Business Notes

Women Entrepreneurs a Secret

Although women entrepreneurs are increasing their business impact in leaps and bounds, their economic power and potential remains a secret, according to a new report.

Over the last dozen years, growth in the number of women-owned businesseshas been an unbelievable 320 percent, stated the Center for PolicyAlternatives (CPA) study, "State Venture Policy: Investing inWomen Entrepreneurs." These companies employ over one-quarter of U.S.workers and generate over $3.5 trillion in sales. This trend is likely tocontinue.

"Despite this tremendous growth potential, no state has put together aclear and comprehensive strategy to tap the entrepreneurial spirit of women,"states Linda Tarr-Whelan, President of CPA. Women-owned businesses command a38 percent market share of all business, but only 18 states have an economicdevelopment plan that includes furthering the strides of these businesses.Even fewer states — only 13 percent — collect and analyze the growth anddevelopment of women-owned companies.

Some of the reports recommendations for states to better tap thissector of the economy include:

• Measure the impact of entrepreneurship in general, and women-owned businesses in particular, on their state's economy.
• Develop policies that promote business growth from the micro level to mid-sized level.
• Build public/private partnerships.
• Develop innovative community investment strategies that allows for progressive workforce benefits for employees of small and mid-sized companies.

A copy of this report is available online at State Action.

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