A growing number of companies founded and led by women has fueled interest in how women approach entrepreneurism and what it means for a rising generation of female entrepreneurs. U.S. Trust, Bank of America Private Wealth Management, today published “Women’s Entrepreneurial Journey: Profiles of leadership in an era of new opportunities,” a new paper revealing the personal stories of eight women entrepreneurs and five common themes that characterize their entrepreneurial journeys.
Today, women are starting and growing their own businesses at record rates, with studies on U.S. entrepreneurship finding that women own an estimated 11.6 million businesses, employ nearly 9 million people, and generate more than $1.7 trillion in annual revenues.1
“The leaders highlighted in this white paper are entrepreneurs who value mentoring and seek access to capital,” said Katy Knox, president of U.S. Trust. “We live our purpose at Bank of America by helping clients with the priorities these impressive women discuss in our study.”
The paper is based on interviews with eight women at different stages of their personal and professional lives. Six began their careers as legislative, educational and societal changes in the 1960s and 1970s were offering women new opportunities in the business world. Also profiled are two millennial women who founded companies in a decade when far more women are economically empowered, though they still experience challenges. No two women followed the same path, but their collective careers offer important insights that fall under five themes:
The women profiled in “Women’s Entrepreneurial Journey” each took one of four journeys to success:
“The goal of this paper was to uncover the journey of successful women business owners, their impact on society and the factors contributing to their success creating wealth and growing their businesses,” said Karen Reynolds Sharkey, National Business Owner Strategy executive for U.S. Trust. “U.S. Trust works with business owners across the country to help them pursue their personal and professional goals, with guidance on critical issues such as business succession planning, liquidity strategies, philanthropy and wealth transfer.”
Through the combined resources of Bank of America and U.S. Trust, the firm offers advice and guidance to businesses at every stage in areas such as expansion financing, business planning, risk management, employee benefits, mergers and acquisitions and more.
Bank of America has demonstrated its commitment to women entrepreneurs. For example, the bank has committed $50 million in funding for women entrepreneurs through its involvement with the Tory Burch Capital Program. Additionally, through the bank’s partnership with nonprofit organizations like Vital Voices Global Partnership and the Cherie Blair Foundation for Women, Bank of America employees have mentored nearly 2,000 women entrepreneurs from over 80 countries. These programs help enhance and develop the business acumen and leadership skills that business owners need to realize their economic potential.
U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients’ wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship.
U.S. Trust is part of the Global Wealth and Investment Management unit of Bank of America Corporation, which is a global leader in wealth management, private banking and retail brokerage. U.S. Trust employs more than 4,000 professionals and maintains 93 offices in 31 states. As part of Bank of America, U.S. Trust can provide access to a broad range of banking solutions for individuals and businesses, and an extensive retail banking platform.
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 35 million active users, including approximately 24 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation. Bank of America, N.A., Member FDIC.
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Julia Ehrenfeld, Bank of America