This Women’s History Month, we celebrate the incredible contributions of women to our communities, nation, and economy. Madame Vice President Harris exemplifies how women continually shatter glass ceilings and demonstrate incredible resilience and dedication. Powerful female leaders show us that anything is possible with courage and dedication, despite unequal pay, unequal contracts, unequal access, stereotypes, and societal expectations.
Women business owners represent one of the most powerful forces in the modern American economy. As we embrace a new day under a new administration, we recognize women-owned businesses’ incredible potential for growth and economic impact. According to the American Express State of Women-Owned Businesses Report, as of 2019, women-owned businesses represented 42% of all businesses and employed 9.4 million workers generating revenues totaling $1.9 trillion. Minority women leaders were at the front of this growth surge, representing 89% of new women-owned businesses from 2018 to 2019. We proudly call many of these minority women- business owners Council members.
This year, however, we must address the new circumstances women-owned businesses face because of the pandemic. According to the National Bureau of Economic Research (NBER), minority and women-owned businesses disproportionately suffer because of the pandemic. By April 2020, the number of Black-owned businesses fell by 41% and women-owned businesses dropped by 25%. NBER warns that these early losses may portend extended economic inequality, reversing decades of progress for minority- and women-owned businesses.
Where do we go from here? The Council reaffirms our mission to help diverse entrepreneurs create resilient and successful enterprises. We continue to provide educational webinars and connect certified MBEs with each other and our corporate members.
This Women’s History Month and throughout the year, I ask you to match our efforts:
- Never stop learning
- Refine your goals for this new day
- Reach out for help
- Navigate the new administration
- Work with another MBE
- Try something new
Together, we can help to regain lost ground and build a thriving minority business community that uplifts our entire country.