SCORE’s latest infographic shows the factors women consider when deciding to open a business and what type of businesses they start.
Why did you to decide to start a business at this time in your life?
- 27.8% of Millennials saw an opportunity. One participant said, “I had an idea and decided it was the time to build it.”
- 25.85 of Generation Xers stated family considerations. “It coincided with when we decided to start our family.”
- 28.2% of Baby Boomers opened businesses out of necessity. “I was going to be laid off from a job of 22 years with no pension.”
What kind of business did you start? The top 5 responses were:
- 8.2%: Hospitality, Travel, Restaurant, Food Services
- 8.9%: Educational Services
- 12.5%: Retail Sale/Trade
- 14.1%: Health Care and Social Assistance
- 29.4%: Other Professional Services
How did you decide on the industry?
- 44%: Prior Experience/Education
- 31%: Followed My Passion
- 14%: Saw an Opportunity
- 6%: To Help Others
Only 27% of women sought financing for their businesses.