Women in business are reshaping the U.S. economy.
In 2023, women-owned businesses accounted for 22% of all U.S. employer firms, generating over $2 trillion in revenue and employing more than 11 million people. These numbers highlight the growing economic influence of female-led businesses.
And their impact spans industries, from startups to STEM. Women are driving innovation, creating jobs, and redefining leadership. Their success highlights why diversity, inclusion, and forward-thinking strategies are essential for modern business..
This article explores how women entrepreneurs are shaping the economy. You’ll learn key stats, leadership strategies, and why supporting female-led businesses benefits both industries and communities, offering insight for professionals, investors, and business leaders.
The Growing Presence of Women Entrepreneurs and Female Business Owners
Women are increasingly taking the lead in entrepreneurship, shaping industries beyond traditional business metrics.
In 2023, women entrepreneurs made up 49% of new business owners in the U.S., up from 29% in 2019. This 69% increase over five years shows not just more ventures, but the growing influence of female-led businesses across sectors.
Many women are driven by autonomy, flexibility, and the chance to build careers aligned with their passions. Others aim to create lasting assets for the future. These motivations show that today’s successful women are crafting ventures with purpose, innovation, and long-term impact.
The economic effect is clear.
Between 2019 and 2023, women-owned businesses added 1.7 million firms and generated over $579 billion in revenue. Beyond financial growth, these businesses create jobs, increase diversity in male-dominated industries, and demonstrate how inclusive leadership fuels innovation and growth. Each venture reflects the creativity, dedication, and problem-solving that define modern entrepreneurship.
Women in Leadership: Shaping Business and Company Culture
Women in leadership are also changing the way companies operate by prioritizing empathy, teamwork, and inclusion.
Compared to their male counterparts, women in leadership are more likely to check in on their team’s well-being and encourage flexibility. They may also push for a better balance between work and life. This approach keeps teams motivated and can boost employee engagement and retention.
Their leadership style benefits customers, too. Supported teams work more effectively and deliver better service, which improves customer satisfaction. Research from the International Labour Organization shows that gender-diverse companies report higher levels of customer focus and innovation in products and services.
At the industry level, companies with more women in executive roles consistently outperform their peers. Firms with over 30% female representation in leadership are more likely to achieve stronger financial results and long-term value. Inclusive leadership isn’t just good for internal culture—it drives growth across entire sectors.
Diversity, Representation and Women in STEM
Successful women in business are bringing new ideas, challenging outdated norms, and driving innovation across industries.
Women in STEM are reshaping long-standing dynamics in science and technology. While historically underrepresented, they now make up 27% of the U.S. STEM workforce. Programs like Girls Who Code are creating pathways for young women to enter tech and thrive in STEM careers.
This growing representation is transforming business norms. Companies that prioritize inclusivity see stronger innovation and better results. According to McKinsey’s 2024 Women in the Workplace study, more women in leadership—especially in tech and science—are setting new standards for impact and organizational success.
Inclusive workplaces where diverse voices are valued tend to outperform their peers. As more women take on leadership roles, they continue to drive innovation, elevate performance, and shape the future of business.
Sidepreneurship on the Rise
Sidepreneurship is becoming a popular path for many women. It allows them to start businesses without leaving the security of a full-time job or other responsibilities. This trend is driving growth in women-owned businesses worldwide.
In Nigeria, a 2025 Mastercard report found that 87% of women are running side hustles. Many do it for financial independence, personal goals, or to turn creative ideas into real businesses. Nearly half (49%) started their ventures to follow their dreams, and 45% were motivated to bring something new to life.
In 2023, women-owned businesses saw a 15.5% increase in average annual revenue, rising from $391,582 in 2022 to $452,446. This shows that side ventures are increasingly becoming substantial enterprises.
Sidepreneurship is also a smart way to test business ideas while maintaining financial stability. It helps women grow a customer base, refine their products or services, and set the stage to scale successfully.
Overcoming Barriers: Challenges Facing Women Entrepreneurs
Even with progress, women entrepreneurs continue to face significant funding challenges.
According to Block Advisors’ 2024 report, 42% of women who applied for bank loans were denied, and 15% didn’t even get a reason. As a result, 89% turned to personal savings and credit cards to fund their businesses.
Beyond financing, structural and cultural biases remain. These barriers can limit access to investor networks, leadership roles, and key decision-making spaces. Without intentional inclusion, many qualified women are overlooked or underestimated.
Stronger support is essential. Organizations like the National Association of Women Business Owners (NAWBO) and IFundWomen provide funding, mentorship, and networking opportunities. But lasting change also depends on allies, institutions, and investors stepping in to advocate and create opportunities.
Support can take many forms: equitable funding practices, inclusive workplace policies, mentorship pipelines, and ensuring women have seats at decision-making tables. When allies champion women’s advancement, they help build a more innovative and inclusive business landscape.
With intentional backing, women entrepreneurs will continue to lead and transform the business world for long-term impact.
The Future of Women-Owned Businesses and Leadership
The future of women in business is stronger than ever. As more female-led businesses and women entrepreneurs emerge, their influence is reshaping industries, creating jobs, and driving innovation across the economy. Their growth underscores the importance of supporting women-owned businesses, fostering inclusive leadership, and investing in opportunities that enable women to thrive.
Maintaining this momentum requires intentional action. Communities, investors, and organizations can help by amplifying women’s voices, providing mentorship, and ensuring access to resources and funding. Supporting successful women in business isn’t just the right thing to do—it’s essential for building a resilient and innovative business landscape.
By recognizing and backing the next generation of women leaders, we can create an economy that works for everyone. Inclusive growth, diverse leadership, and strategic investment in female-led businesses promise a future where women’s impact continues to expand across every sector.
Photo by PeopleImages.com – Yuri A/Shutterstock
