FOR IMMEDIATE RELEASE

Contact: Rhylee Jones, Public Affairs Specialist

National Women’s Business Council (NWBC)

Phone: 202-735-4342              Email: rhylee.jones@sba.gov

Breaking Barriers at Every Age: National Women’s Business Council Report Reveals Key Insights on the Evolving Landscape of Women-Owned Businesses

Washington, D.C. (December 9, 2024) — The National Women’s Business Council (NWBC) has released a comprehensive new research report titled “The Metamorphosis of a Woman Business Owner: A Focus on Age.” Conducted in partnership with the U.S. Census Bureau and led by Dr. Adji Fatou Diagne from its Center for Economic Studies, this research explores the evolving dynamics of women-owned businesses through the lens of age. This report offers critical insights into how age impacts the types of businesses women own, the industries they enter, and the motivations behind their entrepreneurial journeys.

“Our research illuminates how women’s entrepreneurial journeys evolve over time, and this study exemplifies our commitment to evidence-based policymaking,” said Sima Ladjevardian, NWBC Chair. “Promoting and developing data about women-owned businesses has been one of the Council’s core duties since its inception.” Council Chair Ladjevardian further shares, “Data and original research are vital sources of intelligence that inform NWBC’s policy recommendations, driving us to regularly commission studies that address gaps, unanswered questions, and emerging opportunities with results presented to policymakers, academics, and stakeholders to ensure women business owners receive the support they need at every stage of their careers.”

Key findings from the report reveal shifts in women’s business ownership patterns, particularly as they age. Some notable findings include:

• Increase in Younger Women Entrepreneurs: The percentage of women business owners under 45 increased by 10.5 percentage points from 2012 to 2020. The largest growth was among women aged 25 to 34, reflecting a growing trend of younger women entering entrepreneurship.
• Industry Choices by Age: Age influences the industries in which women business owners are concentrated. Older women, especially those over 55, dominate capital-intensive sectors like mining, manufacturing, and wholesale trade. Conversely, younger women under 35 are more represented in labor-intensive sectors, such as arts, entertainment, and food services.
• Income as Motivation: Among women business owners, 68% rely on their business as a primary source of income, but this varies by age. The report found that 56.5% of owners aged 65 and older use their business as their primary income source, while only 48% of those under 25 do.
• Motivations and Challenges: Reasons for starting a business also vary significantly by age. Young women, especially those under 35, frequently cited the desire to “be their own boss” and achieve “flexible hours.” However, older women, especially those 35 to 44, were more likely to prioritize work-family balance.
• Racial and Ethnic Variations: Hispanic and Black women under 35 led growth rates in business ownership between 2012 and 2020, while older groups, especially among Black and American Indian women, showed modest declines in ownership. These trends offer a nuanced look at intersectional factors shaping women’s business ownership in the U.S.

“This report underscores that women are making significant strides in entrepreneurship at all ages,” said Executive Director Tene Dolphin. “By providing insights into age-specific needs and challenges, we hope to inform better policy decisions and support frameworks that empower women business owners across generations.”

NWBC encourages stakeholders, from policymakers to business support organizations, to leverage this data in tailoring resources and support systems that address the distinct needs of women entrepreneurs at every age. This research is available on NWBC’s website and serves as an invaluable resource for fostering an inclusive entrepreneurial ecosystem.

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About the National Women’s Business Council

The National Women’s Business Council (NWBC) is a non-partisan federal advisory committee created to serve as an independent source of advice and counsel to the President, Congress, and the U.S. Small Business Administration on economic issues of importance to women business owners. To learn more, please visit: www.nwbc.gov.