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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

March 2018 Public Meeting Recap – Accelerating Access to Capital: Crowdfunding as a Solution to Fund HER Business

Access to capital remains one of the greatest barriers for women trying to launch, scale, and grow their businesses. As the government’s only independent voice on economic issues impacting women entrepreneurs, access to financial capital remains at the forefront of the NWBC’s agenda. That’s why this past March, in honor of Women’s Read More

ByNWBC Council

Accelerating Global Women’s Entrepreneurship – In Honor of International Women’s Day

For the National Women’s Business Council, the month of March is particularly special. March, which is also Women’s History Month, serves as a time to commemorate the landscape achievements of women leaders, innovators, and entrepreneurs across the country, and the globe. March 8th officially marks International Women’s Day 2018 – which annually serves as an international moment to celebrate the social, economic, cultural, and political achievements of women who have shifted the global landscape and have fostered growth in a myriad of ways. Today, we reflect on the areas of opportunity for women to reach their full potential, but also reset the baseline for how we can support women business owners and leaders through our own efforts across the globe.

In November 2017, the United States and the Republic of India held the eighth annual Global Entrepreneurship Summit (GES) in Hyperabad, India themed Women First, Prosperity for All, with a specific focus on supporting women entrepreneurs and advancing global economic growth and opportunity. The 2017 Summit theme and concentration on women was the opportunity to convene innovators and change-makers in programming to cultivate partnerships, pitch their business ideas to potential investors, such as the GIST Catalyst Pitch Competition, and learn about the various avenues to transform their businesses – and eventually transform their communities, countries, and the world[1]. It’s important to note that this year was the first time that women were the majority of participants at GES. Of the over 1,200 entrepreneurs in attendance, about 52.5 percent of entrepreneurs were women, attending from 127 different countries. Overall, it was the opportunity for individuals from a multitude of backgrounds across the global community to listen and learn from one another.

At the Council, we have also followed that goal of global connectedness through our own efforts here in the United States. Over the past years, in ties with the U.S. Department of State’s International Visitor Leadership Program, the Council has met with delegations of women entrepreneurs and economic leaders from countries all over the world to discuss the state of women’s entrepreneurship;  share our research findings and data such as our “Entrepreneurial Ecosystem Model” – a tool to evaluate regional supports for women’s entrepreneurship; and serve as a resource for the broader community of women business leaders. Following up on GES on December 4th, 2017, Council Member Rose Wang was honored to represent the Council at a briefing hosted at the State Department’s Foreign Press Center to a reporting tour of 18 foreign journalists coming from the Global Entrepreneurship Summit (GES). These critical engagement opportunities have also taught us the importance of collaboration and reminded us the impact women entrepreneurs have made all across the globe.

As the Council celebrates 29 years and looks ahead to our 30th this coming October, we remain committed to conducting critical research that identify the areas for growth and opportunity for women business owners. We will continue to construct and elevate policies that will vitally address access to capital and market disparities that women encounter at all phases of their business journeys. We look at this year as a dynamic opportunity to learn from the global and domestic communities to increase our understanding and shape the ways we work to progress entrepreneurial development and economic opportunity for current and aspiring women entrepreneurs. Throughout Women’s History Month, themed #Capital4HerBiz, we will be continuing to unveil our research related to women’s access to capital so check out our first report, in conjunction with the Library of Congress’ Federal Research Division titled, Understanding the Landscape: Access to Capital for Women Entrepreneurs, which is a deep-dive into the landscape of access to capital for women entrepreneurs.

To learn more about our upcoming research and activities, be sure to check out our website at www.nwbc.gov and follow us on our Facebook, Twitter, Instagram, and LinkedIn. You can join the conversation online as well using the hashtags #WomensHistoryMonth #InternationalWomensDay #Capital4HerBiz.

Author: Shannon Trudge, Program and Operations Manager for the National Women’s Business Council

[1] “The Eighth Annual Global Entrepreneurship Summit” Global Entrepreneurship Summit 2017, 2017, https://www.ges2017.org/

ByNWBC Council

Black History Month Reflections

I was exposed very early on to finance through my grandmother, who was the first female entrepreneur that I knew. Because I was good in math, she would often let me count the money from her business and by the time I was in 8th grade, I was helping her with her bookkeeping. This experience gave me an early interest in money and finance, and as I got older and eventually became exposed to Wall Street, I was all in!

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ByNWBC Council

Deeply Rooted: The Significance of Black History Month & Black Women Entrepreneurs

This year’s National Black History Month theme, African Americans in Times of War, is the opportunity to commemorate the centennial to the end of World War I (1918) and how African-Americans have marked a widespread impact in American culture and society. Women entrepreneurs, especially black women entrepreneurs, have been a key population contributing to the socioeconomic growth and vitality of this country since its foundation. According to the 2012 U.S. Census Bureau’s Survey of Business Owners and Self-Employed Persons (SBO), there are more than 1.5 million black women-owned businesses, a near 67% increase from 2007. Black women entrepreneurs are one of the fastest subgroup of entrepreneurs of this time with an average net of 259 firms being created each day between 1997 and 2017 – the most number of firms created per day out of all subgroups of women-owned firms. According to the 2017 American Express OPEN Report, between 1997-2017, the number of women-owned businesses grew 114%, whereas firms owned by women of color expanded at 467%, four times that rate.

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ByNWBC Council

Call for Applications: National Women’s Business Council Intern (Spring 2018)

The National Women’s Business Council (NWBC) is searching for a college/university undergraduate or graduate student to join the team for a spring internship for a three to four-month term beginning late January 2018 (flexible start date).

The NWBC was established via the Women’s Business Ownership Act of 1988, HR 5050. Throughout the years, the NWBC has brought together women business owners, policymakers, bankers, representatives of women’s business organizations, and other stakeholders to identify the unique challenges facing women business owners and to formulate potential solutions.

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ByNWBC Council

December 2017 Public Meeting Recap: Accelerating the Future of Women Entrepreneurs

2017 has been a busy year at the National Women’s Business Council and with our last Public Meeting of the calendar year (and first Public Meeting of Fiscal Year 2018), it was an opportunity to reflect on the progress made to advance women entrepreneurs, but also the priorities looking ahead to 2018. This year, the Council also celebrated 29 years of advising the White House, Congress, and the U.S. Small Business Administration on key issues facing women business owners, convening the best intellect and experience around entrepreneurial successes and challenges that women still face, and developing poignant research relevant to the entrepreneurial ecosystem.

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ByNWBC Council

Billions of federal contracting dollars

Billions of federal contracting dollars go to women-owned businesses—but it’s still not enough.

In May 2017, the U.S. Small Business Administration (SBA) announced that the federal government exceeded its small business federal contracting goal for the fourth consecutive year, awarding 24.34 percent in federal contract dollars to small businesses. In order to achieve the goal of spending 23 percent of federal contract dollars with small businesses, major agencies of the federal government work with the SBA to establish individualized spending benchmarks, and are encouraged to meet them.  For example, while the Department of Energy (DOE) aims to spend 6.37 percent of its contract monies with small businesses, the SBA, itself, aims for a small business spend of 72.75 percent of its contract dollars. You can see the FY16 agency goals and achievements here.

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ByNWBC Council

Challenging definitions and telling her stories

On October 11, 2017, the National Women’s Business Council released a new report, “Necessity as a Driver of Women’s Entrepreneurship: Her Stories.” This report is an extension of the report released by the NWBC in July 2017, “Necessity as a Driver of Women’s Entrepreneurship,” which challenged the notion that entrepreneurship is born from one of two realities: severe economic need or an innovative idea to disrupt the market. The NWBC research recognized these motivations and the entrepreneurship that results from them (typically referred to as “necessity” or “opportunity” entrepreneurship) but suggests that this traditional binary does not fully capture the range of reasons individuals—especially women—become business owners. NWBC’s work expands the traditional definition of necessity entrepreneurship to include a range of factors that might influence a woman’s decision to start a business and introduces a theoretical model to illustrate this expanded definition.

 

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