This month’s SCORE infographic highlights the current trends of small business ownership. It also identifies the growing impact of female and Latino entrepreneurs on the economy and employment.
The number of women-owned businesses is growing 1.5 times faster than the national average.
From 1997 to 2014, men-owned businesses showed a:
- 34.4% increase in number of companies
- 6.5% decrease in employment
- 45.1% increase in revenues
During the same time period, women-owned businesses showed a:
- 67.8% increase in number of companies
- 11% increase in employment
- 72.3% increase in revenues
9.1 million women-owned businesses hire 7.9 million employees (other than the owners) and generate $1.4 trillion in annual revenue. The highest industry concentration is in health care and social assistance, educational and other professional services.
…And more and more businesses are owned by women of color
Business ownership by women of color increased from 1 million in 1997 to 3 million in 2014. These businesses increased:
- 193% in number of companies
- 216% in revenue
The growth of Latino-owned businesses is up 43% since 2007.
Latinos open small businesses at a rate 2 times the national average. Number of Latino-owned businesses:
- 1.57 million in 2002
- 2.26 million in 2007
- 3.22 million in 2014