Women Entrepreneurs: Not an Easy Path
“Women entrepreneurs are leading a quiet revolution in today’s business world. More of you are starting businesses than ever before, your businesses are growing faster and, most importantly, you are leaders in creating jobs,” said U.S. Secretary of Labor Elaine L. Chao at the Center for Women’s Business Research 9th Annual Executive Roundtable.
Today, there are 6.2 million women-owned firms employing 9.2 million people and generating sales of $1.5 trillion. Women are starting businesses at twice the rate of men. Between 1997 and 2002, the number of minority women-owned firms increased four times faster than all U.S. firms and more than twice the rate of all women-owned firms. The 2002 Census Bureau reported that women also filled 46 percent of management positions.
Why did those statistics catch my eye? This month marks the 6th anniversary of my becoming a business owner. While I was instrumental in founding Central Illinois Business Publishers, Inc., it wasn’t until July 1997 that I became the sole business owner. The idea of owning my own business was born out of survival. Traits common to men—motivation, persistence, and hard work—all are necessary for start-ups, maintenance, and growth of a business.
A sensitive issue for women business owners and executives, I much prefer to be just a “business owner”—not a member of a minority whose label often entitles special privileges. But as a small business owner, I’ve noticed an occasional gender bias. And with some unique responsibilities as a woman, I recognize the extra effort and challenges associated with leading a growing business.
Owning a business doesn’t necessarily give one a flexible schedule, shortened workdays, higher wages, or less stress. On the contrary, the responsibilities associated with being a serious, actively involved business owner weigh heavily 24 hours a day, seven days a week. When one’s own finances, reputation, retirement—not to mention current quality of life—depend on the success of the business, the effort put forth on a daily basis is critical.
All of the issues important to Fortune 500 companies are important to the small business owner: attracting and retaining quality employees, upgrading technology, negotiating with vendors, planning for expansion, balancing accounts receivables with accounts payables, etc. Small business owners typically won’t pay themselves until payroll and other bills are met.
Along with the increasing number of women in executive positions is the number of stay-at-home dads. Running a successful business requires more time and emotional energy than most can juggle. A supportive spouse, nanny, and/or housekeeper are critical. It’s rewarding to see confident males choosing to enjoy these non-traditional roles as well.
Hard working, highly educated, confident, and motivated, those seeking to create their own destiny by owning a business should consider the costs. The sacrifices made on the entrepreneurial path are real, but so is the personal gratification and, hopefully, financial rewards for operating a successful business.
Thank you, central Illinois, for believing in this woman entrepreneur. Thanks also to the hardworking, creative staff of The Peoria Woman, and to our readers whose feedback reward us as well. TPW
Today, there are 6.2 million women-owned firms employing 9.2 million people and generating sales of $1.5 trillion. Women are starting businesses at twice the rate of men. Between 1997 and 2002, the number of minority women-owned firms increased four times faster than all U.S. firms and more than twice the rate of all women-owned firms. The 2002 Census Bureau reported that women also filled 46 percent of management positions.
Why did those statistics catch my eye? This month marks the 6th anniversary of my becoming a business owner. While I was instrumental in founding Central Illinois Business Publishers, Inc., it wasn’t until July 1997 that I became the sole business owner. The idea of owning my own business was born out of survival. Traits common to men—motivation, persistence, and hard work—all are necessary for start-ups, maintenance, and growth of a business.
A sensitive issue for women business owners and executives, I much prefer to be just a “business owner”—not a member of a minority whose label often entitles special privileges. But as a small business owner, I’ve noticed an occasional gender bias. And with some unique responsibilities as a woman, I recognize the extra effort and challenges associated with leading a growing business.
Owning a business doesn’t necessarily give one a flexible schedule, shortened workdays, higher wages, or less stress. On the contrary, the responsibilities associated with being a serious, actively involved business owner weigh heavily 24 hours a day, seven days a week. When one’s own finances, reputation, retirement—not to mention current quality of life—depend on the success of the business, the effort put forth on a daily basis is critical.
All of the issues important to Fortune 500 companies are important to the small business owner: attracting and retaining quality employees, upgrading technology, negotiating with vendors, planning for expansion, balancing accounts receivables with accounts payables, etc. Small business owners typically won’t pay themselves until payroll and other bills are met.
Along with the increasing number of women in executive positions is the number of stay-at-home dads. Running a successful business requires more time and emotional energy than most can juggle. A supportive spouse, nanny, and/or housekeeper are critical. It’s rewarding to see confident males choosing to enjoy these non-traditional roles as well.
Hard working, highly educated, confident, and motivated, those seeking to create their own destiny by owning a business should consider the costs. The sacrifices made on the entrepreneurial path are real, but so is the personal gratification and, hopefully, financial rewards for operating a successful business.
Thank you, central Illinois, for believing in this woman entrepreneur. Thanks also to the hardworking, creative staff of The Peoria Woman, and to our readers whose feedback reward us as well. TPW