Women entrepreneurs are no longer a small segment of the U.S. business community. They are a significant economic force.

According to the latest comprehensive data from the U.S. Census Bureau, women owned 14.2 million U.S. businesses in 2023, generating approximately $2.8 trillion in receipts. With 36.4 million employer and non-employer businesses nationwide, women-owned businesses represent roughly 39 percent of all U.S. businesses.

Behind those numbers are millions of women turning ideas, expertise, and passion into businesses that create income, jobs, and opportunities, while contributing to the vitality of our communities.

But starting a business is only the beginning.

Recent research on women entrepreneurs highlights concern about inflation, market volatility, building wealth, and preparing for what comes next. An especially important issue is financial fluency, understanding the financial health of a business well enough to make informed decisions about growth, investment, and eventually, succession.

A founder may be exceptional at what she does but uncomfortable with a profit-and-loss statement, cash flow, business valuation, or long-term financial planning. Entrepreneurs don't need to become accountants, but they do need to understand their numbers and ask the right questions.

Financial fluency puts women in the driver's seat.

It also changes how we think about entrepreneurship. We should not simply help women start businesses. We should help them build businesses that can grow, create wealth, and ultimately, have value beyond the founder.

That means thinking about succession much earlier. What happens to the business in five, ten, or twenty years? Can it operate without its founder? Could it be transferred to a family member, employee, or new owner? What does the entrepreneur need financially for her own next chapter?

This is closely aligned with the philosophy of SCORE. Mentoring isn't simply about helping someone write a business plan or open the doors. SCORE's volunteer mentors work alongside entrepreneurs throughout the business journey; helping them understand financial statements, evaluate challenges, access resources, grow strategically, and prepare for transition.

And mentors share something equally valuable: experience. The bumps in the road are often where entrepreneurs learn the most. Sharing those stories can help the next woman navigate her own challenges with greater knowledge and confidence.

With 14.2 million women-owned businesses generating $2.8 trillion, supporting women entrepreneurs isn't simply about supporting individual businesses. It is an investment in our local economies, our families, and our communities—and in preparing the next generation of women entrepreneurs to build businesses, create wealth, and lead.

SCORE Western Connecticut is an important part of the entrepreneurial journey. SCORE provides free, confidential mentoring to help entrepreneurs think through the steps of starting and operating a business, identifying questions they should be asking, and connecting elaborate array of resources. Find out more at and connect with a Mentor at https://www.score.org/ct/western-connecticut/.

Kathryn Hebert is chair of community development and engagement and a SCORE-certified business advisor. She can be reached at kathryn.hebert@scorevolunteer.org.