A Boom in Women-Owned Firms More and more women are starting their own businesses. Statistics compiled by the U.S. Small Business Administration show that women-owned small firms are increas ing three times as fast as the number of male-owned companies. Other govern ment statistics show that one in every four sole proprietorships in the country today is headed by a woman and that receipts of women-owned businesses have increased 112 percent in recent years. SBA officials cite three factors as con tributing to the sharp increase in women-owned firms: —Because more and more women are entering the nation’s work force, women are acquiring skills and ex perience that can be translated into entrepreneurship -Because of business and academic education, women are positioning themselves for business opportunities in expanding fields, such as aerospace, telecommunications, electronics and biomedical engineering. - Because of the nation's overall growth, more opportunities are available for new business startups, especially in service industries. Almost half of women-owned small firms are in the service sector. President Reagan’s Annual Report on the State of Small Business, prepared by SBA’s Office of Advocacy, shows that women-owned businesses have been increasing at an annual rate of 10 percent or more in seven major types of businesses. The chart below tells this story: Female-Operated Businesses with Annual Growth Rates of 10 Percent or More, 1977-1982 Type of Business Annual Rate of Growth (Percent) Business Services Management and Public Relations 22.3 Services to Buildings 18 3 Medical and Health Services Miscellaneous Medical and Health Services Nursing and Personal Care Facilities Professional Services Legal Services Accounting, Auditing, and Bookkeeping 12.0 17.9 27.1 15.5 Finance, Insurance and Real Estate Security Brokers and Dealers 78.3 Commodity Contract Brokers and 21.9 Exchange Services Insurance Agents, Brokers and 21.0 Services M anufacturing Apparel and Other Textile Production 23.9 Construction General Building Contractors 39.3 Agriculture Services Animal Services Except l ivestock 13 6