For a State to stay on the right economic track it has to utilize its resources in the most appropriate manner to ensure that every citizen can get a suitable education, financial aid, health care, community facilities, job opportunities, a sound infrastructure and therefore a good life. Every citizen pays taxes to the State, in order to receive such commodities. By formulating strategies for the betterment of their citizens, States are more likely to attract investors and new business resulting in prosperity and economic growth.
Maryland is one such example of a state that continues to flourish. It’s economy outperforms every other State. Maryland has been able to show such remarkable growth because it has performed outstandingly in sectors like information technology, aerospace, telecommunication, biotechnology and defense. It is one of the few States which have been awarded and retained its AAA bond rating.
Maryland has also invested heavily in the education sector in a bid to cultivate a highly educated work force that will, alongside the retained talent pool, create a phenomenal opportunity for further economic growth and diversification in emerging industries. It ranks first for having a remarkable percentage of professional and technical workers and continues to gain both defense and non defense contracts for aircraft development, medical research and security. Maryland is also the state which received third rank in “Innovation and Entrepreneurship” by the United States Department of Commerce. And now it is investing in its female entrepreneurs of the future.
Female entrepreneurs represent 36.2 percent of businesses in the United States and are the fastest growing segment of the U.S. economy.
The latest figures indicate that women are launching more than 1,200 new businesses per day generating more than $1.4 trillion in revenues. And the projections only see continued growth
Female entrepreneurs are often depicted as aggressive, selfish and prepared to step on colleagues in a bid to get to the top, but actually the opposite is often true.
Whilst the gender gap is closing, women still have a harder time than men, when it comes to the business world. They are less likely to receive investments, so often rely on their own funding, there are also a lack of mentors available to assist with fundamental training and advice. These hardships have almost created a sisterhood of women in business that will support each other. There are even collaborative office space facilities popping up all over the place that are purely designated to female business owners. These facilities boast networking and training opportunities, a kind if incubation hub that offers a nurturing, yet positive approach to business mentorship. Often these are government led initiatives.
There are many reasons that support Maryland State’s decision to invest in female entrepreneurs of the future.
Female Entrepreneurs Are Growing Fast:
Female entrepreneurs employ more than 13 million people directly or indirectly and generate a whopping amount of $1.9 trillion in sales. It is also expected that out of the new small jobs by the year 2018 women are going to generate more than half of them. These are remarkable figures and clearly conveys why Maryland is investing in its female entrepreneurs.
Female Entrepreneurs Bring More Expertise to the table:
Women whether working in corporate, businesses or in elective offices etc. tend to bring their expertise and experience to the table to transform the things for the better. Female owned businesses have been seen to generate better revenue in the initial phase than their male counterparts. It is documented that women in business take less risks and are more personally invested in seeing an entity thrive, rather than looking to move on to the next opportunity.
They Require Better Loan Approval Rates:
The reason why female entrepreneurs need backing from their State is that the loan approval rate for women entrepreneurs is 15-20 percent lower than their male counterparts. If women are educated or provided with easier loan approval rates, or if venture capital goes to female entrepreneurs then they will be more likely to be able to drive their businesses forward.
It is a fantastic time to be a female entrepreneur regardless of the State you live, doors are opening and the tides are changing, investments and initiatives from States like Maryland will only result in them becoming more fruitful and flourishing further.