Women at the helm of one million UK small businesses
Minority ethnic groups in charge of an estimated 300,000 small firms
Around one million (20%) of small and medium-sized enterprises in the UK were majority women led in 2014, according to research from the Department for Business, Innovation & Skills.
Defined as a company where women make up more than 50% of the partners or directors in day-to-day control of the business, or where the sole proprietor is a woman, such businesses contributed an estimated £85bn in gross value added (GVA) to the UK non-financial business economy.
The report also found that around 300,000 (6%) of small businesses were led by minority ethnic groups in 2014, contributing approximately £30bn in GVA to the UK non-financial business economy.
The non-financial business economy, which amounts to around two thirds of the whole UK economy, excludes large parts of agriculture, all of public administration and defence, public healthcare, education and the financial sector – and includes non-financial services, distribution, production, construction and parts of agriculture.