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MINDING OUR OWN BUSINESS February 28, 2004 by Linda Hirvonen Delta County Economic Development Alliance WOMEN IN BUSINESS February was Women in Business month, and as we do annually, the EDA has compiled some materials relating to women-owned businesses and business issues. According to the Center for Women's Business Research, women-owned businesses have fared well in the last five years when compared with other U.S. businesses in growth and in economic contribution. The following 2003 facts belong to the Center for Women’s Business Research and are taken directly from the National Federation of Women Business Owners’ website www.nfwbo.org: • 10.1 million firms are at least 50% owned by a woman or women. • Forty-six percent (46%), nearly half, of all businesses are at least 50% owned by a woman or women. • Between 1997-2002, the number of privately-held majority or 50% women-owned businesses grew by 11%, more than 1 ? times the rate of all privately-held firms. • One in every eleven adult women owns a business. • More than 18 million workers are employed by a woman business owner. • One in seven workers is employed by a woman-owned business. • Women entrepreneurs generate nearly $2.3 trillion in revenues to the U.S. economy. • The number of women-owned employer firms grew by 37% between 1997 and 2002, four times the growth rate of all employer firms. • One in five women-owned businesses is owned by a woman or women of color. Eighty-six percent (86%) of women business owners use the same products and services at home as they do in their businesses. Women and men business owners have different management styles. Women are less hierarchical, may take more time when making decisions, seek more information, and are more likely to draw upon input from others ? including fellow business owners, employees and subject-matter experts. Women business owners are philanthropically active: seven in 10 volunteer at least once per month; 31% contribute $5,000 or more to charity annually; 15% give $10,000 or more. Women business owners are more likely than men to serve in leadership positions in their volunteer pursuits. • High net worth women business owners and executives are active and generous philanthropists. Over half contribute in excess of $25,000 annually to charity, including 19% who give $100,000 or more. The fastest growth is in the number of 100+ employee and $1M+ women-owned firms. Between1997-2000, the number of 100+ employee women-owned firms grew by 44% and $1M+ women-owned firms increased in number by 32% both over 1 ? times the rate of all comparably-sized firms. The workforce employed by women-owned firms shows more gender equity than other businesses. Women business owners overall employ a roughly gender-balanced workforce (52% women and 48% men), while men business owners employ, on average, 38% women and 62% men. Women who have started their businesses within the past 10 years have more managerial experience, education, and have the same overall business revenue and employment profiles as women who have been in business 20 years or more. They are more similar to their male cohorts in these respects, and are also more growth-oriented than women who have been in business longer. Women-owned firms continue to diversify into all industries. Construction, manufacturing and transportation have seen the largest recent increases in the number of women-owned firms, although services and retail still make up the largest share of women-owned firms. In looking for Michigan based statistics, these figures were also found on the nfwbo’s website. As of 2002, there are an estimated 217,132 majority-owned, privately-held women-owned firms in Michigan, accounting for 31% of all privately-held firms in the state Women-owned firms in Michigan employ over 292,000 people and generate nearly $38.1 billion in sales. Between 1997 and 2002, the Center estimates that the number of women-owned firms in Michigan increased by 18%, employment grew by 28%, and sales increased by 44%. The Center estimates that there are 37,042 women-owned employer firms in Michigan. The number of these firms grew by 39% from 1997 to 2002 – three and a half times the growth rate of all employer firms in the state (11%) Among the 50 states and Washington, DC, Michigan ranks 8th in the number of women owned firms in 2002, 8th in employment, and 8th in sales. Michigan ranks 19th in the growth in the number of women-owned firms between 1997 and 2002, 31st in employment growth, and 29th in sales growth among the states and Washington, DC. Find more about it: For further information, contact the Center for Women’s Business Research , 1411 K Street, NW, Suite 1350, Washington, DC 20005-3407 USA. Phone: 202-638-3060; E-mail: info@womensbusinessresearch.org or visit www.womensbusinessresearch.org. Come Grow with Us in Delta County! Linda A Hirvonen, Executive Director Delta County Economic Development Alliance 230 Ludington Street Escanaba MI 49829 (906) 786-2192 or fax (906) 786-8830 |
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