The growth of minority, women-owned businesses outpaced all other small businesses, at a rate of 57% from 1997 to 2002, according to a survey by the Minority Business Development Agency (MBDA).
There isn’t a single factor that led to the explosion of women business owners. “We’re still learning what caused the surge,” says Ronald Langston, national director at MBDA, a branch of the U.S. Department of Commerce.
He attributes part of the growth to women who are now counted as the head of household. “More women are in the workforce or have to work, and they’re taking advantage of opportunities in a robust entrepreneurial economy,” he says.
Minority, women-owned companies grew five-fold compared to all other firms, which grew by 10% to 22 million during the period. African American women-owned companies grew by 75% while African American male-owned companies jumped 29%. Native Hawaiian/Pacific Islander female-owned companies grew the fastest at 84%.
Organized and motivated, people say that women make the best managers, with the ability to multitask, and work as a team, or community drives up wealth, and a healthy enviroment.
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