You’ve come a long way! This is
especially true for women who own
their own business in the United States. Statistics show that the number of
businesses owned by women has risen
dramatically over the years as economic
resources and education have become
more readily available.
According to the National Association
for Women Business Owners’ Web site,
10.1 million firms were owned by women
(50 percent), they employed 13 million
people and generated $1.5 trillion in sales
in 2008. Three-quarters of all women-owned businesses were majority-owned
(51 percent or higher), totaling 7.2 million
firms with 7.3 million employees and $1.1
trillion in sales.
“I’ve been in the banking industry for 20
years, and I’ve been involved with
NAWBO for seven, and I’ve seen the effect
it has had on women business owners in
the Houston area,” says Jo Ann Miller,
vice president and senior relationship
manager for Wells Fargo Bank in
Houston.
Smart Business asked Miller how
NAWBO has helped women across the
country and if there are more opportunities for women to own their own businesses in today’s market.
What is NAWBO?
NAWBO was formed in 1975 by 12 businesswomen who lived and worked in the
Washington, D.C., area. Their ultimate goal
was to gather and share information and
create an atmosphere of a professional
community in an effort to strengthen their
entrepreneurial skills. At that time, there
wasn’t a group dedicated to helping female
business owners. Today, there are branches in many major markets that women can
turn to when they need assistance.
What are some of NAWBO’s accomplishments over the last 10 years?
Some of the key factors include the passage of the Women’s Business Ownership
Act (HB 5050) during the Reagan administration. On the financial side, in 1996
NAWBO created a partnership with the
Small Business Administration to better
identify the needs of women entrepreneurs. The SBA helped develop a fact
sheet so its staff could better understand
the differences between women-owned
businesses versus male-owned businesses, such as the limited availability women
had to available financing. NAWBO also
created strategic alliances with corporate
sponsors eager to work with businesses
owned by women.
In 2005, immediately following Hurricane Katrina, NAWBO formed a women’s
business disaster relief project that had a
Web site up and running within 72 hours
of the storm. The Web site raised $40,000
over a two-week period in individual contributions, all of which was donated to
women business owners who had been
affected by the disaster.
Do you need to own a business to receive
help from NAWBO?
I am not a female business owner but I
work for a corporation that supports
them. There are a number of corporate
sponsors who offer a great way for
women business owners to learn what
resources are available to them.
Collaboration like that can help cut
through the red tape and make the
resources available in a more efficient
manner.
Is it getting easier for women to own their
own businesses?
I would like to think it’s becoming more
balanced and the numbers on the
NAWBO Web site seem to reflect that
fact. Just from working with NAWBO
over the last seven years, I have observed
the diversity of the businesses that
women have created, especially those
competing in male-dominated industries.
You’re not just seeing your typical administrative professions; women are more
involved in commercial areas, such as
real estate, trucking, licensing and newspapers. There are so many industries
where women didn’t have a voice and
now they are competing one-on-one in
the field. The strategic alliances women
are forming give them access to the capital and education they need.
Financial institutions today see women-owned businesses as a viable unit and one
it wants to do business with, so I am
reaching out to them and letting them
know that as a bank we are serious about
doing business with them and want to
provide them with the same amount of
opportunities as we offer to men.
What is the Trailblazers Award?
In 2002, NAWBO and Wells Fargo established the award to honor and celebrate
the nation’s leading women business owners. Each year three women-owned businesses are selected nationwide on the criteria of their business performance, innovation, growth and personal service to the
community. Each winner receives a
$5,000 cash grant, nationwide recognition
and will be honored at the annual NAWBO
conference.
JO ANN MILLER is vice president and senior relationship manager for Wells Fargo Bank. Reach her at (281) 644-3714 or
[email protected].
