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Women Entrepreneurs Demonstrate Themselves Significant to U.S. Economy
11/19/2009
by PRWeb
According to recent Center for Women’s Business Research statistics, women-owned firms contribute nearly $3 trillion to our national economy, account for 28% of all privately-owned businesses in the U.S. and are directly responsible for 23 million jobs. Women entrepreneurs, individually and collectively, make a significant contribution to the U.S. economy, even in the face of a recession.
Valerie Griggs, for example, was recognized as Arizona’s 1998 Entrepreneurial Woman of the Year for her entrepreneurial success with V Design. She designed 13 award-winning restaurants in the southwestern U.S. Soon after, she began VIDP, working within the hospitality industry in the areas of procurement and project management. On November 20, 2009, she will, amidst our current recession, unveil her newest business venture, 20 Lounge, in Scottsdale, Arizona, the first full-service nail bar to offer a full-on Club Membership.
“People shouldn’t have to pay membership fees every month and not receive the basic services. Most only give the rights for discounted services, not the service itself. 20 Lounge is bringing the Massage Envy membership concept to the nail industry.” Griggs explains further, “I was unhappy with the performance and atmosphere of low-cost nail facilities, yet didn’t want to pay the high prices of specialty resort spas. So, combining the best of both made perfect sense—value and pampered service in a hip environment—and the membership fee includes a monthly manicure, pedicure or waxing, as well as discounts on additional services and products.”
Sylvia Ann Hewlett, author, economist and President of the Center for Work-Life Policy, states, “The recession presents forward-thinking companies with the opportunity to outsmart the competition with the vigorous diversity strategy.” Most any business can succeed if it adequately meets a consumer need; and businesses that form during a recession are certainly nothing new. UPS, Allstate, Hewlett-Packard, Microsoft and Whole Foods are all successful enterprises born amidst a recession, each offering diversity and much-needed innovation to a struggling economy.
“Starting a business in a recession is like vacationing in the off-season,” says Eric Ryan, who, together with Adam Lowry put Target on the map. “It’s a little less crowded, and everything starts going on sale.” It’s a fact that everything is cheaper, a pool of highly-qualified people is available for hire, customers looking to save money are more willing to try new products and services, and business ownership carries attractive tax incentives. In fact, the Kauffman Foundation recently concluded that nearly half of the 2008 Inc. 500 and more than half of the 2008 Fortune 500 companies began during recessions or bear markets.
“Entrepreneurs are the key to our country’s economic recovery because they are creating the jobs and innovations that will bring us out of this decline and into sustainability and growth,” states Carl Schramm, President and CEO of the Kauffman Foundation. SCORE’s recent statistics show women entrepreneurs leading the pack, as women-owned firms are growing at more than double the rate of all other U.S. firms (23% and 9%, respectively). According to the October 2009 report of the Center for Women’s Business Research (CWBR), “Women-owned businesses are growing at twice the rate of all businesses and have done so for nearly three decades. The significance of the total amount of economic impact—$2.8 trillion—once again proves that women-owned firms are not a small, niche market but are a major contributor and player in the overall economy.”
SCORE, a nonprofit public service organization dedicated to helping small business owners succeed, adds, “Women-owned businesses are as financially sound and creditworthy as the typical firm in the U.S. economy, and are more likely to remain in business than the average U.S. firm.”
Like Valerie Griggs and 20 Lounge, many women go into business for lifestyle or financial reasons. In addition, “Women have a different management style than men,” according to Andrea Learned, an expert on marketing to women. “They are less hierarchical, more deliberate in their decisions and are more collaborative than men. Women also tend to view their business holistically, and not only see where it’s heading, but are patient about how to get it there.” Griggs’s ambitious goal is to have one hundred 20 Lounge locations within 36 months. With her doors not yet open in Scottsdale, plans have already been laid for California, Denver and Texas.
“The beauty industry is due for an overhaul, specifically the nail bars,” states Griggs. “Manicures, pedicures and waxing for both women and men are in high demand, even in today’s slow economy. They are necessities, but not high-ticket items and people deserve more than what they’ve been getting.” Women with this level of dedication and vision are continuing to forge ahead despite today’s economic challenges and roadblocks. Today, women-owned businesses continue to be key drivers of the economy and could very well lead it to a state of recovery.
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http://www.earthtimes.org/articles/show/women-entrepreneurs-demonstrate-themselves-significant-to-us-economy,1053801.shtml
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