Partnering for Growth: Women-Owned Businesses as the 5th Largest GDP in World

American Express OPEN

Summary

Bringing together big business, small business, nonprofits, and government agencies to “build the right strategies to change the economic la

Bringing together big business, small business, nonprofits, and government agencies to “build the right strategies to change the economic landscape” – it’s the inspiring goal driving Women Impacting Public Policy (WIPP). I recently spoke to Barbara Kasoff, the President of WIPP just returning home after chairing an Economic Summit for Women Business Owners in Washington, D.C Barbara told me that in addition to discussing current policy initiatives, they had released a new study by the Center for Women’s Research, which included this remarkable point: If women-owned businesses were a country, they would be the 5^th largest GDP in world.*

“Women-owned firms represent 23 million jobs, 16% of the workforce. They currently have a total economic impact of $3 trillion,” Barbara told me. “Now, that’s with only 20% being employer firms. Imagine if we could reverse that ratio and make 80% of women-owned businesses employer firms? The economic impact could be 3 to 4 times greater than it is today, possibly exceeding $10 trillion.”

I asked Barbara what were some of the challenges facing women business owners and business owners in general. “Access to capital,” she said. “It’s difficult to get the funds needed to start their businesses. Then, if they do, the next issue is making the right contacts and developing the right strategies for growth.” And she offered the following advice for business owners:

Educate yourself. Read WIPP’s Web site, The Wall Street Journal, The Washington Post, and your local newspapers. Know what’s going on that can affect your business.

Get involved in your communities and states. “This is another way to find out what’s going on. Plus, you’re involved in the community and making contacts that can help build your business.”

Build partnerships. Barbara said that the most important contributor to the growth of small businesses today was partnerships. “As a small business owner, there are many opportunities that you might want to pursue but can’t or don’t because you don’t think you have the resources. By meeting others, you can develop partnerships that can help you compete.”

Barbara explained that such partnerships could also be between small and large companies. “Corporations want to develop relationships with small businesses because they are more nimble and able to quickly develop new products and services and bring them to market.” She also offered a third benefit of partnerships: exchanging knowledge. “So much is happening daily in Washington, D.C. that affects business growth, owners need to work together to create a cohesive voice to inform policymakers of their concerns and of their suggestions.”

I thank Barbara for sharing her insights with us. American Express OPEN is proud to support WIPP, and I invite readers to learn more about WIPP and to follow them on Twitter @wippwedecide. In the coming weeks, I will speak to some leaders from our other advocacy partners and share their insights, as well.

If you would like to share your story with me, e-mail me at marcy@openforum.com. I also invite you to follow me on Twitter @marcyshinder.

*According to a study by the Center for Women’s Research, commissioned by the National Women’s Business Council and underwritten by Walmart Stores.

Published: October 22, 2009

Updated: January 27, 2020