Despite Covid-19 restrictions on the global economy, female entrepreneurship statistics for 2021 showed significant growth: 31% of small businesses in the US are now owned by women. According to the National Association of Women Business Owners, the US currently has 12.3 million women-owned businesses, up a whopping 27% from 2020.

Considering that in the 1970s, women-owned businesses in the entire US totalled just over 400 000, this incredible growth is a sign that women have embraced entrepreneurship to its core. At the forefront of this progress is expert business attorney Laura Cowan, who has created a superior e-learning platform which includes courses to help elevate women’s business skills in order to encourage women’s empowerment and proper representation in the global economy.

Laura Cowan
Laura Cowan Laura Cowan

Challenges Facing Women In Business

Cowan’s new e-learning venture is designed to help women worldwide build a profitable business so they can be independent, empowered, and happy. “This is meaningful to me because I bootstrapped my own business with no help and no safety net. I understand how hard it is. But I also understand how empowering it is to be a business owner and not have to rely on anyone. As a business owner, you have the potential for unlimited income, unlimited impact, and unlimited influence. I want to be a resource to entrepreneurs worldwide, in all capacities, not just legal,” Cowan said.

It has been estimated that women contributed around $40 trillion in consumer spending over the past year, a number that has doubled since 2009, yet women make up only 39.8% of all marketing and creative directors. Cowan attributes the rise in female owned startups due in part to women not being promoted and recognized in corporate America.

Women-Owned Businesses Dominate Certain Sectors

According to the latest government census , women-owned companies dominated in certain sectors, particularly in the Health Care and Social Assistance sector, as well as the Accomodation and Food Services, Administration Support and Waste Management and Remediation Services, Professional, Scientific, and Technical Services sectors, and surprisingly, women-owned business have even begun to dominate in the Construction industry.

Historically, women have been able to dominate only in industries perceived to be economically less important such as retail, education and other service industries, so the new statistics shine a bright light on the future of female entrepreneurship. The resources are still however very male-biased. Cowan’s approach to this is to address and provide the particular resources needed for would-be women business owners and recent women-run startups on the new site.

Women’s Networks Are A Major Source of Knowledge

Cowan fully understands the networking power of women; entrepreneur networks are major sources of knowledge for entrepreneurship, and are recognized as valuable tools for women’s business development and promotion. Being a multi-faceted business expert in many industries, Cowan encourages the fostering of women’s networks and making relevant associations, encouraging cooperation among them and facilitating their entrepreneurial endeavors.

These all-female networks were born out of necessity: Major issues pushing women to go it alone in business are the persistent gender wage gaps, the scarcity of women in leadership, and the extended time required for women (compared to men) to progress in their careers. The disadvantages of significantly lower pay, lesser status, and scarce opportunities at work, and often being stigmatized in the workplace, affects women’s mental wellbeing, as well as their physical health. This ultimately negatively affects job satisfaction, organizational commitment, and ultimately, their performance.

As a way of countering these consequences and hopefully avoiding as many setbacks as possible, the launch of Cowan’s website for business owners will include an online business startup course, legal templates, and other resources for entrepreneurs. Such platforms make access to the right information easier to obtain and equip women with the tools needed to be their own boss and change the narrative.

Women Have A Unique Set of Business Skills

The great thing about a women-run business lies in countering the traditional idea that women need to simply emulate men. In fact, women offer an amazing dynamic to any industry, bringing unique qualities, including exceptional interpersonal and managerial skills.

A study conducted by McKinsey & Company found that decision making, meeting expectations, people management and sheer inspiration; qualities mostly exhibited by women, are the key leadership attributes required for future business success.

Whilst the fight for equality has been long and is far from over, women have been making strides to empower and uplift themselves – proving daily that they have earned their spot in the business world. Through initiatives that aim to support women in business and platforms such as Laura Cowan’s online Business Startup Course – which helps with the legal side of starting a business as well – women are well on track to becoming leaders in industry.