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From INCyclopedia, the incorporation encyclopedia

Contents:

Over the past few decades, workplace equality has shown marked improvements, but few would argue that the marketplace has reached ideal conditions. The pay gap between women and men, for instance, remains a problem, despite drastic improvements in certain demographic segments¹.

Despite these disheartening realities, though, progress continues to be made. Consider the growing movement of women entrepreneurs. According to data from the U.S. Census Bureau, women owned 7.8 million businesses nationwide in 2007, up 20 percent from 2002 - a rate that was four times higher the growth of business ownership among men².

There have also been efforts to boost female entrepreneurship, ownership, and workplace opportunities on both the public and private level.

Earlier this year, the U.S. Small Business Administration launched a program that intends to improve federal contracting opportunities for small women-owned businesses. The Women-Owned Small Business Federal Contract Program allows federal agencies to set aside a total of $30 billion in federal contracts specifically for women-owned businesses.³

New York City Mayor Michael Bloomberg has launched a similar program in his city that also aims to boost entrepreneurship and business ownership among minorities and immigrants as well⁴.

Since 2006, more than 26,000 contracts totaling more than $1.9 billion have been awarded to firms taking part in New York's minority- and women-owned business program, according to the mayor's office.

In the private sector, the Women's Initiative for Self Employment, a nonprofit organization, helps low-income women develop their businesses ideas through training seminars, consulting services and business tools.

But despite a number of programs on the state, federal, and local level, entrepreneurship is ultimately an individually driven endeavor, and women entrepreneurs will have to take the reins themselves--be it in adverse or unequal conditions.

"I think women have a need to understand that when they are in a business, they need to grow it, not baby-sit it," serial entrepreneur and author Susan Spencer tells Inc. magazine. "If you don't grow, you don't have power. When you grow, when you add employees and grow your bottom line, you get the opportunity to do what you do well and let others do their work."

"If you do homework and you're disciplined and detailed, you'll succeed with male suppliers and customers," Spencer adds. "When you're the expert, men will come to you for information and will rely on you for it."⁵

But aside from accruing a respectful and reliable level of expertise, female entrepreneurs and business owners may be able to leverage their natural strengths to build their enterprises.

In a separate Inc. feature, startup consultant and contributor Jenn Houser argues that women are naturally ideal business strategists. Essentially, Houser argues that women are often more willing than their male counterparts to admit what they don't know, ask for help or change their minds.

"When you get feedback, be willing to change your plan. This is called pivoting," Houser writes in an article titled Why Women Are Great Strategic Planners. "Don't worry, this is normal and every startup changes plans a number of times. The trick here is to validate the information to make sure you should pivot, and how you should pivot."⁶

Developing and writing a business plan is also a critical aspect of entrepreneurship that should be embraced regardless of demographic or social backgrounds. For women attempting to pitch their business idea to potential sellers or investors in a male-dominated industry, having a well-written and extensive business plan can do wonders in helping to stand out above the competition.

Footnotes

^1.Joint Economic Committee Democrats: An Overview of the Gender Earnings Gap.
^2.Survey of Business Owners - Women-Owned Firms: 2007
^3.Women-Owned Small Business Federal Contract Program
^4.New York City Department of Small Business Services and Twelve Corporate Partners Invite Small Businesses to Begin Participating in the Corporate Alliance Program
^5.A Female Spin on Starting a Business
^6.Why Women Are Great Strategic Planners