The Growing Power Of Women In Business
Olmeda
It is estimated that there are more than 8.3 million businesses owned by women in the United States, generating nearly $1.3 trillion and employing nearly 7.7 million.
It's important to address how much women have an impact and influence in business. Most women see this impact as power and not as an achievement. And despite economic trends, women in general remain more positive about the future. While “multitasker” describes many women, in most cases we are the pillars in our households.
Yet women must overcome many barriers, such as a shortage of confidence or having the power to make decisions It's important, then, that women look for mentors who can advise them on making key — and sometimes strategic — decisions, and be part of their success.
Women also need to overcome their fear of risk. A study by Prudential showed that women identified themselves more as savers rather than investors, while the opposite is true for men. The study also found that men are willing to move out of their comfort zones, while women need to get over the misperception that being soft and nice affects how they're viewed as leaders.
Much of the study has shown that, as business owners, women got more inspiration and determination while learning from their business practices and strategies. And today, we are seeing that women business owners are taking more control of operation and management positions.
Women business owners who have achieved success are more likely to receive support in accessing capital, customizing strategic plans, receiving technical help and taking advantage of networking opportunities. We need to make this support more accessible.
In Worcester, there are many women in business who have made an impact, who are in positions of power, are mothers, are taking care of elderly parents and are out in the community. I asked Jeannie Hebert, CEO and president of the Blackstone Valley Chamber of Commerce, about the power of women in business. She said: “I don't think women realize the power they wield in the business world. Women account for 90 percent of business decisions, … whether (they're)consumer-related purchases or corporate decisions. They are not just influencing the market; they have become the market. Globally, we are seeing women lead companies that historically have been male-dominated, not just the CEOs of major corporations, but also in the small and middle business areas.”
Women business owners are a crucial part of the continued growth and success of their communities. One of their strengths is building relationships, which helps them make the necessary connections to thrive in their careers. Networking helps set up mutually valuable relationships that offer an exchange of ideas, advice, contacts, leads and strategies that will increase revenue or help women advance in their careers. It's extremely important for any woman who owns a business to ask for help if she needs it.
Ivette Olmeda is program manager for the Central Mass. office of the Center for Women & Enterprise, in Worcester.
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