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WOMEN’S SMB MONTH: After 30 years, playing field still not equal

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  • There are around 12.3 million women-owned businesses in the US, and the vast majority of them are small businesses.
  • Four out of 10 business owners are women, up from 4.6% in 1972 when the US Census started keeping track of the sex of business owners.
  • Revenues by women-owned firms in that period increased from $8.1 billion to $1.8 trillion, according to analysis from American Express.
  • October is National Women’s Small Business Month, a nod to the October 1988 passage of the Women Owned Business Act.
  • The act enabled women to secure loans without a male co-signer, directed the Census to track all women-owned businesses, and established the National Women’s Business Council to advise Congress and the White House.
  • Visit Business Insider’s homepage for more stories.

Business ownership is a relatively recent right for women in some states, where until the 1980s, women were unable to obtain business loans without the co-signature of a male relative.

Today, there are more than 12 million women who own a small business, and October is National Women’s Small Business Month.

Just 31 Octobers ago, Congress passed the Women’s Business Ownership Act of 1988, ending state-sanctioned sex discrimination and authorizing a new set of programs to foster the development of women entrepreneurs. In the past 30 years, women have grown to represent roughly 40% of all business owners, according to an American Express analysis of the US Census Annual Survey of Entrepreneurs. The analysis estimated that an average of 1,821 new women-owned businesses were formed each day in 2018.

The cumulative economic impact of the highest-performing firms in the study — those with annual revenues of more than $1 million — employed more than 6.2 million workers, and generated $1.2 trillion in revenues. These top-performers represented less than 2% of all women-owned firms, but netted nearly 70% of all women-owned business revenue.

One significant challenge emerged, however: nearly 9 in 10 of those small businesses earned less than $100,000 per year, and most are working solo. (The study found that most businesses hire their first employee after crossing the $100,000 threshold). Those numbers of self-employed women are driven largely by what the study terms “necessity entrepreneurs,” or individuals who cannot find full-time employment elsewhere, do not tend to hire additional employees, and typically return to wage-based employment when economic conditions improve.

The Women’s Business Enterprise National Council (WBENC), the largest certifier of women-owned businesses, puts the numbers into a larger context. “Despite the incredible growth, we are still far from reaching gender parity,” the WBENC said in a blog post. “Women-owned businesses account for just 8 percent of the total private sector workforce and 4.3 percent of total revenues, and those numbers are not increasing as quickly as the number of new firms.”

Meanwhile, the National Women’s Business Council, which was formed under the 1988 law to advise the White House and Congress, reports that while there are more than a million millennial women entrepreneurs, they are starting businesses at a lower rate than earlier generations did at the same age.

According to the Council, the millennial generation is more educated, diverse and indebted than prior generations. Millennial women in the survey reported attitudes about entrepreneurship that were significantly shaped by the Great Recession, student debt, and “side hustles.”

Lastly, the American Express analysis credits women of color with being the “driving force behind the growth of women-owned businesses” in the last 11 years. The report calls for greater investment in and support of minority women business owners as a way to maximize broad economic gains and local community improvements.

The past half century has been “uneven,” according to the American Express report, and the data certainly bears that assertion out.

Stay tuned to Business Insider, where we will be highlighting individual stories and issues of concern throughout the month.

If you or someone you know runs a women’s small business with a story to share, please email Dominick at dreuter@businessinsider.com



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Pete Buttigieg soars to first place in a new Iowa poll

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  • South Bend Mayor Pete Buttigieg has skyrocketed to first place in a new CNN/Des Moines Register/Mediacom poll of likely Democratic caucusgoers in Iowa.
  • Buttigieg has risen 16 percentage points since September to garner a whopping 25% support.
  • The other frontrunners are essentially competing for second place, with former Vice President Joe Biden polling at 16% support, and Sen. Bernie Sanders of Vermont and Sen. Elizabeth Warren of Massachusetts polling at 15% each.
  • Visit Business Insider’s homepage for more stories.

South Bend Mayor Pete Buttigieg has surged far ahead of the other Democratic presidential candidates, according to a new CNN/Des Moines Register/Mediacom poll of of likely Iowa caucusgoers.

Buttigieg has garnered a whopping 25% support — a hike of 16 percentage points since just September.

He is far ahead of the other leading candidates: former Vice President Joe Biden, Sen. Bernie Sanders of Vermont, and Sen. Elizabeth Warren of Massachusetts.

Biden is polling at 16% among the likely Iowa caucusgoers, while Sanders and Warren are competing for third place at 15% support apiece.

joe biden, elizabeth warren, bernie sanders

Biden, Warren, and Sanders were essentially tied for second place in a November Iowa poll.
Associated Press/Damian Dovarganes; Associated Press/John Minchillo; Associated Press/Charles Krupa


Warren previously led the pack in the last CNN/Des Moines Register poll in September, when she had 22% support.

The poll was conducted by telephone between November 8 and 13, with 500 likely Democratic caucusgoers participating. The margin of error was plus or minus 4.4 percentage points.

Only 11 candidates garnered more than 2% support, with Sen. Amy Klobuchar of Minnesota polling at 6%, and Sen. Cory Booker of New Jersey, Sen. Kamala Harris of California, Rep. Tulsi Gabbard of Hawaii, billionaire Tom Steyer, and entrepreneur Andrew Yang each polling at 3%.

Even former New York City Mayor Michael Bloomberg made the cut, polling at 2% despite the fact that he hasn’t yet declared his candidacy.



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WATCH: Tucson deputy wrestles teenage quadruple amputee to the ground

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  • The Pima County Sheriff’s Department has opened an internal investigation into a disturbing video obtained by KOLD News 13 in Tucson, Arizona that shows a deputy tackling a 15-year-old quadruple amputee to the ground.
  • The video was captured several months ago by another teenager in a group home, and when it was presented to the sheriff’s department by the news station, the department said it had no knowledge of the footage. 
  • In the video, the deputy can be seen entering the kitchen of a group home for minors. KOLD News 13 reports that the teenager had kicked over a trash can and verbally threatened a staffer at the home, where he has lived since being abandoned by his family.
  • The 15-year-old and the deputy can be heard yelling at each other in the video, and the deputy pushes the teenager into the ground and tells him to calm down before arresting them both on disorderly conduct charges. 
  • The deputy involved has been placed on administrative leave.
  • Visit Insider’s homepage for more stories.

A disturbing incident caught on camera at a group home for minors in Tucson, Arizona several months ago was brought to the attention of the Pima County Sheriff’s Department, which has now opened an internal investigation into the actions of the deputy shown in the footage.

KOLD News 13 reports that the police were called to the group home when a 15-year-old quadruple amputee, shown in the video shirtless and on the floor of the facility’s kitchen, knocked over a trash can and verbally threatened a staffer. The teenager has been living at the group home since being abandoned by his family.

The deputy, identified by the outlet as Manuel Van Santen, has reportedly been placed on administrative leave while the investigation is underway. A lawyer for the teenager said that he will likely pursue civil litigation.

When the officer arrived, at least two other people in the kitchen, including another minor, began filming the incident. The video was provided to KOLD News 13 by the Pima County Public Defender’s Office.

In it, the deputy can be seen verbally confronting the 15-year-old amputee while standing above him. The public defender in the news segment says the officer also threatened both him and another teenager who was filming.

Before going on to arrest both teens on disorderly conduct charges, the deputy can be seen forcibly wrestling the amputee into the ground. Later, he gets up and arrests the teen filming, pushing his head into the wall.

On Thursday, KOLD showed the footage to the sheriff’s department, and was told the department had not seen the video previously, nor was it aware of its existence. A representative of the department said a number of outcomes could occur as a result of the investigation, but did not specify further.

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A Texas court blocked Rodney Reed’s execution after Kim Kardashian West and Oprah voiced support for the death row inmate

Meghan Markle is accusing British tabloids of making up ‘untrue’ stories about her, including expensive home renovations with taxpayers’ money

2 students at Harvard went viral with an incredible campaign rap. Then they won the school’s election.



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10 car brands with the best resale value according to data

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The automotive research firm iSeeCars.com has compiled a list of the 10 automakers that produce cars with the best resale values.

Toyota leads the list with cars that depreciate only 42.3% on average after five years of ownership. This is lower than the overall average of 49.6%.

“Toyota vehicles hold their value across all vehicle segments thanks to the brand’s reputation for reliability,” said Ly.

Of the 10 cars on the list, two — Dodge and Mitsubishi — fall above the average depreciation for all cars makes at 51.4% and 51.8%. However, these are still higher than the automakers that depreciate the most, including Buick at an average of 60.1% and Maserati at an average of 66.4%.

Dodge and Mitsubishi were included on the list because they are still among the top 10 lowest-depreciating brands in the overall rankings when compared to other automakers, according to Julia Blackley, the author of the study.

For the study, iSeeCars.com analyzed the prices of over 6.9 million new cars for the study from the 2014 model year also sold that year. These prices were compared to more than 800,000 used cars from the same model year sold between January to October 2019. The “used” prices were adjusted 7.9% for inflation.

Keep scrolling to see the other list of car brands that produce low-depreciating vehicles:



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