When comparing the growth in number of women-owned firms with those of their peers, women-owned firms matched or exceeded growth rates up until the 100-employee threshold or the million-dollar revenue mark in what was termed the "Heartbreak Hill" of the entrepreneurial marathon, according to the State of Women-Owned Business Report.
So what happens to these women business owners after they hit the $1 million mark?
Thanks to never before released U.S. Census data we can now see what happens after "Heartbreak Hill." The new American Express OPEN-commissioned report, Growing Under the Radar, provides exclusive analysis, that shows growth in women-owned businesses with more than $10 million in revenues is 47% higher than among all $10 million + firms. 13% of all $1 million + firms have $10 million + in sales, as do 8% of million-dollar women-owned businesses. The report analyzes the 2% of women-owned firms that have surpassed the million-dollar revenue level.
An exciting excerpt from the report:
"Over the past decade, the growth in the number of women-owned firms with $10 million or more in revenues has increased by 56.6%, a rate that far surpasses that of all women-owned firms, all million-dollar womenowned firms AND all $10 million+ businesses."
Thanks to American Express OPEN for sharing the above with Women in Business!