Considering opening your own business? Then you just might want to know what key traits Bizjournals’ recent study found important for women to succeed in business. Bizjournals used a formula that included three key traits for determining which markets offered women the best opportunities for success in business. These categories, along with a brief explanation, are:
1. Education. Those with a higher education tend to make more money, according to the survey. This study found that women in Washington and San Francisco had the most successful businesses, and that nearly 44% of women in Washington held a bachelor’s degree while 19% held an advanced degree. These two statistics top those in the nation, giving one explanation as to why women in this area tend to be quite successful business owners.
2. Higher salaries. In this study, only eight of the areas boast the distinction of having more than 4% of female workers earning over $100,000, and all four of the top markets fall into this group.
3. Entrepreneurship. When looking at the top ten cities, which include LA, San Francisco, and New York, 274 woman-owned companies exist for every 10,000 residents, which is 24% above the national average.
The top cities in which to live and run a woman-owned company include those mentioned earlier as well as Madison. Wisconsin; Denver, Boston, and Atlanta. These cities make it easier for a woman to succeed in business due to the three traits listed above.
And who comes in as some of the worse cities for women in business? Ogden, Utah, takes the lead. In Ogden, only 5% of women hold advanced degrees and a woman tends to earn about half of her male counterpart. Bakersfield, California, didn’t fare too well either. In Bakersfield, only 15% of women hold a bachelor’s degree. Toledo, Ohio, also made the worse cities list. Salaries and education levels in this city rank far below the national average.