In 2025, women own nearly 14.5 million businesses across the United States, making up about 42% of the nation’s entrepreneurial landscape. These numbers represent a shifting economy powered by resilience, innovation, and an evolving commitment to community. Over the past five years, women-led businesses have grown at almost twice the rate of our male counterparts, generating over $2.7 trillion in annual revenue and creating more than 10 million jobs.

What makes this growth especially remarkable is the impact of women of color. Nearly half of all women-owned businesses are led by women from diverse racial and ethnic backgrounds. Black and Latina women, in particular, are breaking new ground at unprecedented rates. In 2023 alone, we launched businesses faster than any other demographic group, challenging and reshaping longstanding industry norms. We often leverage not only personal grit but also powerful formal mentor networks, fintech innovations, and collective purchasing power to build our enterprises, despite persistent structural barriers such as bias in lending and underrepresentation in venture capital.

Speaking of funding, the numbers highlight a glaring disparity. Women founders receive just 2.4% of all U.S. venture capital funding, and average loan amounts for women-owned businesses are roughly half those for men. Still, female entrepreneurs are remarkably resourceful. Many bootstrap their startups with personal savings or piece together support from grants, federal and state programs, and women-focused foundations. This determination is exemplified by countless stories of first-generation immigrant founders growing six-figure digital consultancies right from their kitchen tables.

The history of women-owned businesses is a story of overcoming obstacles and seizing opportunities. From colonial America, where women often ran businesses out of necessity or inheritance despite legal and social barriers, to today’s digital era, female entrepreneurs have continuously chipped away at systemic limitations. Now, the pace is accelerating, fueled by technology, flexible work models, and, most importantly, community-driven leadership.

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Among the most successful women entrepreneurs, a few key traits stand out. Resilience is foundational, but equally important is a strategic vision coupled with authentic leadership. These women nurture strong peer networks and embrace mentorship in its many forms. They adapt rapidly to market shifts, often leading with a growth mindset and a purpose-driven approach. For women of color, in particular, community-building is not just a support system; it is a central business philosophy that drives sustainable success.

However, the journey is not without its hurdles. We frequently face more intense scrutiny and work harder to prove our credibility in industries historically dominated by men. The pressure to balance leadership responsibilities with caregiving roles is a daily reality. Intersectionality, considering how race, class, parental status, and sexual orientation shape entrepreneurial experiences, is essential for understanding both the challenges and the innovative responses we bring to our businesses.

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Intersectionality is a framework for understanding how various aspects of a person's social and political identities, such as race, class, gender, and sexual orientation, combine to create unique experiences of discrimination or privilege. It posits that these different identity markers don't exist in isolation but are interconnected and overlapping, resulting in complex and multifaceted experiences.

The term was coined by American legal scholar and civil rights advocate Kimberlé Crenshaw, J.D. in 1989. She introduced the concept to highlight how Black women's experiences of racial and gender discrimination were often overlooked by legal and feminist frameworks that treated race and gender as separate, mutually exclusive categories.

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If you’re wondering where to find these women-owned businesses, they’re increasingly visible through official directories such as those maintained by the Women’s Business Enterprise National Council and the Small Business Administration, as well as vibrant networking groups and industry conferences dedicated to women entrepreneurs. Beyond formal spaces, informal communities, pop-up collectives, and digital masterminds are hotbeds of innovation and collaboration.

For Nurse Practitioner founders and changemakers, this landscape offers powerful lessons. The community-first approach that drives so many women-led enterprises mirrors the mission-driven ethos of healthcare and nonprofit organizations. Our creative funding strategies, blending multiple income streams and relationship-based capital, provide valuable models for sustainability. Our commitment to embedding equity and inclusivity into every facet of our business strategy serves as a blueprint for modern leadership that is both profitable and purposeful.

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A Closer Look at the Numbers: What the Wells Fargo Report Means for Us

As Nurse Practitioners, we are not just clinicians; we are founders, and understanding the data behind our journey is critical. The 2025 Wells Fargo Report, "The Impact of Women-Owned Businesses," gives us a C-suite level perspective on the landscape we're navigating. These numbers are more than statistics; they are a strategic blueprint for our own practices.

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The C-suite refers to the group of highest-ranking executive leaders in a company. The "C" in C-suite titles stands for "Chief," and these individuals are responsible for setting the company's strategy and making high-level decisions.

Common C-suite roles include:

• Chief Executive Officer (CEO): The highest-ranking executive, responsible for the overall success of the company.
• Chief Financial Officer (CFO): Manages the company's financial actions and is responsible for financial planning and record-keeping.
• Chief Operating Officer (COO): Oversees the daily administrative and operational functions of the business.
• Chief Marketing Officer (CMO): Manages marketing, sales, and brand promotion.
• Chief Technology Officer (CTO): Responsible for the company's technological development and innovation.

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The Growth We Are Driving

First, let's acknowledge our collective strength. In 2024, there are 14.5 million women-owned businesses in the U.S., accounting for nearly 40% of all enterprises. We are a driving force, generating $3.3 trillion in annual revenue and employing 12.9 million people. From 2019 to 2024, our growth rate outpaced men's by a remarkable 43.5%, and our aggregate employment growth rate was nearly triple that of men's.

This growth is especially powerful for women of color. The report highlights that Black/African American women-owned employer firms saw a staggering 44.4% increase in employment and a 102.8% surge in revenue between 2019 and 2024. This is a profound shift that reshapes our industry.

The Gaps We Must Close

However, the data also reveals the "unseen obstacles" we face. Despite our numbers, our impact on total employment (9.6%) and revenue (6.2%) still lags behind our male counterparts. The report presents a startling truth: if all women-owned businesses matched men's average revenue, we would add $10.2 trillion to the U.S. economy annually. At the current rate, it would take 120 years to close this gap.

For us, this means that while our clinical expertise is non-negotiable, a business-first mindset is essential for true scale. We must acknowledge the systemic barriers, from the wealth gap that limits our initial investment to the gender bias that can restrict access to funding and powerful networks.

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A Blueprint for Action

The report isn't just about problems; it's about solutions. It shows how proactive policies and targeted support from organizations like Community Development Financial Institutions (CDFIs) helped accelerate business recovery for women, particularly Black/African American and Hispanic/Latino women, after the pandemic.

For us as NP founders, this is a blueprint. It teaches us that to succeed and close these gaps, we must:

Build Our Own Networks: Overcome the "lack of power connections" by intentionally fostering our community.

Challenge Self-Imposed Limitations: The report notes that internalized societal expectations can lead us to set lower business aspirations. We must work to overcome this and set ambitious goals for our practices.

Advocate for Ourselves: By understanding these disparities, we become powerful advocates for ourselves and our profession.

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This report is a call to action. It shows us the immense potential of our collective work and the urgency of building a more equitable and prosperous future, not just for our own practices, but for our entire community.

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Millionaire and Billionaire Women Entrepreneurs: The High-Impact Few

While women own a significant share of businesses nationwide, the percentage who scale to millionaire or billionaire status remains small, reflecting persistent wealth gaps and funding challenges. Roughly 1.5% to 2% of women-owned businesses reach $1 million or more in annual revenue, a key milestone indicating sustainable growth. Billionaire women entrepreneurs are even rarer. According to Forbes, fewer than 50 self-made billionaire women exist worldwide, underscoring the steep climb required to reach the highest echelons of financial success.

Despite these numbers, female entrepreneurs, especially women of color, are increasingly innovating through tech-enabled ventures, community-driven models, and scalable business strategies that challenge traditional wealth paradigms.

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The 15% Pledge: A Catalyst for Equity in the Beauty Industry

To truly understand the trajectory and challenges women entrepreneurs of color face, we need to spotlight the 15% Pledge, a transformative initiative that has reshaped conversations around inclusion and representation, especially in the beauty industry.

Launched in 2020 by Aurora James, a Black Canadian designer and activist, the 15% Pledge calls on major retailers to commit at least 15% of their shelf space and vendor partnerships to Black-owned brands. This figure isn’t arbitrary; it corresponds to the approximate Black consumer market share in the United States. The pledge demands proportional representation and equitable economic opportunity in spaces where Black consumers have long been underrepresented in ownership, despite our purchasing power. Since its launch, the Fifteen Percent Pledge has dispersed over $1 million in grants to support underserved entrepreneurs and their businesses. They introduce new and returning grant programs throughout the year. I encourage you to sign up for their Business Equity Community to stay up-to-date on grant application deadlines.

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The pledge is a cultural reckoning. Beauty giants like Sephora and Ulta Beauty have publicly pledged to diversify their vendor portfolios, opening doors for Black-owned brands to reach mainstream markets. For many women entrepreneurs of color, this visibility and access are game-changing, turning what was once exclusion into opportunity.

For NP entrepreneurs, particularly those specializing in dermatology and cosmetics, the lessons of the 15% Pledge are clear and actionable. First, intentionality matters. Just as retailers are urged to diversify suppliers, NP founders can prioritize partnerships and collaborations that reflect and serve diverse patient populations. Visibility in clinical leadership and business ownership can amplify underrepresented voices and create more inclusive care.

Second, collective influence is a powerful tool. The pledge demonstrates that coordinated community demands can drive systemic change, an approach NP entrepreneurs can replicate through professional networks, mentorship groups, and industry coalitions. This collective approach can help overcome barriers in funding, market access, and professional development.

Finally, while the pledge has sparked meaningful progress, sustained equity requires ongoing commitment. Retailers must maintain transparent accountability, and entrepreneurs must continue building financial literacy, business acumen, and digital fluency to seize emerging opportunities.

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How to Get Started

For Intentionality and Inclusivity
Conduct an Audit: Systematically review your patient base, marketing materials, and supplier list. Ask, "Are my partnerships and brand messaging intentionally reflecting and serving the diverse communities I want to reach?" This goes beyond a simple check; it’s a commitment to seeing where you can authentically amplify underrepresented voices.

Build a Strategic Network: Make a list of 5-10 NP founders, mentors, and industry leaders who represent diverse backgrounds. Engage with their content, offer value, and seek out genuine connections. This is how we move from passive observation to active collaboration.

Curate a Purpose-Driven Portfolio: Prioritize collaborations and sponsorships with brands, organizations, and suppliers who are committed to inclusivity. By aligning your business with these partners, you build a practice that is not only profitable but also socially and ethically resonant.

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For Collective Influence
Join Your Professional Village: Don't just join an organization; become an active member of a professional community like the ACNP. This is your "board of directors", a place to find mentors, gain peer support, and participate in industry coalitions that drive systemic change.

Form a Digital Mastermind: Create or join a small, curated group of peers who are committed to mutual growth. Use this space for accountability, strategic problem-solving, and celebrating one another's wins. This replicates the power of coordinated community demands on a smaller, more intimate scale.

Amplify Your Voice: Use your social platforms to share not just your clinical work, but your mission. When you speak about the importance of equitable care and mentorship, you position yourself as a leader who is shaping the future, attracting clients and collaborators who share your values.

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For Sustained Commitment
Invest in a Founder's Education: Success requires continuous learning. Prioritize professional development that goes beyond clinical skills and focuses on business acumen, financial literacy, and digital fluency. This is the foundation that enables you to seize emerging opportunities and build a resilient business.

Establish a "Give-Back" Policy: Integrate a formal commitment to mentorship, advocacy, or pro-bono work into your business model. This could be as simple as dedicating an hour a month to mentor an aspiring NP founder or supporting a local non-profit. This ensures that your success continues to uplift the community that helped you grow.

Lead with Transparency: The 15% Pledge is rooted in accountability. Apply this principle to your own practice by being transparent about your progress, acknowledging challenges, and celebrating your commitment to building an equitable and inclusive business.

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Conclusion

The road ahead for NP entrepreneurs is not a solitary one. The lessons from resilient women founders and the powerful impact of initiatives like the 15% Pledge offer a clear blueprint: community is the catalyst for change, and collective action is our greatest tool for overcoming systemic barriers. If you are a Nurse Practitioner ready to step into your power and build a business that is not only profitable but also purposeful and inclusive, you don’t have to do it alone. The Alliance of Cosmetic Nurse Practitioners™ is the professional home where these values are the foundation of our work. It is the community you’ve been looking for, a place to find expert mentorship, strategic guidance, and the collective support needed to turn your mission into a thriving, sustainable empire. We are here to help you learn from the best, build with confidence, and lead the future of Nursing Aesthetics. Join us and let's shape that future together.

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About the Author

Dr. Kimberly Madison, DNP, AGPCNP-BC, WCC, is a Board-Certified, Doctorally-prepared Nurse Practitioner, educator, and author dedicated to advancing dermatology nursing education and research with an emphasis on skin of color. As the founder of Mahogany Dermatology Nursing | Education | Research™ and the Alliance of Cosmetic Nurse Practitioners™, she expands access to dermatology research, business acumen, and innovation while also leading professional groups and mentoring clinicians. Through her engaging and informative social media content and peer-reviewed research, Dr. Madison empowers nurses and healthcare professionals to excel in dermatology and improve patient care.

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Reference

Ventureneer, CoreWoman, and WIPP Education Institute. (2025). The Impact of Women-Owned Businesses. Wells Fargo.