The Tipping Point For World Recovery: Women Entrepreneurs

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Let me catch my breath on this one because it's a doozy of a "Groundbreakers" report #2 by Ernst & Young, "Scaling up: why women-owned businesses can recharge the global economy," detailing how women entrepreneurs are critical drivers of economic growth and provides resources and insights for private sector, government and NGO leaders who are seeking to close the gender gap. I love to see that women entrepreneurs and women-owned business owners are finally getting the respect and attention they so rightfully deserve.

The Center for Women’s Business Research study shows that there are about 8 million women-owned enterprises in the US. Those businesses have an annual impact of nearly US$3 trillion dollars and create or maintain more than 23 million jobs — 16% of all US employment.

Women entrepreneurs have economic clout. Greater participation of women in the labor force correlates with higher GDP growth.

Worldwide, women own or operate 25% to 33% of all private businesses, according to the World Bank. Women-owned enterprises grow faster than those owned by men and faster than businesses overall.

And that's not all. What has made a difference for women entrepreneurs lately?

• The US government has appointed a woman as Secretary of State, and has created a new position, Ambassador at-Large for Global Women’s Issues.
• The World Bank’s Doing Business project has launched a two-year research program to identify and recommend reforms to eliminate the legal and regulatory barriers facing women.
• The Declaration on Fostering Women’s Entrepreneurship in the Middle East and North.

This is just the tip of the iceberg. The more wind and support we put behind women entrepreneurs, the faster and more powerful our global economic recovery. Read more here.

Download "Scaling up: Why women-owned businesses can recharge the global economy," as a printable document (818KB PDF).

We've been on this same trend (and agree with the report findings) for some time but see for yourself by visiting our sister social enterprise, Women Entrepreneurs GROW Global (WEGG). You might also re-visit our Top 10 Global Small Business Trends in 2009 (refer to No. 8: Women entrepreneurs will rule the global marketplace).