What you may not know about Women-Owned Businesses

What you may not know about Women-Owned Businesses

By: Jill Mendoza: Did you know that more than 7 million people work for women-owned companies, and these businesses bring in about 1.3 trillion in revenue?  It is a well know fact, as our economy changes, entrepreneurial women are emerging as leaders of industry, bringing significant, fresh ideas to the marketplace.  Here at IDO Incorporated we are proud to be counted in these numbers.  It is also true that women tend to tell their stories, reveal their challenges and inspire others with their successes more so than any other business group. Since IDO is so similar to other women business models understanding what’s happening with women business owners is a crucial part of continuing our growth and success.  The fact is growth by women-owned businesses is surging at a pace faster than that of any other group — over the past 15 years, 1.5 times greater than other groups. That’s a tremendous accomplishment, and women have reason to celebrate. According to a Meshable Business Article; “we also learned that’s just half of the story. While women are starting and growing new and innovative ventures in droves many eventually experience growth pains at the 5 to 9 employee and $250,000 to $499,999 revenue marks. Between 1997 and 2002, and then again from 2007 to 2012, we saw dips in the overall growth rates of women-owned businesses at these employee and revenue points. In addition, even though 29% of businesses are women-owned, overall, they only contribute to 4% of revenue in this country and 6% employment. So while there is much success and progress to be proud of, there is still more that we can all do to support today’s woman business owners.” “Data like this is just the start of a conversation that the American Express OPEN publication wants is to be a part of. For the next several weeks, OPEN will initiate a dialogue with infographics, profiles of women leading the way in the tech space and articles that celebrate and encourage women in the small business world. OPEN wants to celebrate and help  female entrepreneurs and fans of female entrepreneurs everywhere, to reach even greater heights. This conversation is just the beginning, and the implications are profound — women entrepreneurs have the ability to turn our economy around.” The data provided here is from the American Express OPEN publication.  What are your thoughts about this data? How are you #PoweringTomorrow in your community and with your business and the business you do with Women Business Owners? Tell them on Twitter: “I am #PoweringTomorrow by____________.”

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