October hails women small business owners during National Women’s Small Business Month. It’s a time to celebrate the growth and accomplishments of female entrepreneurs and to recognize the vital role they play in our economy.
THE CHANGING FACE OF ENTREPRENEURSHIP
Women-owned small businesses are one of the fastest growing sectors of our economy. More than 11.6 million women-owned firms in the U.S. employ nearly 9 million people and generate $1.7 trillion in sales as of 2017. Fifty one percent or more account for 39% of all privately held firms and contribute 8% of employment and 4.2% of revenues. (Statistics from the American Express OPEN “The State of Women-Owned Businesses 2017).
Yet, an estimated 70% of women founders walk away from their businesses. Many of them count the lack of mentors and the absence of a support system as reasons why. (DePaul’s Women In Entrepreneurship Institute)
Several business organizations exist today that offer mentoring support, training workshops and even loans for women business owners. Once such place is the Small Business Association (SBA). The SBA offers additional resources such as local Women’s Business Centers (WBCs) and SBA Lending Programs. These Women’s Business Centers are an effective resource to encourage and help women small business owners obtain success through mentoring and training
We salute October’s women small business owners today in honor of National Women’s Small Business Month. Women entrepreneurs small and large have Socially Sparked® our lives and will continue to do so at a rapidly inclining pace. Bravo.