BUSINESS
& T
FINANCE
U.S. Census Report Indicates Strong Growth for Women-Owned Businesses
he National Women’s Business Coun- cil is pleased with the findings of this
morning’s U.S. Census report which indi- cates a 20% increase in women’s business ownership. Estimates from the 2007 Sur- vey of Small Business Owners (SBO) in- dicates that majority-owned (51%+), women-owned businesses increased from 6.5 million to 7.8 million over the years 2002 - 2007. This number, however, does not reflect the current economic down- turn, first evidenced in December 2007. “The Council is pleased with the
growth of the number of majority-owned, women-owned businesses during this five year span, but we are particularly inter- ested in the impact of the economic down- turn, the effects of which we do not yet have statistics. We’d like to know whether the downturn has created more opportuni- ties for entrepreneurs, or, in fact, has forced small businesses to close,” ob- served Margaret Mankin Barton, Execu- tive Director of the National Women’s Business Council. Last fall, the NWBC, in collaboration
with WIPP and WalMart, released an eco- nomic impact study which measured the total contributions of women’s entrepre- neurship on the economy. The findings suggest that women-owned businesses provide over $3 trillion to the U. S. econ- omy, despite only 20% of these firms hav- ing employees. The economic growth po- tential for both women-owned businesses and the overall U.S. economy is simply enormous. This fall, the NWBC, WIPP and Wal-
mart will release a new study examining why the overwhelming majority of wom- en business owners are non-employer firms. “This study will be a snapshot of the current situation for women’s busi- nesses, released in real time. The report
48 PROFESSIONAL WOMAN’S MULTICULTURAL MAGAZINE
will help the Council make policy recom- mendations to key leadership, enabling them to remove federal barriers to growth, if they exist,” Barton said. “We are very pleased with the growth as reflected in the Census report, but need to continue to
CELEBRATING 10 YEARS OF DIVERSITY
support women entrepreneurs at all stages along the business continuum, especially during this difficult economic time”.
Source: The National Women’s Business Council WWW.PROFESSIONALWOMANMAG.COM
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