A study from the CIBC shows that women could lead Canadian small business in 2010
The number of women who are self-employed has been steadily climbing over the past 15 years. In fact, the number of female-run businesses is rising 60 percent faster than the number of those run by men, according to a study entitled "Women Entrepreneurs: Leading the Charge" from the Consumer Internet Bank in Canada.
As the Canadian economy is on the rise, it may be interesting news to Canadian entrepreneurs that the CIBC reports one million women will own a Canadian small business in 2010. Additionally, economists suggest that one-person operations are driving small business growth and that women lead the sole proprietorship market.
Still, this does not necessarily mean that women-owned businesses helped bring the economy out of its recent turmoil. The study also shows that female-run businesses have historically been more responsive to the economic cycle, falling during declines.
Nonetheless, even as 96 percent of women entrepreneurs said they would work as employees before opening their own business, the study suggest they are driving small business growth. Half of female entrepreneurs earn above-average wages.
Whether by male- or female-run companies, Canadian businesses have recently given the national economy a boost. A report from Statistics Canada shows that real GDP increased by 1.2 percent in the fourth quarter of 2009.
