The Pandemic's Toll On Women-Owned Businesses

Plus: Here's What It Means To Be Ableist

Morning Banter

October is National Women-Owned Small Business Month and a prime opportunity to reflect on the state of female entrepreneurship.

In 1972, just under 5% of U.S. businesses were women-owned. Nearly 50 years later, women own 42% of businesses in the U.S., generating almost $2 trillion in annual revenue.

But while these stats sound encouraging, they don’t fully take into account the ongoing coronavirus pandemic, which has disproportionately affected female-owned small businesses.

Prior to the pandemic, 67% of male-owned businesses and 60% of women-owned small businesses ranked the overall health of their business as “good,” according to a U.S. Chamber of Commerce survey.

By July, 62% of male-owned small businesses said their businesses were “good,” compared to 47% of those owned by women, a difference of 15%.

Small businesses are vital to economic recovery, but these numbers might be a troubling sign that women-owned businesses will find it difficult to rebound from the pandemic.

Send me an email at rumoh@forbes.com.

Quiz Yourself

Women-owned businesses employ __ million people in the U.S.

(A) 3.4
(B) 6.4
(C) 9.4
(D) 12.4

(Answer located at the bottom of this newsletter.)

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Up Ahead

• Calling all entrepreneurs: Apply for a chance to be featured on Forbes' inaugural Next 1000 list, spotlighting small businesses and startups on their way to success.

• Hear how C-suite leaders are navigating diversity and inclusion in a remote world at the NeuroLeadership Summit on November 10.
  

Quiz Answer: (C)  Women-owned businesses employ 9.4 million people in the U.S.