Who Runs the World?

Who runs the world?

According to Beyonce's 2011 record-breaking song, girls run the world, but if you ask any of last week's WBENC conference attendees, women-owned businesses run the world. They are the heartbeat of the world and play a crucial role in our global economy.

It's important for professionals to understand why they matter.

Recent data from the National Association of Women Business Owners ( NAWBO National ), estimates there are currently more than 11 million women-owned businesses in the United States, accounting for nearly 40% of all businesses. These businesses generate more than $1.7 trillion in sales each year and employ nearly 9 million people.

That's potentially 9 million families, exponential lives changed due to women-owned businesses. Let's further drill into why women-owned businesses are important:

• Economic Growth: Women-owned businesses have been growing at a faster rate than businesses owned by men. Between 2014 and 2019, the number of women-owned businesses increased by 21%, while the number of businesses owned by men only grew by 9%. This growth in women-owned businesses has contributed to overall economic growth in the United States.
• Job Creation: Women-owned businesses create jobs not only for themselves, but also for others. According to a report by the National Women's Business Council (NWBC), women-owned businesses created 1.8 million net new jobs between 2007 and 2018. In addition, businesses owned by women of color were responsible for creating 1.4 million of those jobs.
• Underserved Communities: Women-owned businesses are particularly important in underserved communities where job opportunities may be limited. According to the NWBC, 40% of all businesses in the United States are located in low-income communities. Women-owned businesses are more likely to be located in these areas than businesses owned by men. In fact, 16% of women-owned businesses are located in low-income communities, compared to 12% of businesses owned by men.

Additionally, women-owned businesses often bring unique perspectives and innovations to the marketplace. They may identify untapped markets or develop new products and services that meet the needs of specific communities. This can lead to increased competition and better outcomes for consumers.

Finally, women-owned businesses help to promote diversity and inclusion in the workforce. By breaking down gender barriers and promoting entrepreneurship among women, we can help to create more equitable workplaces and communities.

There are many successful women-owned businesses across a range of industries. Here are just a few examples:

1. Spanx - Founder Sara Blakely started Spanx in 2000 with just $5,000. Today, the company is worth more than $1 billion and is sold in more than 50 countries.
2. The Riveter - This co-working space was founded by Amy Nelson in 2017 with the goal of creating a more equitable and inclusive workplace for women. The Riveter has since expanded to multiple locations across the United States.
3. GoldieBlox, Inc. - Founder Debbie Sterling created GoldieBlox to encourage young girls to pursue careers in engineering and technology. The company sells construction toys and books that promote STEM education for girls.
4. The Little Market - This online marketplace was founded by Lauren Conrad and Hannah Skvarla to support women artisans around the world. The Little Market offers a range of fair trade products, from home decor to clothing and accessories.
5. Bumble Inc. - Founder Whitney Wolfe Herd created Bumble, a dating app that gives women more control over the online dating experience. The company has since expanded to include a professional networking platform and a platform for finding new friends.
6. Datum Technologies Group - our very own company was created when Latha Ganeshan 's young daughter asked for her to pick her up from school one day. A simple request has lead to Latha helming a $100M empire that has employed tens of thousands over the last 20 years.

Imagine the families and lives changed because these women stepped out and followed their dreams. These are just a few examples of the many successful women-owned businesses out there. By supporting women-owned businesses, we can help to create more opportunities for women and promote a more diverse and inclusive economy.