What could you do with 10k?
If you’re a woman, you could start a business.
According to a report released by U.S. version of the Global Entrepreneurship Monitor, an annual survey that tracks entrepreneurial activity worldwide, female entrepreneurs in the U.S. reported needing only half as much as their male counterparts to start a new business.
In 2015, entrepreneurs needed a median level of $17,500 to start their businesses, and financed 57 percent of funding needs themselves.
Women reported needing half as much funding to start companies as men -- $10,000 and $20,000 respectively -- suggesting that women felt they could accomplish what they needed with fewer resources, or that they simply have fewer resources to apply to their businesses.
“Globalization, changes in technology, and social awareness have provided an impetus to develop capital flows from diverse sources,” said Babson College Professor of Entrepreneurship Donna Kelley, the GEM Report’s lead author. “Startup activity benefits from widespread recognition of the role entrepreneurship plays in increasing employment and improving the economic health of the nation.”
The findings align with the latest survey on business ownership by the Census Bureau, which found that 42.9 percent of female business owners reported using less than $10,000 to start their ventures, compared with just 38.4 percent of men. The Census report also found that 12.1 percent of men who owned businesses said they needed at least $50,000 to launch their companies, more than double the 5.5 percent of women who reported needing at least that much.
The GEM study also found that nationwide, there are more than 60 percent more men than women entrepreneurs. California and Florida have male rates equal to or greater than the overall U.S. level. New York and Ohio show an equal mix of both men and women engaged in entrepreneurial activities. Texas is close to equal and also has the highest rate of women entrepreneurs.
So, women can do more with less? And Texas female entrepreneurs are kicking-ass? Good up.
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