SCORE’s latest infographic shows the factors women consider when deciding to open a business and what type of businesses they start.

This infographic highlights findings from SCORE’s “The Megaphone of Main Street: Women’s Entrepreneurship” data report.

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.

The Megaphone of Main Street: Women’s Entrepreneurship, Infographic #4: How and Why Women Start Businesses

why women start businesses