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Women Entrepreneurs Confident They'll Soon Match or Overtake Men in C-Suite Roles
A new study of small business owners conducted by Bank of America has found that an overwhelming majority of women entrepreneurs believe that in at least 20 years they will equal or overtake men in C-suite roles.
According to study, 68% of women entrepreneurs expect to see equal or greater representation in executive or C-suite roles than men over the next two decades. Additionally, 66% believe there will be more women-owned small businesses over the same time period, while another 61% expect to see wages to be equal or greater than wages for men.
Bank of America conducted the study last spring using a pre-recruited online sample of small business owners. The survey used national sample of 1,022 small business owners, including 375 women, with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees.
The majority of women surveyed (60%) also said that achieving a work-life balance is their top business priority. However, more men (85%) than women (70%) feel like they’ve achieved a work-life balance.
Some other highlights from the BofA study:
- Women business owners have become more confident in the local, national and global economies improving over the next 12 months than they were in 2016. The biggest boost in confidence year-over-year is with the national economy, with 45% of women entrepreneurs confident it will improve over the next 12 months, compared to 25% in 2016.
- However, the increase in confidence about the state of the economy does not mean that women have increased their confidence in the growth prospects of their businesses: 44% expect to grow their revenue over the coming year, compared to 54% who expected revenue growth in 2016.
- Another 54% of women expect to grow their business over the next five years, representing a decline from the 60% who said the same in 2016.
You can read the full results of the BofA study here.
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