Women of color meet the challenges of business ownership - crece el sector empresarial encabezado por mujeres en los Estados Unidos - TA: business sector leaded by women grows in the US

Businesses owned by women of color are growing three times faster than the overall rate of business growth in the U.S. News statistics show that 37% of minority women-owned firms are owned by Blacks: 35% are Hispanic-owned: and 28% are owned by women of Asian, American Indian or Alaska Native heritage.

A report, prepared by the National Association of Women Business Owners (NFWBO), documents that the greatest growth in the number of minority women-owned firms in recent years has been in non-traditional sectors. Between 1987 and 1996, the numbers of such firms have grown by 319% in construction, 2/6% in wholesale trade, and 253% in transportation/communications/public utilities.

"For the first time, we now have up-to-date information on firms owned by minority women, which demonstrates our Importance to the economy," said Phyllis Hill Slater, National Association of Women Business owners president-elect and president of Hill Slater, Inc., a Long Island, N.Y. based engineering and architectural company. "This is a big step forward for women of color who own a business or are considering owning businesses."

For women of color who are setting up their own enterprises, the time has never been better. Vendors in these categories leading with sales and employment records are most prevalent in California, Texas, Florida, New York, Illinois, Virginia, Maryland, New Jersey, Hawaii and Washington. The top 10 Metropolitan areas using the same criteria are: Los Angeles, CA., Miami, FL., New York, N.Y., Chicago, IL., Houston, TX., Washington, D.C., Orange County, CA., San Francisco, CA., Oakland, CA., and Honolulu, HI.

It has been shown that women-owned businesses have unique ways of doing business. A surprising number of minority women have embraced technology, and throughout the country, many such entrepreneurs are supplying computer parts and software to larger companies -- often working out of their homes or garages.

They are inclined to take a more proactive approach in their adoption of new technology and use of the Internet to grow their businesses. Women business owners are substantially increasing their computer investments, and place a high degree of importance on vendor support and service when making purchasing decisions.

For minority women, as for all men and women in business, their biggest reward is the empowerment that comes with gaining control over their own destiny.

Much progress has been made in this country to assist them to obtain good financing arrangements for government loans. Also, women business owners are much more likely to report satisfaction with their banking relationships and are much less likely to use credit cards as a source of capital. Despite this progress, women-owned businesses still have lower levels of credit and are less likely to seek financing than male-owned businesses.

One-third of all firms (as of 1996) in this country are women-owned. The impulse for women, and particularly minority women, to strike out for themselves has been the impact of frustration in previously-held corporate positions. Once they have an idea for a product or service, or they realize that they can do for themselves what they had done for an employer, they can get government assistance loans to become entrepreneurs.

Too often in our corporate structure, Black, Hispanic, and Asian women are passed by for advancement or raises within their companies. The impact of frustration is evidenced in the vast numbers of minority women who go into business for themselves.

Home-based women-owned businesses, particularly in the area of vendor suppliers, have skyrocketed. Their numbers are staggering, and they employ millions of workers. Home-based women-owned businesses in the U.S. number 3.5 million, and provide full-or part-time employment for an estimated 14 million people.

There are some interesting characteristics -- which are gender-based -- and which influence the ways in which women, as opposed to men, conduct business. Women participate in volunteer activities at a significantly higher rate than the average adult and the average business owner in the U.S. In addition, women are more inclined to belong to civic and business-related organizations. Example, Chambers of Commerce membership rosters show a large percentage of women business owner members than their male counterparts. Women are aware that social and civic contact can enhance their efforts and they are inclined to take advantage of these opportunities.

"Minority women-owned firms number 1,067,000 and they employ nearly 1.7 million people and generate more then $184 billion in sales," according to Susan Peterson, NFWBO chair, who is also president of a Washington, D.C. based communication training firm.

"At IBM, we recognize women-owned businesses as a unique market segment that is growing faster than the economy in general," commented Micki Napp, who is national manager for women in business at IBM. "We have a high-caliber team addressing this market with IBM solutions, including hardware and software, services and support all aimed at helping women entrepreneurs compete more effectively."

Speaking on behalf of NFWBO, Susan Peterson indicated that "as women-owned firms continue to become more prominent in our economy, it is increasingly valuable for all business to understand, and benefit from the gender-difference which were cited earlier in this article." Ms. Peterson explained that "Our research indicates that women business owners differ from their male counterparts in many ways, including how they manage many decisions, select vendors, and use credit.

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