And I had this aha moment — it was women over 50 saying they wanted to do their own thing. They wanted to live their own life. They were feeling invisible, instead of invincible.
In January 2021, 275,000 women dropped out of the labor force, amounting to roughly 80% of all workers over the age 20 who exited the workforce last month. The total number of women who have exited the labor force since February 2020 comes to more than 2.3 million. By comparison, nearly 1.8 million men have left the labor force during this same time frame.
“They told me, ‘You know three white women tried before you and failed,’” she recalled. “‘Don’t you think it’s going to be hard you being a black female?’ And I said, ‘Nope.’”
Women are starting businesses out of necessity, because they can’t find decent jobs, or are unemployed, according to Amex. Some are launching their own businesses because workforce rules aren’t flexible to adapt to their caregiving duties for aging relatives or children, or they want more power over their working lives.
It’s generally acknowledged that women get a fraction of venture capital globally, and that those who are black, Hispanic or Asian get significantly less.“Money is the biggest stumbling block for female-led start-ups,” said Suzanne Norris, a partner at Victress Capital, a Boston-based firm that invests in companies with female founders and gender-diverse teams.
“If it’s something you’re passionate about, find a way to start testing it and doing it, even if it’s on a really small scale,” Ms. Miller said.
“My biggest concern is that women are still lagging their male counterparts men — even millennial women — in retirement savings as well as their income,” Judith Ward, a senior financial planner at T. Rowe Price.
Talking about money is still a taboo subject. It makes us uncomfortable. Women are great investors, but they still lack the confidence to get started.
“Sidepreneurs may be testing a business idea while holding down a job or supplementing income or seeking a creative outlet or an additional challenge,” according to the Amex report.
Several major exhibitions in the nation’s capital are celebrating women — from the battle for voting rights, spurred by the 100th anniversary of the 19th Amendment, to artworks by feminist icons who embody the challenging issues of their epochs.