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Women Entrepreneurs and Capital Intentions


From the beginning, humans have been exploring the next frontier. The Americas were viewed as the promise land full of opportunities. But as soon as settlers arrived, women were not afforded equal opportunities. Then, after a while, the West became the next frontier. A foggy bay shrouded in mystery sat waiting to be discovered, and when gold was found, San Francisco boomed. Women flew to the west to fill their apron full of gold as well. Capital Intentions by Edith Sparks gives a glimpse into this time.


There were 3 main types of women found in San Francisco that started businesses. Single never-married women, married women, and divorced or widowed women. They all found themselves in various states of economic oppression from men and turned to proprietorship for different reasons.


Divorced or widowed women needed to provide for themselves financially the most out of the three. Sometimes they inherited businesses from their husbands that they could run and sometimes they came out of a divorce with children and no way to provide for them so they turned to business ownership.


Single women, while they did run businesses in the early days were the first to enter the workforce as women were accepted more and more. They became clerks and phone operators. Married women faced the most discrimination when trying to enter the workforce because many larger businesses wanted to protect the sanctity of marriage and keep women in the home. So these women turned to starting businesses out of their homes such as laundry, clothing shops, beauty stores, boarding, and sewing.


Sparks’ main point throughout the book is that women started businesses to make money, they had capital intentions. Yes, businesses served their lives and it was hard for them to make money elsewhere but they were not damsels in distress; these women were marketing, attracting customers, and making sound economic decisions.



Though women-owned businesses were popular and often seen in the 1850s, the rise of big department stores and easy fashion in the early 1900s led to a decrease in their prominence. However, the women and the businesses they owned had a mark on San Francisco that is still seen today. San Francisco is a city of opportunity for everyone and Sparks claims that women proprietors are the reason for this.


Capital Intentions gives us a look through a window, a moment in time in one city where women-owned enterprises did very well, but in order to understand the industry as a whole, we must investigate women entrepreneurs across time and space. In 2025 in the United States, "15.7 million women-owned businesses comprise 40.6% of all businesses [which makes up] $2.8 trillion in revenue." According to Wells Fargo's 2026 Impact of Women-Owned Businesses Report. This number represents a stunning share of the economy, but that being said, "Their share of firm count far exceeds their share of employment and revenue." This means that the number of women-owned enterprises is high, but they are not hiring a proportionate amount of employees or pulling the expected revenue. This is attributed to "limited capital access, slower entry into high-growth sectors, and other challenges". Having this data allows us to understand where the crucial support for women needs to come in. Women are starting businesses, but more investment needs to be placed on education and support during the turning points in the business, the report suggests, "targeted technical assistance, mentorship, and investment in businesses crossing key growth thresholds."



A blog post from Gusto written by Luke Pardue examines the rise of women entrepreneurs as well. Women-owned businesses are changing the way people view the workforce and boosting the economy in new and necessary ways, “[Women] tend to start businesses in the Healthcare, Education, and Nonprofit sectors at higher rates, and they allow workers increased flexibility on the job.” Because of their real-world struggles, women approach business ownership differently, starting businesses in the sectors that our society needs the most while also supporting their employees.


Similar to the women highlighted in Capital Intentions, women of the current era started businesses to stay close to the home. “Childcare concerns was the top reason women started their own businesses: 28% of women with school-aged children created their business in response to increased childcare responsibilities.” (Pardue, 2023). According to Wells Fargo's 2024 Impact of Women-Owned Businesses Report. Specifically highlighted in this report is the impact that the COVID-19 pandemic had on women starting businesses. “Between 2019 and 2023, the impact women-owned businesses made on the U.S. economy was palpable—adding 1.7 million firms, $579.6 billion in revenue, and 1.4 million jobs to the economy” (Wells Fargo, 2024).


Not only do businesses affect the lives of the women who run them but their business affects everyone’s lives. The pandemic had a similar effect to the gold rush in California, the central and catalyst event in Capital Intentions. Today, business ownership is affected in new and different ways. In our current political situation, it is more important than ever to pay attention to these numbers and ideas so that we may invest in women and their professional futures in a meaningful way.


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References:


Pardue, L. (2023, October 2). The rise of women entrepreneurs. gusto.com. Retrieved March 20, 2024, from https://gusto.com/company-news/the-rise-of-women-entrepreneurs


Sparks, E. (2006). Capital intentions. https://doi.org/10.5149/9780807868201_sparks




 
 
 

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