Woman-Owned Businesses in Denver:
• employ more than 91,000 people.
• generate over $13 billion in sales.
There are more than 13,500 woman-owned employer firms in Denver.
In a 5-year period, from 1997 to 2002, the number of these firms
grew at twice the rate of all employer firms in the Denver area.
Given all private business, Denver ranks 9th in the United
States for its share of woman-owned firms.
Woman-Owned Businesses in Colorado, 1997-2002:
• grew in number by 21 percent.
• grew in sales by 61 percent.
Firms that are privately held and of which women own at least
51 percent make up 31 percent of all private business in the state.
Among all 50 states and Washington, D.C., Colorado ranks:
• 15th in number of woman-owned firms.
• 11th in growth of the number of woman-owned firms between 1997-2002.
Women in Business across the Nation: Women Own 1 Out of Every 5 Firms
Women of Color. The number of minority woman-owned businesses grew
32 percent between 1997 and 2002, four times faster than all
firms in the United States. Yet, despite their leadership, women
of color hold just over 1 percent of corporate offices in 400 of
the Fortune 500 firms.
Investing. Compared to less than 60 percent of working
women, almost
75 percent of women business owners invest in stocks,
bonds and mutual funds.
New Entrepreneurs. Women who have started their firms in
the last decade are more focused on growth than women who have been
in business longer. In addition, newer entrepreneurs have more education
and management experience and, impressively, have revenues and employment
profiles on par with women who have been in business twice as long.
Management Style. Businesswomen are less hierarchical than
their male counterparts. They seek more information than men, may
allow themselves more time to make decisions, and are more likely
to gather input from peers, employees and subject-matter specialists.
Top Breadwinners. Studies in Maine and New York show that
more than one-half of women business owners are the top wage earners
in their households.
Women Hire a Balance of Men and Women. Women, on average,
strive for gender balance in the companies they own, filling positions
with 52 percent women and 48 percent men. Men employ 62 percent
men and 38 percent women.
Philanthropy. Seventy percent of women business owners
volunteer at least once a month. Each year 15 percent of these women
contribute $10,000 or more to charity, and women are more likely
than men to serve as leaders in their volunteer pursuits.
Technology. Sixty-one percent of women use the Internet
for business, and 50 percent of woman-owned firms have websites.
Improvements for the Future
Corporate Officers, the Wage Gap and Enrollment in Business
School. On a scale of 1 to 10, with 10 representing parity with
men, women score a 2.78 when it comes to holding positions as corporate
officers at Fortune 500 companies. Women score a relatively high
7.60 on the wage-gap scale, yet it is estimated the gap in earnings
between men and women will not close until the year 2032. Women's
enrollment in graduate business programs scores 6.60 on the parity
scale.
Mentors. Working with a mentor is cited as a key component
to a woman's success. Young women are urged to seek mentors early
in their careers.
Nontraditional Careers. Women make up about 23 percent
of architects,
19 percent of forestry and conservation scientists,
20 percent of all dentists, 14 percent of police officers and detectives,
less than 8 percent of physicists and astronomers, and less than
4 percent of airline pilots and navigators. Women make up less than
3 percent of firefighters nationwide.
Financial Strength & Access to Capital. Woman-owned businesses
are as creditworthy and financially strong as the average U.S. firm;
however,
52 percent of men who own fast-growth firms receive commercial
bank loans while, by contrast, only 39 percent of women who own
fast-growth firms receive loans. On a scale of 1 to 10, with 10
representing parity with men, women score a 1.10 when it comes to
receiving venture-capital funding.
In this fact sheet, the word firm is a business, company or partnership of two or more persons, legally recognized as a unit of the members who form it.
Information compiled from the Women's Business Enterprise National Council, the National Organization for Women, the Center for Women's Business Research, and the U.S. Department of Labor, Women's Bureau.
The Colorado Women's Chamber of Commerce
1860 Blake Street,Suite 810 Denver, CO 80202
303-458-0220 phone, 303-458-0222 fax, www.cwcc.org
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