Since May is the month that we honor mothers and women in general, we want to take a moment to also recognize the tremendous benefits that women bring to the U.S. economy and small business world. The recipe to be a successful entrepreneur and a mom are much the same. They both require black belt status in: tenacity, decisiveness, encouragement, perseverance, financial management, strategic planning, and of course PATIENCE.
Some of these skills are already sharpened at the onset of the adventure and some are learned and perfected during the journey. Just like motherhood, in business there will be setbacks, you will need to ask for help, seek out expert advice, you celebrate victories large and small, you cheer on the home team, sometimes you will take risks and sometimes you hunker down. Regardless, you know in the end all of the hard work is worth it and that just beyond the chaos is the joy in the journey.
It sometimes might feel you are a small fish in a large pond but the cumulative effect that women owned businesses bring to the U.S. economy is beyond impressive.
The National Association of Women Business Owners (NAWBO) and womenable.com provide the following statistics on the state of women owned businesses in the U.S.
- More than 9.4 million firms are owned by women, employing nearly 7.9 million people, and generating $1.5 trillion in sales as of 2015.
- Women-owned firms (51% or more) account for 31% of all privately held firms and contribute 14% of employment and 12% of revenues.
- By 2018 1 in 3 jobs will be generated by women owned businesses.
- The number of women-owned firms is increasing at a rate 1-1/2 times the national average.
- 500 women owned businesses are started every day.
- Women control two-thirds of the consumer wealth in the U.S.
In addition to the financial and employment effects that women owned firms have on the U.S. economy there are also impressive statistics around female buying power. As part of the sandwich generation, many of women are not only making buying decisions for themselves but also for their children and elderly parents. according to 2013 Nielsen article “U.S. Women Control the Purse Strings” female purchasing power in the U.S. ranges somewhere between $5 trillion and $15 trillion, that women control two-thirds of U.S. consumer wealth and that number is only increasing. “Fleishman-Hillard Inc. estimates that women will control two-thirds of the consumer wealth in the U.S. over the next decade and be the beneficiaries of the largest transference of wealth in our country’s history—compelling insight for anyone curious about who’s keeping the U.S. economy going these days.”
CVM salutes and congratulates all of the female entrepreneurs forging their path, working mothers, at home mothers, daughters and caregivers this May. Your contributions are essential to the health, wealth, and future of our country.