Debunking Myths About Mom and Pop Shops (INFOGRAPHIC)

Family Business Statistics

Mom-and-pop shops still make up a large portion of retail small businesses.

But one of the biggest myths about mom-and-pops is that they’re almost always run by the pops, not the moms.

Not so, according to new data from Constant Contact (NASDAQ:CTCT).

Family Business Statistics

In recognition of National Mom and Pop Business Owners Day, on March 29, Constant Contact gathered data and compiled an infographic on the most common misconceptions related to small, family-owned businesses, the hub of American consumer culture.

Myth: Women Leaders are Absent from Family-run Businesses

One of the most striking myths highlighted by the mom-and-pop shops infographic is the somewhat erroneous surmise that small, family businesses have fewer female leaders running the business than in non-family organizations.

In reality, a larger number of women lead family businesses compared to non-family companies. In fact, 24 percent of family-ran businesses have a woman CEO, while just 15 percent of total companies have a female business leader.

Female entrepreneurs have played a vital role in fueling economic growth in America. Research shows that during the last nine years, businesses owned by women have increased at a rate of five times the national average, generating a staggering $1.6 trillion in revenue.

With a higher number of women running family-owned businesses, Mom entrepreneurs are a force to be reckoned with in pop shops and other family businesses, essential components of America’s economy and heritage.

Which brings us on to another highlight of the Family Business infographic. One common myth surrounding family-owned business ventures is that they are not essential for economic growth. Wrong again! By contrast, family businesses account for 78% of new jobs created in America and a whopping 64% of GPD.

With the truth about some of the most prevalent family businesses myths uncovered, small family-run businesses should not only appoint the female entrepreneur in the family with pride, but they should take great comfort in knowing their business venture is an imperative feature of America’s economic growth and commercial prosperity.

Check out more interesting family business data on the Constant Contact infographic below.

Family Business Statistics - Infographic

Family Business Photo via Shutterstock

This article, “Debunking Myths About Mom and Pop Shops (INFOGRAPHIC)” was first published on Small Business Trends