The White House *Hearts* Women Entrepreneurs

Tue, October 5, 2010

Changing the World, Economy

When you get an invitation to the White House, you go.

No, my invite wasn’t like the one the Michaele and Tareq Salahi claimed to have received, but getting any chance to go to the White house through the press entrance is a great opportunity, and one that I hope more online writers (I’m on my new kick not to call us bloggers) will have!

The occasion was the White House Women’s Entrepreneurship Conference and the release of new data on how women business owners have been faring since the late 1990s, as well as new efforts to support women in their efforts to create successful businesses.

Why, you may ask, do women need any special help?  Sadly, women haven’t traditionally fared as well as men-owned businesses for a variety of reasons, including that women haven’t sought as much outside business financing as men, and when women do seek business loans, they’re turned down in greater numbers than men or receive less financing than men.

Hosted by White House Senior Advisor Valerie Jarrett, who is also the Chair of the White House Council on Women and Girls which hosted the event, the session started off with a panel discussion moderated by MSNBC’s Mika Brzezinski (who was rocking some serious heels, I might say!)

According to the report entitled Women Owned Businesses in the 21st Century, put together by the Department of Commerce, while women own about 30 percent of privately-held businesses, they account for only 11 percent of sales and 13 percent of employment, but the numbers of women striking out on their own are increasing and could well be the key to turning our country’s economy around if women can get the kind of financial support that men-owned businesses typically have.

The report looks at data over a ten year period and concludes that women business owners need additional support and that it’s essential for the economy to give them that support. Why?  Well, I can give you about 1.2 trillion reasons — women-owned businesses have $1.2 trillion in annual sales and have added half a million jobs to the economy.

As Adam Sandler might say, “Not too shabby!”

With an additional kick-start, those businesses can do even better.  The conference was the place for the  announcement of one way to help –  the Women’s Contracting Rule, which will require at least five percent of federal government contract jobs be awarded to women-owned businesses.  I was glad to hear that high level government officials also acknowledged and discussed the dire need for more focus on workplace flexibility as a tool to help the country regain its economic footing, emphasizing that it’s not a women’s issue or a mom’s issue — it’s an everybody issue that just makes sense.

The key advice for women who want to take their small businesses to the next level?

1. Learn to be calibrated risk takers when comes to starting or expanding your business,

2. Become fluent in the language of money.  It’s all well and good to have an idea for a business, but you can’t make it work unless you understand the ins and outs of capital and financing, and

3. Surround yourself with people who are comfortable talking about the nuts and bolts of business and money — learn from them and don’t be afraid to learn from their lessons.

Unfortunately, I wasn’t invited to sit in on the break-out sessions (I so would have sneaked into the one with Bobbi Brown!), where about 100 or so invited business people weighed in on their take on getting things moving for women business owners.  But that’s OK.  It’s good to know that someone is focusing on positive ways that can actually help turn the economy around.  Now we just need some of these smart women to really clean up Wall Street and the mortgage mess!

This was originally posted at BlogHer, where I’ll be an occasional contributor between now and the November elections!

Image from PunditMom’s iPhone camera!

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2 Responses to “The White House *Hearts* Women Entrepreneurs”

  1. Jill Miller Zimon Says:

    Great summary, Joanne – I added a link to this post from the BlogHer one I did on Vanity Fair’s lack of women entrepreneurs on its top 100 new establishment list:

    http://www.blogher.com/vanity-fairs-new-establishment-information-age-not-new-not-very-female

  2. PunditMom Says:

    Thanks, Jill! I actually meant to include the link, and then forgot in my rush to get this written up. :(


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