Until the legislative removal of these enduring educational and economic barriers in the 1970s and ’80s, American women had few opportunities to succeed in corporate life. But as both Manolova and Minnick point out, they’re quickly making up for lost time. In 2022, 42% of American businesses were owned by women (compared with just 29% in 2010), employing 9.4 million people and generating $1.8 trillion in revenue. According to Boston Consulting Group, female entrepreneurs are also more profitable, generating 78 cents for every investment dollar they receive, or more than twice the amount (31 cents) earned by their male counterparts.
Yet, despite these successes, gender bias persists. As Manolova notes, female start-up owners received just 2% of the record $380 billion in venture capital funds awarded in 2021. Their companies also tend to be based in stereotypically “feminine” industries, such as health and personal services, arts and entertainment and consumer goods. She also notes that when women do advance to C-suite positions, “they’re much more likely to represent traditionally ‘female’ fields, like marketing or human resources.”
While Manolova and Minnick agree that achieving true gender equity will require a radical reassessment of cultural norms, both are encouraged by what they see as a growing awareness of the value women bring to the corporate world. “Women’s capabilities are increasingly recognized as complementary to business goals,” Manolova explains, noting that female business leaders tend to be more collaborative, inclusive, empathetic and adaptable. Similarly, Minnick’s own researchindicates female board members create value in their companies by being more diligent and communicative in their decision-making.
In addition, the 2022 Women in the Workplace report found that female business leaders are twice as likely as men in similar roles to devote a significant portion of time to advancing diversity, equity and inclusion (DEI) in their companies. And female entrepreneurs, Manolova notes, are more likely to create businesses that positively impact society. Both of which bode well for the future, as evidenced by findings from the recent Bentley University – Gallup Force for Good Survey: Among younger workers, categorized as millennials (born between 1981 and 1996) and Gen Z (born between 1997 and 2012), 82% think it’s important for businesses to promote DEI, while 88% believe companies should “make the world a better place.” As both generations will account for 58% of the U.S. workforce by 2030, these survey responses indicate a potentially powerful alignment between the goals of women business leaders and the majority of employees.
Ultimately, says Manolova, neither men nor women are “better” at business —both bring unique and valuable perspectives to the table. Instead of making gender comparisons, companies should focus on creating community, acknowledging and addressing existing structural inequities and ensuring that all employees have opportunities to succeed. “What we should be striving for is balance,” she explains. “Only then can we leverage the richness of our differences and make sure that everyone’s voice is heard.”
