraging their exceptional management skills.

Business has been historically known as a male-dominated industry where majority of senior roles were handled by men. However, transformation has been underway in the past few decades where women have started taking part in the business realm as well as corporate while showcasing their prowess to acquire senior leadership roles as CEOs, CFOs, CMOs among others.

Entrepreneurship is another arena that has picked up massive traction over the past few years. Breaking gender norms in entrepreneurship as well, today we see a host of women founding and leading successful startups. From starting their businesses to expanding offices and franchises, women founders and business owners are refusing to slowdown in terms of progress.

Considering women-owned startups or companies, it has been a compelling matter in the business world because the contemporary society requires women to work equivalently in all industries in order to balance the economic contribution of both the genders.

Growth of Women Entrepreneurs

New data has been released by Guidant’s latest Women in Business Trends report which states that in 2024, women entrepreneurs are carving the business realm with notable diversity in ownership models and ventures.

The data shows 39 percent of women owners are progressive and have established new franchise locations of their businesses. This exemplifies growing trend toward franchise ownership. In addition, a notable nine percent have taken a step towards financing and invested in existing franchises. Moreover, as compared to 2023, progress has been observed where women are now 17 percent more likely to own a franchise. This growth rate is an exemplification towards how capable women are, in succussing in business.

Franchise FastLane’s CEO, Carey Gille stated, “It’s top-to-bottom — countless franchise brands were either founded or are currently led by women, and a third of all franchisees are female. Franchising presents an environment where women are treated equally and can excel according to their talent and abilities.”

Report’s in-depth Exploration

As per the study, a total of 26 percent of female entrepreneurs have voyaged into starting their new business from scratch in the independent business sector while another 26 percent have bought existing businesses, representing escalation of 39 percent in new women-owned independent businesses as compared to 2023. This means a high-intensity growth this year.

The study has also made a comparison of growth between generation, mentioning baby boomers who represents 29 percent of women business owners and Gen X holds 51 percent. In view of millennial business ownership, they represent 20 percent amongst the total which is increased by 36 percent, in comparison to 2023. Besides, 8 percent decrease has also been observed in Gen X business owners.

The Guidant’s report indicated towards Women-owned businesses’ thriving rate, especially, in the retail industry at 21 percent share. It says, “This dominance in the retail sector showcases the entrepreneurial spirit and innovation of women entrepreneurs in curating unique shopping experiences and catering to consumer needs.”

Just behind the retail industry is health, beauty and fitness services that represents 15 percent in the market whereas food and restaurant industry hold 13 percent share that highlights leadership of women in culinary arts and hospitality. Lastly, education services and business services sectors hold 8 percent each.

Conclusion

While concluding the overall progress of women entrepreneurs, the report has also revealed that 56 percent of businesses that are owned by women reported profitability in 2024 even after coming across economic challenges. In contrast, a total of 44 percent women-owned businesses reported unprofitability which in comparison to the first is low but is still there which requires more attention in terms of thriving in the business realm.

The study says, “These findings highlight women business owners’ commitment to strategic investments and continuous expansion, reflecting a forward-looking mindset aimed at driving long-term success and sustainability in their entrepreneurial endeavors.”

“Despite facing a range of obstacles, women in business are demonstrating an unwavering commitment to success through strategic planning and a willingness to embrace risk. Their ability to adapt, innovate, and persevere underscores the invaluable contributions of women-owned businesses to economic growth,” it added.

Despite the challenges that businesswomen come across everyday while committing to entrepreneurship, they still keep moving towards success with resilience and agility. The data shows that women are growing in the business world and trying to explore even better opportunities, so that, they can give a healthy competition to their male counterparts in running a company/firm.