Women’s History Month reminds us to celebrate all the contributions made by trailblazing women throughout our nation’s history. It’s also a perfect time to look to the future and champion women entrepreneurs strengthening our country right now.
Vibrant women-owned businesses are responsible for a strong American economy, generating roughly $2.7 trillion in annual economic activity. Female entrepreneurs also sustain 12.2 million jobs across the country while driving innovation through their products and services.
Today, more than 43 percent of all U.S. small businesses are owned by women, and their growth has outpaced that of other businesses since 2012. Every day, more than 1,800 women-owned businesses are opened, driving economic stimulation in local communities. Female business owners are also increasing their representation in new industries, reshaping the identity of the American workforce.
A word that best characterizes women entrepreneurs is resilience. Amid the COVID-19 pandemic, women business owners showed an extraordinary ability to adapt and survive, even creating 1.4 million jobs during this time. Many dramatically shifted their business models, deployed digital tools for marketing, and reimagined how to best serve customers amid a changing economic environment.
Likewise, women entrepreneurs exemplify dedication as many juggle caregiving responsibilities and their businesses. They often put in long hours and make great financial sacrifices to make their entrepreneurial dreams come true. As their businesses grow, research from the Boston Consulting Group confirms that women-owned businesses are a strong investment because they generate more than double the revenue per dollar invested.
In today’s economic environment, many women-owned businesses are fighting off uncertainties that make it hard to plan, invest, and grow. Rising costs and trade policy shifts have created new hurdles for entrepreneurs like me. As an online retailer that sells prints, I have seen firsthand the dramatic impact of these changes on my bottom line.
Our elected officials in Washington are always looking for ways to support small businesses in their constituencies – and that support should include policies that promote stability and not add unnecessary burdens. Lawmakers should adopt a pro-growth agenda to give us more to reinvest into our businesses and employees.
Through our shopping habits, we can honor women’s contributions to our nation – not just in March but year-round. Our choices as consumers may seem to have a minimal impact, but collectively they sustain an economy where every woman entrepreneur can thrive. By spending our dollars to support women-owned businesses, we can fuel the creativity, tenacity, and innovation of entrepreneurial women across the globe.
Carolyn Hiler is an MMC seller from California who owns A Zillion Dollars.