Celebrating Mothers in Business
“My mother told me to be a lady. And for her that meant, be your own person, be independent.”
-Ruth Bader Ginsburg
This month we celebrate mothers and all of the things they do for us. Moms are like Jills of all trades. They take on the roles of nurturer, doctor, taxi driver, philosopher, chef, referee, teacher…..the list goes on and on.
Today moms are juggling more responsibilities than ever before. With about 70% of mothers currently in the workforce in the United States, many of whom struggle with the costs of childcare, more and more women are looking for employment opportunities from home.
Enter the “mompreneur”. Over 12 million women own and operate their own business in the U.S., and a large percentage of those women are mothers. It’s no mystery why women want to start their own business (flexibility, work/life balance, earning potential, etc.). Entrepreneurship allows women not only the possibility of financial freedom, it allows them to utilize all of the different skills honed while balancing motherhood, work, and social lives.
The number of women starting their own business continues to rise around the world every year and shows no signs of slowing down. Not only is the sheer number of women entrepreneurs with children impressive, but the statistics behind the number are worth looking at.
A 2018 study by smallbiztrends.com polled female entrepreneurs with children in the United States, Europe, and Australia. The study yielded some surprising results.
It was noted that 57% of the respondents started their business at age 40 or older. It also found the following:
-On average, their first child was 6 years old when they started their business
-79% are married
-95% have a partner who brings home additional income
-71% are the primary childcare providers
When asked about what they felt were the biggest sacrifices they had to make in order to run their own business, the most common response (88%) was spending less than 3-4 hours per week on their hobbies. This was followed by less time to work out (67%) and spending less time with friends (64%).
Not so surprising perhaps was the fact that almost half the women (44%) said they feel guilty about entrepreneurship. Only 19% secured outside funding for their business. This is in stark contrast to male entrepreneurs, who on average raise $100k or more to get their businesses off the ground.
Women entrepreneurs still face an uphill battle in their continued fight for equal pay and flexibility. Between the need to find childcare solutions, limited options to secure outside funding, and inexperience, many women may find starting a business daunting. Fortunately, there are more paths than ever before to success and financial freedom for women from all walks of life.
In honor of Mother’s Day on May 11th, InventoryLab would like to acknowledge the hard work, sacrifices, and contributions of mothers by dedicating this post to them. To moms everywhere, we say THANK YOU!!!