What does it mean to be an innovative American businesswoman?
There are so many ways to answer that question. What are we talking about here? Financially, socially, culturally?
All of the above — the report is positive. The impact is exponential. That said, we are going to focus, here, on the financials because, as they say, money speaks.
According to the National Women’s Business Council the 8 million U.S. businesses currently majority women-owned generate $3-trillion dollars worth of business and provide 23-million jobs.
Founded on the “belief that women business owners were not being recognized for their contribution to creating and maintaining a healthy and nimble national economy,” the Center for Women’s Business Research has provided for the first time information that reflects the economic impact of women in business. As we celebrate Women’s Small Business Month, we can see from the data that, “women-owned firms are not a small, niche market but are a major contributor and player in the overall economy.”
Valorie Thompson, Principal of Innovations Consulting Group, LLC in Washington, D.C. has a resume of big and small business success. Like so many stories of business success, Valorie’s story is a lesson in tenacity, learning to play in the big leagues and finally, choosing to become her own boss.
1) Why did you decide to start/purchase your business? After 3 corporate mergers and another impending relocation, I decided to leave corporate life and begin a new phase of “self employment.” Fortunately, I was able to establish myself as a consultant directly upon leaving corporate life and after the first year of consulting, the decision was made to formally establish a consulting group.
2) What has the experience been like? Have you ever owned a business before? With the valuable advice from colleagues and friends and the incredible support from many of the individuals with whom I had worked during my years in corporate life, my business has steadily grown over the past 12 years. There have certainly been very long days coupled with a never ending learning curve but I have been able to work in an area that I am passionate about, along with world-renowned researchers, clinicians and patients who share the same focus – making life better for the millions of individuals living with arthritis. This was my first foray into owning a business and after establishing the for-profit company, 5 years later I established a non-profit organization focused on educational and research initiatives.
3) What does being an American Business Woman mean to you? Certainly there is the fundamental “American Dream” – the opportunity to work hard and build and realize your dream. As the granddaughter of immigrants, being able to build a successful business brings great pride and personal fulfillment but, more importantly, working with incredibly talented and creative people is exciting and at the same time humbling.
4) Do you believe that you are setting an example for your daughter/girls? In most cases having a strong work ethic and understanding that gaining success in business as well as life is a team approach – not a “me” effort. However, being a business owner does create challenges when trying to balance work/play, especially in a small business. There is definitely no 9-5 schedule, 5 days a week! Having understanding friends is a necessity!!
5) Do you have any advice for women who may want to own their own business one day? Understand yourself and what drives you. Make sure you have a detailed business plan that speaks to all of the “what ifs” as you will encounter ups and downs and having a plan will be important. Know the market that you plan to enter and set yourself apart from your competitors – is there a specific niche that you fulfill? Develop a strong team of individuals who bring different levels of expertise to the table, who are willing to advise/educate you and also, if needed, open doors for you to get established.
“Develop a strong team of individuals … who are willing to advise/educate you,” says Valorie Thompson.
And that’s exactly what’s lacking — the “how-to” and the assistance. Take the government for example. According to the National Association of Women Business Owners, the amount of “Federal contract dollars awarded to WOSB’s (women owned small businesses) has never exceeded 3.4% [though] in 1994, Congress enacted the Federal Acquisition and Streamlining Act (PL 103-355; FASA) that, among other things, set a goal of 5%.”
In response, the Small Business Administration (SBA) created a program to help women-owned small businesses [learn how to] grow a business [and] how to become an employer firm… Pilot programs have show that when communicated effectively, when knowledge is imparted … growth can occur.”
And for the next generation, the potential is there waiting to be tapped: “Currently women in the U.S. have reached parity with men in education and, in fact, surpass men in number receiving baccalaureate and master’s degrees,” writes the National Women’s Business Council. “The rub exists in the gap in career opportunities and salaries received throughout their work life. The gap exists in average annual revenues for small businesses with men surpassing women in all race/ethnic groups.”
Innovations Consulting Group: http://www.innovationsgroup.org/
Image – Innovations Consulting Group.
