Women's History Month in March seems the perfect time to send shout-outs to the 13 million female-owned businesses in the U.S. 

So, cheers to women entrepreneurs across the country, to the companies they run, and the contributions they make to local and national economies and communities.

The U.S. is home to an estimated 13.3 million women-owned businesses in 2021, with $2.5 trillion in receipts, according to the U.S. Census Bureau. 

"Women owned 42.1% (12.0 million) of the nation's 28.5 million nonemployer businesses (businesses without paid employees) and had $365.2 billion in receipts in 2021," the bureau said in an August press release.

Women's History Month 

The official celebration of women in history got its start in the early 1980s, when Congress declared Women's History Week for March 7, 1982. 

The recognition was extended in 1987 following a petition from the National Women's History Project to Congress asking that women's accomplishments across fields -- from business to the arts -- be commemorated throughout the month of March.

"In the early 1900s, female entrepreneurs became some of the country's first most prominent business owners," proclaims a blog by the University of Kansas School of Business on its website.

During World War II, from 1940 to 1945, the percentage of working women rose nearly 10 percent, the site says. "Women did everything from repairing planes to sewing clothes to opening home-based businesses."

While starting a business is never easy, female entrepreneurs have faced additional challenges when it comes to starting and growing businesses.

"Throughout much of American history, female entrepreneurs faced especially daunting obstacles," says an article on History.com. "They couldn't open bank accounts in their own names, obtain a loan—or even vote. 

"Still, some tapped family connections, sussed out unique business opportunities and beat the considerable odds."

Women-owned Businesses on the Rise 

Despite challenges, the number of women starting businesses continues to grow, increasing 13.6 percent from 2019 to 2023, says research from Wells Fargo.

Survey findings from HR platform Gusto indicated 49 percent of the new businesses started in 2023 were women. That compared to the company's 2019 survey results, which showed only 29 percent were started by women.

Women-owned businesses climbed 25.6 percent between 2012 and 2020, according to a study released in December by the National Women's Business Council.

The report, conducted in partnership with the Census Bureau and led by Dr. Adji Fatou Diagne from the Census Bureau's Center for Economic Studies, analyzed data on women-owned businesses and female entrepreneurs between 2012 and 2020.

During that time period, women-owned businesses climbed 25.6 percent, their growth rate of receipts more than doubled that of all firms at 52.1 percent, and their employment rose 29.2 percent between 2012 and 2020, says the report.

"Women entrepreneurs' contribution to the U.S. economy remains significant as marked by the exponential growth of the number of businesses owned, revenues earned, and workforce hired in recent decades," writes Diagne.

Sustaining Ecosystems for Female Entrepreneurs

Funding remains difficult for women-led businesses, and that's holding leaders back from progressing toward a more sustainable future for all, proclaims a post by Ernst & Young on its website.

"Women entrepreneurs continue to struggle to raise capital compared to their male counterparts," says the article by EY's Maranda Bruckner and Maryalice DeCap, whose research led to a report on the societal value of women entrepreneurs.

"We cannot afford to lose out on the possibilities that female-driven entrepreneurship creates," the authors write. "These business visionaries generate purposeful solutions that our communities and society so desperately need to create a more sustainable future."

Want to read more about women entrepreneurs? Enjoy these blogs:

10 Characteristics of Strong Female Leaders

Why Women Entrepreneurs Make Good Leaders

Top Reasons Why We Celebrate the Contributions of Women Entrepreneurs

9 Inspiring TED Talks For Female Entrepreneurs