Women entrepreneurs are flourishing at rates higher than the national average, an official at the United States Department of Commerce reports, and black female entrepreneurs comprise a large part of that success story.
Rebecca M. Blank, the acting deputy secretary of commerce tells BET that businesses owned by black women have a total sales count of almost $37 billion, a 78 percent increase since 2002. Most of these business owners take on businesses in health care, social assistance, administrative and support and waste management. In addition to women entrepreneurs, Blank also disclosed that “women make up a far larger percentage of minority-owned business than they do in white-owned businesses.”
These findings and other important business statistics were discussed at a forum recently held in New York City sponsored by the Obama administration. Over 200 women entrepreneurs took part in the forum, which featured top-ranking businesswomen who offered their experience, lessons and advice for how to grow business to the group.
Blank revealed that these women businesses were not only expanding, they were growing despite financial boundaries.
“Women are far less likely to use external capital and more likely to rely on their own credit cards,” she said. “And the question is: How do we open more avenues to access to capital for women.”
Entrepreneur speakers touched on these difficulties, and stressed the importance of research to create solid business plans.
“I had to learn to really crunch the numbers and to understand the necessity of doing the financials,” entrepreneur Monique Greenwood said at the conference. Greenwood is the owner and chief executive of Akwaaba Bed & Breakfast Inns, which is a 16-year-old hospitality company. She has locations in Brooklyn, New Jersey and Pennsylvania.
“It’s extremely important for women to follow their passions — and to do the financial work,” she said.
The White House Business Council, the White House Council on Women and Girls and the United States Small Business Administration were also key sponsors to the event.
