Women Owned Businesses: A Driving Force In The Economy

When I read articles like this one, my mind automatically goes to businesses that employ hundreds of people and sell millions of dollars in products and services each year.

The fact is that any one who is earning an income without being employed by someone else is a Business Owner, so if you are making a few hundred dollars each month selling your crafts at craft shows or by freelance writing, Congratulations! You are part of this "Driving Force In The Economy".

It's something to be really proud of.

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Women-Owned Firms Are Driving Force In Economy

Roger W. Schmenner, associate dean of the Kelley School of Business Indianapolis, wrote (My View, Nov. 6) that small and mid-sized businesses are "a driving force" in today's economy. I'd like to add that women-owned businesses are the leaders of that driving force. According to the Center for Women's Business Research, based on U.S. Census data, women-owned businesses account for an estimated 51.7 percent of all privately held firms in Indiana.

Of that amount, women own the majority share in an estimated 60.4 percent. Nationally, in 2006, for the past two decades, majority women-owned firms have grown at nearly twice the rate of all firms. Between 1997 and 2006 the number increased from 5.4 to 7.7 million.

Many of these women business owners receive guidance and training from one of the many women's business centers. Indiana has two: Women's Enterprise in Fort Wayne and the Central Indiana Women's Business Center, a program of the Neighborhood Self-Employment Initiative, in Indianapolis. At CIWBC, we provide training, counseling, micro loans, mentoring, and other resources and assist more than 1,500 small business owners and operators.

Of those seeking to start or grow businesses, 73 percent are women and 69 percent are African Americans. The CIWBC is one of 124 women's business centers in the country, funded in part by the U.S. Small Business Administration. For more information, please contact CIWBC at (317) 917-3266 or online at nsibiz.org.
Sharon O'Donoghue
Director, Central Indiana
Women's Business Center
Indianapolis

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