A Salute to the Queens: The Women in Business Who Paved Our Path

A tribute to the trailblazers who turned "impossible" into "inevitable"

Bottom Line Up Front

While you're crushing it in your corner office or bootstrapping your startup in 2025, remember this: in 1972, there were a little over 400,000 women-owned businesses in the United States, and until 1988, women needed a male relative to co-sign if they wanted to apply for a business loan. Fast forward to today? There are 14 million women-owned businesses, representing 39% of all U.S. firms, employing over 12 million people and generating nearly $2.7 trillion in revenue (Source: SBA, 2023). Not exactly a small leap—more like a rocket ship trajectory fueled by the audacity of women who refused to take "no" for an answer.

When "Women's Work" Meant Revolutionary Work

Let's start with some sobering historical context. The first female-owned business in the United States is recorded in 1739 when Eliza Lucas Pinckney took over her family's plantations in South Carolina when she was 16 years old. We must acknowledge the deeply problematic reality that this historic "first" was built on the foundation of enslaved labor—a system of human exploitation that we cannot celebrate even as we recognize the business acumen involved. While Pinckney's agricultural innovations with indigo dye became one of colonial America's most profitable exports, this success came at the unconscionable cost of human bondage and suffering.

This harsh reality reminds us that the story of women in American business is complex and often intertwined with the nation's troubled history. As we celebrate progress, we must also reckon with the fact that early opportunities for some came through systems that denied basic humanity to others.

Moving forward in history, we see a pattern emerge: In the 18th and 19th centuries, women operated small businesses that they attained from inheritance or to supplement their income. In many cases, they were trying to avoid poverty or were replacing the income from the loss of a spouse. At that time, the ventures that these women undertook were not thought of as entrepreneurial.

Translation? Women were building empires and saving families from financial ruin, but society was like, "Oh, that's just women doing women things." The audacity!

The Iron Lady Who Actually WAS an Iron Lady

Before we had a British Prime Minister nicknamed "The Iron Lady," America had the original iron lady: Rebecca Lukens. And trust us, her story is more dramatic than any Netflix series.

Rebecca Lukens (1794–1854) was the owner and manager of the iron and steel mill which became the Lukens Steel Company of Coatesville, Pennsylvania. Fortune Magazine called her "America's first female CEO of an industrial company" and its board of editors named her to the National Business Hall of Fame in 1994.

Here's the plot twist: In 1825, at the age of 31 and expecting her sixth child, Rebecca Lukens endured a heart-wrenching loss. Her husband, Charles Lukens, died unexpectedly from illness. On his death bed Charles made Rebecca promise she would take over Brandywine Iron Works and Nail Factory.

So there she was—31, pregnant, widowed, with five kids and a failing business. Any reasonable person would have sold everything and moved in with relatives. But Rebecca? She said, "Hold my iron rod," and proceeded to:

• Pay off the mill's debts and satisfy outstanding orders
• Pay off debts and rebuild the facility after a second devastating flood in 1834
• In 1844, she was worth $60,000 (about $1.7 million today)
• Run the business successfully for 22 years until her retirement in 1847

By the 1840s, Rebecca's mark on the mill was undeniable. She had completely renovated it and made it profitable. The company she saved? The renamed Lukens Iron Works produced steel for over a century. In 1957, 600,000 tons of steel plates were manufactured by Lukens at the same mill site as the one fought for and saved by Rebecca Lukens.

Talk about leaving a legacy that literally built America.

From Laundress to Legend: Madame C.J. Walker's Million-Dollar Hair Revolution

Now, let's talk about someone who turned personal struggle into a business empire that would make modern influencers weep with envy. Madam C. J. Walker (born Sarah Breedlove; December 23, 1867 – May 25, 1919) was an American entrepreneur, philanthropist, and political and social activist. Walker is recorded as the first female self-made millionaire in America in the Guinness Book of World Records.

But her start? Orphaned at 7, married at 14, and widowed at 20, she became a single mother earning $1.50 a day as a washerwoman. Let that sink in—$1.50 a day. That's about $45 in today's money. Per day.

Her eureka moment came from personal pain: Walker was inspired to create haircare products for Black women after a scalp disorder caused her to lose much of her own hair. She developed "Madam Walker's Wonderful Hair Grower" and started with an initial investment of $1.25.

Here's where it gets absolutely legendary:

• In her final year of life, her earnings topped $500,000 ($8.7 million in today's dollars)
• By the time of her death, the Madame C.J. Walker Company had employed some 40,000 people, largely Black women who sold Walker's products
• She provides employment for thousands of women at a time when employment options for Black women were severely limited

But wait, there's more! Walker wasn't just about the business—she was about the movement. An advocate of black women's economic independence, she opened training programs in the "Walker System" for her national network of licensed sales agents who earned healthy commissions. Some of the ads said: "You have made it possible for a Black woman to make more money in a day selling your products than she could get a month working in somebody's kitchen".

Walker's mansion? Her mansion in the tony Westchester village of Irvington was, according to the Times, "one of the show places in the vicinity," which was saying a lot: The neighborhood was also home to tycoons Jay Gould and John D. Rockefeller.

She literally went from washing clothes for $1.50 a day to living next door to Rockefeller. If that's not the ultimate glow-up, we don't know what is.

The Numbers That Tell the Real Story

Let's pause for some statistics that'll make you want to frame them and hang them in your office:

Then vs. Now: The Transformation

• 1972: Only 4.6% of all businesses in the U.S. were women-owned
• 2019: That number had increased to 42%
• 2024: 49% of all new U.S. businesses were started by women, reaching a record high

The Economic Powerhouse

• There are 14 million women-owned businesses, representing 39% of all U.S. firms, employing over 12 million people and generating nearly $2.7 trillion in revenue (Source: SBA, 2023)
• There was a 13.6% increase in women-owned businesses from 2019 to 2023.

Breaking Barriers Faster Than Ever

• In the past two decades, the number of women entrepreneurs has increased 114%
• 17% of Black women are starting businesses—faster than white women, at 10%, and white men, at 15%
• Women's entrepreneurial ventures were the driving force behind America's economic rebound from COVID-19, creating about half of all new U.S. businesses compared to just 29% before the pandemic.

The Historic Game-Changers You Need to Know

The Pioneers Who Said "Watch Me"

Elizabeth Keckley (1818-1907): Born into slavery in Virginia, she became one of Washington, D.C.'s most popular dressmakers and used her sewing skills to buy freedom for herself and her son for $1,200. Her talents eventually reached Mary Todd Lincoln, who became both a client and close friend.

Lydia Pinkham (1819-1883): When male doctors dismissed women's gynecological complaints, Pinkham built her own solution. Drawing on centuries-old traditions of female healers, Lydia Estes Pinkham built her business to give women another choice. When the 1873 financial crisis ruined her husband, Pinkham decided to turn her kitchen stovetop enterprise into a bonafide business.

Margaret Getchell (1841-1880): Starting as a cash clerk at R.H. Macy & Co. in 1860, she became the first female superintendent of a major retail establishment in the United States at just 25 years old. She suggested the store be kept open on Christmas Eve, which started the decades-long tradition.

Maggie Lena Walker (1864-1934): In 1903, she became the first African American woman to charter a bank in the United States—the St. Luke Penny Savings Bank in Richmond, Virginia. By 1924, the Independent Order of St. Luke, the fraternal organization she led, which supported her bank, had over 50,000 members, and St. Luke Penny Savings Bank survived the Great Depression, unlike many others.

The Modern Marvels

Estée Lauder: When Time magazine published its list of 20 most influential business geniuses of the 20th century in 1998, it contained a single woman: Estée Lauder. She literally convinced department stores to give her counter space by doing makeovers in the ladies' rooms.

Sara Blakely: With just $5,000 in savings, Blakely created Spanx and became the youngest self-made female billionaire. She cut the feet out of pantyhose, turned it into a billion-dollar shapewear empire, and proved that sometimes the best innovations come from solving your own problems.

Whitney Wolfe Herd: Founder of Bumble, became one of the world's youngest female self-made billionaires at 31, and became the youngest woman to take a company public in 2021 Medium

Melanie Perkins: Co-founded Canva in 2013, revolutionizing graphic design with an easy-to-use platform accessible to everyone 

Anne Wojcicki: Co-founder and CEO of 23andMe, launched the company in 2006 to make DNA testing accessible and turned it into a global leader in personalized healthcare Medium

Mary Barra: CEO of General Motors, making her the first woman to lead a major global automaker, has led GM through significant changes including its pivot towards electric vehicles Oxford Summer Courses

Julie Sweet: CEO of Accenture and one of TIME's most influential people, has helped the company through multiple digital transformations while focusing on sustainability and inclusivity

The Legal Milestones That Changed Everything

Let's get real about the legal hurdles our predecessors faced:

• Pre-1988: Some states required women to have a male family member co-sign on their business loan applications
• October 1988: President Ronald Reagan's signing of H.R. 5050, which is the Women's Business Ownership Act. This legislation increased federal support of women-owned businesses and made it easier for female entrepreneurs to get working capital and business training and assistance
• Today: The government has a goal that 5 percent of all federal contracting dollars are awarded to women-owned small businesses. In 2017, $20.8 billion in government contracts were awarded to women-owned small businesses

The Challenges That Still Keep Us on Our Toes

Before we get too comfortable with our success stories, let's acknowledge the reality check:

The Funding Gap is Real

• In a study focusing on the financing received by entrepreneurs from banks, it was found that male entrepreneurs received more funding than their female counterparts, despite having the same number of employees and past performance track record
• Only 2% of UK venture capital funding is allocated to female-only teams
• Only 8.9% of proposals brought to VCs were put forward by women

The Pay Gap Persists

• On average, women are still being paid less than men for their work, just 82 cents for every dollar earned by men
• In the US in 2022, women earned an average of 82% of what men earned

But here's something to inspire you: Women of color, on average, start more businesses than their white counterparts and are seizing control of their own wages and profit as a result.

When the system doesn't work for you, you build your own system. Period.

October: Our Month to Shine

Every October, SBA honors the milestone achievements of today's women-owned businesses during National Women's Small Business Month. This isn't just a month of celebration—it's a call to action.

The SBA provides incredible resources:

• Nearly 150 Women's Business Centers (WBCs) stationed across the country, each of them offering no- or low-cost counseling, mentoring, training, and business development resources
• Last year, WBCs supported more than 150,000 women, resulting in tremendous revenue and job growth for the businesses they served -- $1.7 billion in revenue and 17,000 new jobs

The Bottom Line: We're Not Just Making History—We're Making the Future

Here's what blows our minds: Female entrepreneurs in the U.S. rank their happiness at almost three times that of women who aren't entrepreneurs or business owners. We're not just building businesses; we're building better lives.

From the complex legacy of early figures like Eliza Lucas Pinckney—whose business innovations were tragically built on enslaved labor—to today's entrepreneurs launching unicorn startups, women have always been driving economic change. We've always been building. The difference now? The world is finally paying attention, and we can build enterprises that uplift rather than exploit.

A monthly average of 440,000 new business applications were filed between 2021 and 2023. That's a 45% increase over the prior four years combined, and women, along with Latinos and Black Americans, were major drivers of that growth.

The women who came before us didn't just break glass ceilings—they pulverized them, swept up the shards, and used them to build diamond-strong foundations for the rest of us. Now it's our turn to build on their legacy.

This October, During National Women's Small Business Month:

1. Shop women-owned businesses (they're generating $2.7 trillion in revenue—let's make it $3 trillion)
2. Mentor someone (Rebecca Lukens had Charles' business partners; Madame Walker had her network)
3. Share your story (your journey matters, even if you're just starting)
4. Support policy changes that increase access to capital and contracts
5. Celebrate loudly (our success is not a threat to anyone's success—it's proof that rising tides lift all boats)

The pioneers paved the path with grit, genius, and sheer audacity. Now let's honor them by building businesses that would make them proud—and maybe a little jealous of our technology, funding options, and the fact that we can run global empires from our laptops.

After all, we're not just business owners. We're the descendants of women who turned impossible into inevitable. And trust us—we're just getting started.

Sources

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3. 7 Trailblazing American Women Entrepreneurs | HISTORY
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5. Madam C.J. Walker | National Women's History Museum
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