ByNWBC Council

Profile of Millennial Women: The Future of Entrepreneurship in America

The National Women’s Business Council (NWBC) has released the ‘Profile of Millennial Women: The Future of Entrepreneurship in America’ identifying the characteristics of millennial women entrepreneurs and crafted a set of policy recommendations to foster business growth among this demographic.

Download Here

ByNWBC Council

Profile of Millennial Women: The Future of Entrepreneurship in America

The National Women’s Business Council has released the ‘Profile of Millennial Women: The Future of Entrepreneurship in America’ identifying the characteristics of millennial women entrepreneurs and crafted a set of policy recommendations to foster business growth among this demographic.

Click Here

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Download Full Report Here

 

 

ByNWBC Council

NWBC Celebrates Small Business Saturday

Whether it is eating turkey and stuffing on Thanksgiving, standing in enormous lines for the deals of Black Friday, or spending hours in front of the computer screen on Cyber Monday, the next few days will be bustling with consumer spending. This year, Small Business Saturday on November 24, 2018 is wedged between Black Friday and Cyber Monday. Created in 2010, Small Business Saturday recognizes the importance of entrepreneurs and small businesses in the community and encourages consumers to shop local.

Over the past eight years, the network of support for small businesses has grown tremendously. Every year, local Chambers of Commerce, business associations, and other small business champions join in on an effort to promote and encourage people to shop local on Small Business Saturday. The National Women’s Business Council (NWBC), the federal government’s only independent voice for women entrepreneurs, understands the importance of this day and has been committed to advocating for women-owned businesses for the past three decades. According to The State of Women-Owned Businesses Report, this year there are an estimated 12.3 million women owned firms in the U.S. accounting for 40% of all businesses. That means 4 out of every 10 businesses in the United States are now women-owned. Consumers should shop local women-owned firms on Small Business Saturday to ensure continued economic growth for women entrepreneurs.

After almost eight years of celebrating Small Business Saturday, consumers have invested about 85 billion dollars in small businesses, and these firms comprise 4.8 trillion dollars of the nation’s Gross Domestic Product according to the Small Business Economic Impact Study (AMEX). The study also found that when a consumer shops at a local business, an average of 67 cents per dollar stays within the local economy unlike an average of 43 cents for large corporations. Small businesses also employ many residents from the local community, thus increasing their community’s overall economic growth through higher profits and lower unemployment. Consumers’ local impact during the busy holiday shopping season can be a game changer. Further, every dollar spent at small businesses creates an additional 50 cents in local business activity as a result of employee spending and businesses purchasing local goods and services.

Although Small Business Saturday only occurs once a year, it is important to shop local all year round. Women across the country continue to break barriers and blaze trails in all industries, and NWBC encourages you to support the women pioneers in your business community. Shopping in your local community will increase revenue, create jobs, and ensure that the smaller ventures have a chance to compete in the larger market. On Small Business Saturday in 2017, the sales and foot traffic for local small businesses decreased. For this upcoming Small Business Saturday on November 24, 2018 consider all the positive benefits to your community.

ByNWBC Council

NWBC Thanks You for Celebrating the 30th Anniversary of H.R. 5050

On October 25, 2018, the National Women’s Business Council (NWBC) celebrated the 30th anniversary of the passage of H.R. 5050, the Women’s Business Ownership Act. Following just 103 days from introduction to passage, President Ronald Reagan signed H.R. 5050 into law on October 25, 1988. This unprecedented piece of legislation eliminated all individual state laws requiring women to have a male relative or husband co-sign a business loan, established the NWBC, the Small Business Administration’s (SBA) Office of Women’s Business Ownership (OWBO), and the women’s business center program.

Congressman John LaFalce (D-NY), Chairman of the House Small Business Committee in 1987, recently reminisced on the passage of H.R.5050, “I was so pleased to learn recently that the Women’s Business Ownership Act of 1988 is now referred to as ‘The Big Bang of Women’s Entrepreneurship in America.’  That’s exactly what I set out to do when I became Chairman of the Committee – to give the economy the biggest bang I possibly could, by tapping an untapped goldmine – women entrepreneurs.” Chairman LaFalce could not have been more right. Today, there are 10 million woman business owners in the United States, accounting for nearly 40% of all businesses.

NWBC is thankful to all of the attendees who came to celebrate and commemorate the passage of H.R. 5050. The program included a reflection of the past 30 years of women’s entrepreneurship, and an impactful discussion on the future of women’s entrepreneurship. The morning began with breakfast and coffee with The Association of Women’s Business Centers (AWBC). Opening remarks were made by NWBC Executive Director Nina Roque and Assistant Administrator of the SBA’s OWBO Kathleen McShane.

The highlight of the program featured a ‘Fireside Chat’ with NWBC Chair Liz Sara and SBA Administrator Linda McMahon. The Administrator provided insights into her experience as a once small business owner, who spearheaded the expansion and growth of her company, before deciding to join the public sector. Administrator McMahon provided advice to audience members, “Know who your market is and what sets your product or service apart.” NWBC Chair Liza Sara, who is a small business founder herself, agreed, noting that “[women entrepreneurs] must think about what problem or what pain point in the market you are planning to solve.”

The passage of this legislation, and its resulting impact on women business owners, would not have been possible without the incredible and tenacious women who championed its passage. As the program went on, the audience heard from two of the trailblazers that were crucial to the passage of H.R. 5050: Virginia Littlejohn and Phyllis Hill Slater, both of whom served as Council members of the NWBC and have dedicated their careers to advocating for women entrepreneurs. Facilitated by Loreen Gilbert, Chair of The National Association of Women Business Owners (NAWBO)’s Institute for Entrepreneurial Development, Littlejohn and Hill Slater shared their experience as delegates to the 1980 and 1986 White House Conferences on Small Business, participating in the congressional hearings, and then leading the charge for passage of H.R. 5050.

The final panel discussion ‘Blazing Trails for the Next 30 Years’, was moderated by current NWBC Council member and Women Impacting Public Policy (WIPP) board member, Rose Wang. Panel participants included Bonnie Nawara, President of AWBC and current NWBC Council member, Deloris Wilson, head of strategy and operations at BEACON: The D.C. Women Founders Initiative, Julia Westfall, CEO of Hera Hub D.C., and Kelly O’Malley, D.C. Chair of The Vinetta Project. The panel provided insights into programming and policies that allow local organizations to help develop thriving entrepreneurial ecosystems for the next generation of women entrepreneurs. Panelists emphasized the value and necessity of mentorship and collaboration.

Thanks to the passage of H.R. 5050, women in business have excelled, continually reaching new heights, and the next 30 years of women’s entrepreneurship is sure to be filled with momentous milestones for women founders. NWBC is committed to continuing to advocate for women in business and to providing a platform to expand and improve opportunities for women business owners and their enterprises.

 

###

 

ByNWBC Council

NWBC Celebrates H.R. 5050 with Dr. Terry Neese

DR. TERRY NEESE

The National Women’s Business Council (NWBC) is celebrating the anniversary of the passage of HR5050, the Women’s Business Ownership Act. The passage of this legislation, and its resulting impact on women business owners, would not have been possible without some incredible, tenacious women that I am fortunate to have worked with. This week in particular has me reminiscing on the 1986 White House Conference on Small Business and how that set the stage for H.R. 5050. For me, on August 16, 1986 the Conference opened a door I didn’t realize was closed.  The biggest lesson we learned was that organizing, educating, and cultivating partnerships is paramount.

HR 5050 was historic – it only took 103 days from introduction to passage. On October 25, 1988, President Ronald Reagan signed H.R. 5050, making it the law of the land. This unprecedented piece of legislation gave women business owners in the United States critical resources to build their enterprises and succeed in their respective fields.

To so many women around the country, including myself, H.R. 5050 was not just another piece of legislation. It was the basis on which women gain success in business. So many women start with nothing more than a great idea. It takes an incredible amount of hard work and perseverance to turn an idea into a thriving business. The group of women who strategized, working day and night to advocate for this legislation, made their mark on history, and gave women a path to follow. When you empower a woman to succeed, the nation succeeds – and the incredible women who advocated for H.R. 5050 did just that.

Throughout my career I have had the opportunity to scale my business,Terry Neese Personnel Services, was lucky enough to have been appointed to numerous councils and Boards including NWBC and NAWBO, and founded the Institute for Economic Empowerment of Women (IEEW). Thirty years after the passage of H.R. 5050, I can still tell you that what the 1986 White House Conference on Small Business taught us holds true. Women entrepreneurs don’t want a handout. Like all entrepreneurs, women want a level playing field because they can play and win on any field, at any time. Understanding the barriers to opportunity, whether that is access to capital or access to information and finding strong partners in each other is crucial to success. Thanks to H.R. 5050, women in business have excelled, continually reaching new heights, not only in the United States, but also around the world.


Serial entrepreneur Dr. Terry Neese, is a lifelong Oklahoman and has spent over thirty (30) years finding careers for men and women. She is the founder of Terry Neese Personnel Services (TNPS), National Grassroots Network, Women Impacting Public Policy and the Institute for Economic Empowerment of Women (IEEW).  Terry’s daughter, Kim Neese, is now the President/Owner of TNPS.

A member of the U.S. Afghan Women’s Council, past national president of the National Association of Women Business Owners (NAWBO), and founder of Terry Neese Personnel Services, Dr. Neese is known as a small business expert and was recognized by Fortune magazine as one of the “Power 30”—the most influential small businesspersons in Washington, D.C.  She has been featured throughout several media outlets including MSNBC, FOX News, CNN, SBTV, the Wall Street Journal, the Washington Examiner and the Washington Times.

ByNWBC Council

NWBC Partners with the U.S. Census Bureau to Host Symposium

In celebration of National Women in Small Business Month, the NWBC recognizes their partner, the U.S. Census Bureau, in advocating for women-owned businesses. In 2012, the Survey of Business Owners (SBO) found that there were nearly 10 million women-owned business in the United States, that generated over $1.4 trillion in sales and employed over eight million people.

At the NWBC, we know that we cannot count what we do not measure. Sound policy initiatives and recommendations that improve the economic climate for women-owned firms are founded in reliable data and impactful research that drives actionable change.  To do this, the NWBC relies on the U.S. Census Bureau’s  SBO and Annual Survey of Entrepreneur (ASE) data to portray the state of women’s entrepreneurship and the impact that they have on the U.S. economy.

On September 20, 2018, the National Women’s Business Council (NWBC), in collaboration with the U.S. Census Bureau’s Center for Administrative Records Research and Application (CARRA), held the first ever federal government’s Demographics of the Entrepreneur & Self-employed Research Symposium.  This day-long event convened nearly 100 researchers and experts from across the country to explore topics related to entrepreneurship through the lens of gender, age, race, and ethnicity.

“Since the business census began counting women owned businesses in 1977, the U.S. Census Bureau has been a partner to NWBC. It was when the Census Bureau began counting women businesses that lawmakers began referring to women businesses as the sleeping giant of the U.S. economy” said NWBC Chair Liz Sara during her opening remarks. “We look forward to continuing our partnership with the US Census to ensure that the tremendous economic impact of women-owned businesses does not go unknown or unrecognized,” she continued. This was reiterated as 16 presenters discussed groundbreaking research and data related to topics such as the gig economy, millennial entrepreneurship, and motivation for starting a business.  A key concept throughout the presentations was the importance of current and reliable data to highlight key trends and statistics on business owners and self-employed individuals throughout the United States.

During the workshop, the U.S. Census Bureau discussed various changes that will be implemented to the economic census and data landscape and their goal of providing users with up-to-date data on business ownership. Specifically, they highlighted the forthcoming Annual Business Survey (ABS) and the proposed development of the Non-employer Statistics by Demographics Data (NESD). The new ABS will be a vital tool for generating policy recommendations for – and analyzing the impact of – employer firms by gender, race, ethnicity, and veteran status. However, employer firms are only one side of the story.

It remains critical to the continued success and advancement of women entrepreneurs and business owners that we continue to count all women-owned firms. As of 2012, nearly 90 percent or 8.8 million women-owned firms had no employees. These firms have contributed combined revenues exceeding $229 billion annually to the U.S. economy.  NWBC supports U.S. Census Bureau business data collection efforts, because a trustworthy measurement of non-employer firms allows the NWBC to develop a holistic picture of women entrepreneurs for policy makers and key stakeholders.

NWBC supports the U.S. Census Bureau’s development of NSED, which will ensure that the economic contributions of women-owned firms without employees will not be overlooked.   The NSED would provide the necessary data to account for all women-owned businesses in the U.S., the progress made, and the barriers that remain in their establishment and growth. Together, we – the National Women’s Business Council and the U.S. Census Bureau, must ensure that women-owned businesses continue to be counted.

ByNWBC Council

NWBC Celebrates Hispanic Heritage Month

WASHINGTON, D.C., October 2, 2018 – This Hispanic Heritage Month, the National Women’s Business Council (NWBC) recognizes the tremendous contributions Hispanic women business owners have made to the U.S. economy, and anticipates great accomplishments as they continue to fulfill their entrepreneurial potential.

Research on Hispanic Women entrepreneurs conducted by NWBC finds that there are over 1.9 million Hispanic women-owned firms in the United States. These firms are growing in number, revenue, and employment. According to the 2018 State of Women-owned Businesses Report by American Express, 400 Hispanic women-owned businesses are launched each day; and since 2007, Hispanic women-owned firms have grown at a rate of 172 percent. Their economic impact is profound and is expected to increase in the coming years.

Hispanic women are also job creators. Recent U.S. Census Bureau data analyzed by the NWBC shows that from 2014-2016 employment amongst Hispanic women-owned firms grew at a rate of 14 percent. In 2016, Hispanic women employed over 570,000 workers.

“It is impressive to see how Hispanic women-owned businesses are having a major impact on job creation and economic growth in our country,” says NWBC Chair, Liz Sara, “The rate of new businesses being launched daily by Hispanic women is a testament to how their entrepreneurial spirit is shaping the new workforce of the 21st century. The National Women’s Business Council is committed to supporting Hispanic women-founded firms from startup to scale. With a thriving entrepreneurial ecosystem, these firms will continue to have great success.”

###

 

About National Women’s Business Council

The National Women’s Business Council (NWBC) is a non-partisan federal advisory council created to serve as an independent source of advice and counsel to the President, the Congress, and the Administrator of the U.S. Small Business Administration (SBA) on issues of impact and importance to women business owners, leaders, and entrepreneurs. To learn more about NWBC, visit www.nwbc.gov.

SAVE THE DATE!RSVP HERE

ByNWBC Council

National Women’s Business Council Welcomes Liz Sara as Chairperson

WASHINGTON, D.C., August 8, 2018 – The National Women’s Business Council (NWBC) is pleased to welcome Liz Sara as Chairperson of the Council. On Monday, July 23, 2018, President Donald J. Trump appointed Ms. Sara, of the District of Columbia, to serve a three-year term. Ms. Sara will bring with her 30 years of achievement as an entrepreneur, business owner, and small business champion.

“Women are a vital driver of our nation’s economy, and I am thrilled that Liz will be lending her experience and savvy business leadership as she serves as Chairperson of the Council,” said SBA Administrator Linda McMahon. “Our priority is to ensure the federal government is deploying the critical resources entrepreneurs need to successfully launch small businesses and grow them.”

“I am excited to work with the Council and the teams at NWBC and SBA to help women founders blaze more trails and get the support, resources and funding they need to succeed,” Ms. Sara comments. “Leveraging my network, experience and hands-on work with entrepreneurs, I am confident we can all make a positive impact on helping women founders successfully navigate the challenges of starting and growing their business. I’m honored to be selected for this role.”

NWBC Executive Director, Nina Roque added, “I am very pleased by the appointment of Liz as Chairperson of the Council. With her leadership and entrepreneurial expertise, I am confident that together, we will elevate the voices of women business owners and entrepreneurs across this country.”

Ms. Sara is the Founder and President of Best Marketing, LLC, where she consults for more than 90 small businesses in the high-tech sector, and serves as a chief business advisor to entrepreneurs in creating and executing go-to market strategies. Previously, she played a principal role as Co-founder of SpaceWorks, an eCommerce software company, where she facilitated its startup and growth to nearly $25 million in revenue.

Ms. Sara recently completed her term as the first female Board Chair of the Dingman Center of Entrepreneurship at the University of Maryland’s Robert H. Smith School of Business. Ms. Sara is also an Adjunct Professor of Marketing at the Smith School of Business. She is an angel investor, a mentor to startup CEOs through many incubators and accelerators, and a frequent author and conference speaker on topics related to entrepreneurship and business.

Ms. Sara holds her Bachelor’s degree from the State University of New York and her Master’s degree from the University of Maryland.

 

###

About National Women’s Business Council

The National Women’s Business Council (NWBC) is a non-partisan federal advisory council created to serve as an independent source of advice and counsel to the President, the Congress, and the Administrator of the U.S. Small Business Administration (SBA) on issues of impact and importance to women business owners, leaders, and entrepreneurs. To learn more about NWBC, visit www.nwbc.gov.