For centuries, women have made their mark in the world of business. Shattering the glass ceiling time and again, they have defied gender constraints and revolutionized the world as we know it today.
In the shadow of the patriarchy, women have historically been condemned to domestic roles. Yet, the over twelve million female-owned businesses, and countless businesswomen, seek to reform that mindset.
Notable trailblazers include:
- Madame C.J. Walker: The first female self-made millionaire for her line of hair care products.
- Mary Katherine Goodard: The first female published writer.
- Rebecca Lukens: The first female industrialist.
- Lydia Estes Pinkham: An inventor who contributed knowledge and resources to bettering women’s health.
- Mary Ellen Pleasant: A real estate tycoon who used her influence to fight racial discrimination and advocate for civil rights.
- Olive Ann Beech: The “First Lady of Aviation” who oversaw pivotal operations during WWII and worked closely with NASA.
- Estée Lauder: A beauty icon who revolutionized the consumer experience.
These women set the stage for the entrepreneurs we know today:
- Oprah Winfrey: A machine in the media who owns her own television network.
- Sara Blakely: The CEO and founder of Spanx.
- Arianna Huffington: The creator of The Huffington Post.
- Susan Wojcicki: The former CEO of YouTube.
- Rihanna: The youngest female billionaire in 2022 who has not only proved her talent as a musician, but also her drive to make an inclusive and diverse beauty brand: Fenty.
Despite these impressive victories, women continue to experience set-backs. Representation in authoritative roles are limited, and rising at a slow rate. For every 100 men promoted to management roles, only 87 women are considered for the same promotion. Further, there is a significant monetary hindrance to female-owned businesses as they receive unequal and infrequent assistance for loans, investments, and funding. To add on to these grievances, the gender pay gap has not been closed. Among full and part time workers, a woman is “generally paid only 75 cents” for every dollar a man receives as of 2023.
So, in such a disadvantageous environment, how are women expected to survive? The answer can be found within the implementation of programs to educate, encourage, and aid women in the field.
Government intervention came in the 1979 establishment of the federal Office of Women’s Business Ownership. The OWBO provides counseling, business training, federal contracts, and access to credit and capital for female entrepreneurs.
The passage of the Women’s Business Ownership Act in 1988 offered a number of resolutions for women:
- It prohibited state law requiring male relatives to cosign on a loan for a female.
- It offered government support through Women’s Business Centers. WBCs seek to level the playing field for women, and one WBC is located in every state.
- It established the National Women’s Business Council which serves as the only federal independent voice for women entrepreneurs.
Moreover, there are a number of organizations that prove useful to businesswomen. The Women’s Business Enterprise National Council aims to identify, certify and facilitate the development of women in business. The WBENC offers the opportunity to network; provides access to resources; and certifies a business if it is at least 51% owned, controlled, operated, and managed by women.
With this support, and the persistence of women, “female CEO’s now run more than 10% of Fortune 500 companies”, and globally one-third of high-growth businesses are led by women — an impressive achievement that indicates a prosperous future.
Overall, women truly play an important role in business. The International Labour Organization — a specialized agency of the United Nations — reports that “when boards are gender balanced, companies are almost 20% more likely to have enhanced business outcomes”. These outcomes include an “increased profitability and productivity; enhanced ability to retain and attract talent; greater creativity, innovation and openness; enhanced company reputation; and a better ability to gauge consumer interest and demand”.
Women embody a set of morals, ethics, and values that promote positive growth among the field of business and within society. Women in business are more likely to generate wider social, economic, and environmental benefits, as they tackle principal issues.
There is much to be said about the trials and tribulations women have encountered within a male-dominated industry. However, women in business are a force to be reckoned with, and it is evident they’re here to stay.
