Women Entrepreneurs: Breaking Barriers and Redefining Success

Women entrepreneurs are transforming economies worldwide, driving innovation, and overcoming systemic barriers to success. In 2024, women-owned businesses accounted for 39% of all businesses in the U.S., employing 12.2 million workers and generating $2.7 trillion in revenue¹. Despite these achievements, women entrepreneurs continue to face challenges in accessing capital, securing industry representation, and gaining visibility.

Underrepresentation and Industry Success

Despite their growing economic impact, 88% of women-owned businesses are solopreneurs or microbusinesses, often excluded from broader economic statistics². These businesses thrive in retail (21%), health, beauty, and fitness (15%), and food and restaurant services (13%).  Yet, they receive disproportionately low funding—only 3% of women entrepreneurs secured private capital in 2023, compared to 9% of their male counterparts³.

Global Perspectives and Industry Leadership

Globally, women are one-third of high-growth business leaders and two-fifths of export-focused startups. Women entrepreneurs in Chile, China, Colombia, Iran, Lithuania, and Venezuela are at the forefront of market innovation. Women in Togo (58.7%), Indonesia (55.3%), and Romania (54.5%) lead in innovation-driven entrepreneurship, demonstrating their ability to identify and capitalize on emerging opportunities⁴.

Specific industries have seen exceptional growth among women entrepreneurs:

• Educational Services: Women own 45% of all businesses in this sector, a 139% increase over the past 13 years.
• Professional, Scientific, and Technical Services: Women-owned firms in this space employ millions and offer legal, financial, and consulting expertise⁵.
• Retail & E-commerce: Women-led brands dominate consumer-focused industries, leveraging digital platforms for growth⁶.

Resilience in the Face of Challenges

Over the past decade, women have increasingly stepped into leadership roles, with representation in C-suite positions rising from 17% in 2011 to 29% in 2021⁷. However, a persistent gender pay gap remains, with women earning 84 cents for every $1 earned by men, a disparity that compounds over a lifetime⁸. The struggle for equitable opportunities fuels women’s entrepreneurial drive, with many starting businesses to overcome corporate bias, achieve financial independence, and create social impact. “One certainty in our lives is experiencing adversity: unexpected, perhaps, unfair, but always a hard hit.  Overcoming any adversity and turning it into an opportunity is the secret to success,” shares Anat Bird, CEO of The Bird Group.

The pandemic underscored the resilience of women entrepreneurs, with many successfully pivoting their businesses. Between 2020 and 2023, women-owned enterprises added 1.4 million new jobs and generated $580 billion in revenue through adaptive strategies, such as digital transformation and e-commerce expansion⁹.

The Future of Women Entrepreneurship

Women entrepreneurs are reshaping industries, fostering economic resilience, and challenging outdated structures. As access to capital improves and societal perceptions shift, women will continue to lead the next wave of global economic transformation. Addressing systemic barriers through inclusive policies, investment opportunities, and mentorship programs is key to ensuring their sustained success¹⁰. “The power of mentorship cannot be understated,” says Founder of Endeavor Retirement, Bonnie Treichel, JD.  “It is through the intentionality of mentorship programs and advocacy that I have been able to get a seat at many tables which I otherwise would not have because of these purposeful programs and partners.”

Assessing the true impact of women entrepreneurs may require broader metrics beyond leadership representation. Traditional measures like C-suite presence and business ownership do not fully capture their influence. Economic impact should consider revenue growth, job creation, and market reach, while access to capital must include venture funding and mentorship. Industry leadership is reflected in patents, high-growth sector participation, and sustainability efforts. Policy influence can be gauged through engagement in legislation, industry boards, and think tanks.

Ensuring women’s voices are heard requires strategic amplification. Digital platforms like LinkedIn and TEDx help shape industry narratives, while networks and collaborations strengthen business ecosystems. Policy advocacy enhances economic representation, and media presence boosts visibility. Data-driven storytelling highlights women’s contributions, shifting focus from numbers to impact.

Moving beyond C-suite representation to measuring innovation and market shifts will redefine women’s entrepreneurship and leadership. Women are redefining business leadership, establishing a powerful legacy, and driving entrepreneurship.

A Holistic Financial Approach for Women Entrepreneurs

To address women entrepreneurs’ barriers, Bryn Mawr Trust implements a holistic financial planning approach tailored specifically for women at each stage of their entrepreneurial and personal journey. We have customized solutions integrating business and real estate financing, investment strategies, and retirement planning, ensuring long-term financial security. Women-focused advisory teams can bridge the funding gap by offering strategic guidance on capital access, risk management, and tax-efficient wealth accumulation. Beyond financial services, industry collaborations, and education on financial literacy will empower women with the knowledge and resources needed to navigate their evolving financial landscape. Women entrepreneurs can achieve sustained success and financial independence by aligning wealth planning with business growth and life transitions—such as family dynamics, career transitions, and retirement. A targeted, gender-intelligent approach in private banking and wealth management will strengthen women-owned enterprises and drive broader economic impact, fostering a future where women confidently lead in business and beyond.

Continue to support women entrepreneurs in their journey toward success. Advocate for policies that promote access to capital, mentorship opportunities, and fair representation in industry leadership. Together, we can create an ecosystem that celebrates women entrepreneurs and empowers them to thrive and lead.

Sources:
^1,2,4,9 Global Entrepreneurship Monitor (GEM) (2023). Global Entrepreneurship Monitor 2023/24 Women’s Entrepreneurship Report.
^3,7 LeanIn & McKinsey & Company (2024). Women in the Workplace Report.
⁵ Raman, R. et al. (2022). Women Entrepreneurship and Sustainable Development: Bibliometric Analysis and Emerging Research Trends.
⁶ Raimi, L. et al. (2023). Thematic Review of Motivational Factors, Types of Uncertainty, and Entrepreneurship Strategies of Women Entrepreneurs.
⁸ Iranian Journal of Management Studies (IJMS) (2021). Women Empowerment Through Women Entrepreneurship: A Comparison Between Women Entrepreneurs and Fulltime Housewives in Pakistan.
¹⁰ Khan, R. et al. (2021). Factors Affecting Women Entrepreneurs’ Success: A Study of SMEs in Emerging Markets.