UF SBVDR Blog

For small businesses, education and innovation go hand in hand

There used to be a time when creativity and innovation were only associated with artists, musicians, writers, and the like. It didn’t take much for an organization to stand out, as competition wasn’t so intense…as long as it was a little different, it was perceived as innovative, making it easy for someone to dominate the market. But with changing times, came a different mind-set. The need to ideate and innovate is pivotal now more than ever before. For businesses, it has become a game changer!

The 21st century innovation/technological revolution has changed the way we do business, becoming an integral part of every facet and detail of our personal lives and businesses – how we work, how we live, how we interact, how we conduct business, the types of businesses started, and more, making it vital for business owners to constantly learn new tools, skills, and techniques to maintain their competitive edge. But for small businesses who are short on time (and often, cash), how do you jumpstart your business education? Here are some education resources for every small business owner to get the information they need to help their team succeed.

Books and Podcasts
Access to practically anything that we want to know is available at the touch of a button. If you have the time, reading a book or listening to a podcast is a quick and easy way to brush up on a specific business topic.

Degree Programs
If you have the time to commit (and a few thousand dollars to spend), most college programs offer undergraduate and graduate majors in entrepreneurship. This provides the formal business education and training that potential partners, investors, employees, etc. find valuable. Additionally, many programs are incorporating opportunities to develop an actual business as part of the curriculum, combining business principles with applied, real-world experience.

Continuing Education Programs and Workshops
There are a number of free online courses that can be completed in a few hours a week, including those through edX, Coursera, US Small Business Administration, to name a few. If you need face time with instructors and classmates, check local programs for free seminars and guest speaking sessions sponsored by local small-business alliances.

Mastermind Groups
These groups, whether online or in person, allow you to be surrounded by like-minded individuals and trusted advisors who meet regularly with the goal of improving each other’s lives or businesses. The collective brainpower of the group, the “mastermind,” can solve problems and take advantage of opportunities in a way that an individual person may not be able to (think, two or more heads are better than one).

Incubators and Accelerators
Incubators tend to focus on startups and usually work best when focused in a specific field or industry. Accelerators provide that next step for a business to transition from start-up to full-fledge operation. These options tend to provide the close network, collaborative support and access to mentors, which have been proven to be successful elements for long-term business success.

In the hustle and bustle of entrepreneurship, it is not always easy to make time to take a class or do. But if you are to solidify your business’ competitive edge and demonstrate your position as an expert or thought, it is no longer a luxury but an imperative to develop a mindset receptive to new ideas and open to continual learning.

The University of Florida Small Business and Vendor Diversity Relations offers a wide array of learning opportunities for small businesses. For more information on the University of Florida’s program, go to https://sbvdr.admin.ufl.edu/. Follow them on Twitter @UFSmallBusiness and Facebook @UFSmallBusiness.

By Kathey Porter, MBA, CPSD, Director UF Small Business & Vendor Diversity Relations

UF Director for Small Business and Vendor Diversity Relations appointed to state small business advisory board

The University of Florida Director for Small Business and Vendor Diversity Relations Kathey Porter, MBA, CPSD, has been appointed to the Florida Advisory Council on Small and Minority Business Development by the secretary for the Department of Management Services, Erin Rock.

This group consists of small businesses, supplier diversity professionals and stakeholders from across the state of Florida to provide insight and expertise to the state regarding small and minority business development and provide recommendations on how to improve engagement of and support for Florida’s small and minority business community.

Porter is a nationally recognized expert on supplier diversity, small business development and entrepreneurship, and has led supplier diversity programs and acted as business consultant for higher education, municipalities the federal government for more than 10 years. She is a frequent speaker/panelist at conferences and events focusing on supplier diversity, small business development/entrepreneurship, women’s entrepreneurship and empowerment and diversity and inclusion and has been an adjunct business instructor for over 10 years at several colleges and universities.

Porter is the author of 50 Billion Dollar Boss: African American Women Sharing Stories of Success in Entrepreneurship and Leadership (Palgrave Macmillan) and a business contributor to several local and national publications and platforms including the Gainesville Business Report, OPEN Forum (American Express), ESSENCE Magazine and more. In 2017, she was recognized as a 2017 Fierce Woman by Business in Greater Gainesville magazine and a Florida Woman on The Move by ONYX Magazine. Porter’s second book, on supplier diversity, is scheduled to be released in fall, 2018. Porter received her CPSD (Certified Professional in Supplier Diversity) through the Institute for Supply Management (ISM) in 2015.

“I am excited to have the work that we are doing with small businesses here at UF get recognized. I look forward to the opportunity to collaborate and create opportunities for small and minority businesses throughout the state of Florida,” says Porter.

UF’s Office of Small Business and Vendor Diversity Relations seeks to identify and utilize a diverse supply of qualified vendors interested in providing the many services and products required by the university.

SBVDR is responsible for the university’s Supplier Diversity Program, which focuses on providing equal access for small, HUBZone, minority, small-disadvantaged, veteran, service-disabled veteran, and women-owned businesses by providing them equal opportunity to compete for procurement and contracting opportunities at UF.

Take Action, Try Not To Overthink It !


Congratulations! You’ve made a large step in thinking about or already establishing your business endeavour. If you now own a business, you completed the most difficult task for most, action. If you’re still on the fence the best advice is to take action.

New Is Scary

It’s more common than you think to be terrified of trying new things. We tend to think irrationally that things will automatically fail or not progress as intended. Funny things is, everything is so new when you are running a new business. Throughout the process, you will not know everything. Commonly, business owners worry about not creating enough value for their customers or not attracting enough customers to buy their valuable service or product. We often tell ourselves that our fear and self-doubt is more valuable than a positively laid out action plan. Acknowledge whenever the fear and self-doubt creep in, it’s not telling you anything useful, and move forward anyway. Overthinking is part of fear, it’s only charged up when you give it power.

Do you think you’re the only one going through these feelings? Good news, everyone struggles with fear, even if they don’t let on. The fear of putting yourself out there or launching something new doesn’t entirely go away. The main reason why people are able to manage their overthinking self-doubt and still achieve success is because when they experience it, they acknowledge it to keep the train moving.

You’re Doing Great!

You know what? Fear can be a sign that you’re on the right track to success, as long as you work to overcome it. Over thinking your abilities and work is a sign that you are working on something important. You’re most likely over thinking because you think a more perfect human other than yourself is capable. Perfect humans don’t exist and no one will do whatever you are working on like you! Go, do your thing.

There isn’t a secret to conquering self-doubt, over thinking, or fear of failure. There isn’t a huge step process because we all struggle but we must learn how to manage those thoughts as an entrepreneur

Action!

Magic happens when we take action. Embrace your actions over the perceived outcome. Practice by starting small. They won’t be perfect but just keep going. Celebrate your progress and make action a habit. Go out there and be uniquely you!


Simply Sociable is a boutique administrative firm that understands the importance of leveraging the internet and technology. Simply Sociable specializes in helping small businesses and entrepreneurs to work on their business instead of in it. They provide administrative consultations and virtual administrative assistants to get things done. Nadia Alcide is the founder and a University of Florida alumni.

 

Correct Your Posture Before It Tells You

The month of May is Correct Posture Month. According to the American Posture Institution, startups, entrepreneurs, and business leaders lose an average of 6 hours in productivity per week. The typical loss of activity is attributed to headaches, back pain, and decreased focus. On any given workday, there are a number of factors that play a major part in your posture. They include the placement of your work chair, keyboard, lighting, and monitors. Once you are aware of how these factors can make or break proper posture, it is suggested you pay close attention to where you can make a series of improvements.

As a hard working entrepreneur, business owner, and professional – you naturally put in longer hours than most. With the huge amount of responsibility and work associated with running successful organizations, posture and ergonomics isn’t seen as a huge priority. It then becomes a priority when you hit crisis mode to the point where there is severe pain and a large decrease in productivity.Time is precious.

If your work requires the use of a computer, you most likely suffer from rounded shoulders and a forward head posture. Ouch! Think about it, are you sore after working at the computer? If the answer is yes, chances are it also makes you sleepy and tired while trying to crush the day. Your body is lacking oxygen and produces chemicals to signal a nap. If your work is more active and strenuous, it is equally important to conduct activities using ergonomic best practices.

Positively re-educating yourself about proper posture and ergonomics is a step in a great direction for increased productivity, motivation, and happiness.

Here are a few tips to help:

Reminders
We all focus when we have a deadline or important work to get done. Sometimes we need a steady reminder. Set an alarm or use a sticky note to remind you to get up, walk around, and take advantage of a break.

Take Breaks
Allow yourself time to reset during the day or while at the computer. If you work for a full hour, take 20 to 40 seconds to stand-up, stretch, and reset your posture. Raise your hands in the air and make a large circle to reset. It will allow more oxygen flow, clarity, and better awareness during the work day.

Although relatively simple, these changes will truly help the way you tackle your very busy days.

Simply Sociable is a boutique administrative firm that understands the importance of leveraging the internet and technology. Simply Sociable specializes in helping small businesses and entrepreneurs to work on their business instead of in it. They provide administrative consultations and virtual administrative assistants to get things done. Nadia Alcide is the founder and a University of Florida alumni.

Small Business Trends To Use In Your Company

Leveraging technology is on the uptick for most small companies and entrepreneurs. The definition and level of technology is different for each organization. Bottomline, regardless of what technology is used, entrepreneurs need to stay on their toes and updates with changes that may affect their business.

After working with many small businesses and entrepreneurs, we can share useful trends to implement for the remainder of the year and beyond.

Automation of Internal Systems
Sure, automation in itself isn’t really anything new but with companies like IFTT and Zapier, they make automation more accessible with low or minimal costs. If businesses properly utilize automation, it reduces manual labor cost, risk of error, and allows employees to focus on important growth areas. Also, employees will appreciate the opportunity to do less repetitive and mundane work so they can grow professionally and creatively within the business.

Increased Use of Artificial Intelligence
As discussed in the previous paragraph, workflow automations are huge for small businesses in 2017. From data collecting chat bots to other on-demand services, this is something that is well on it’s way to becoming ordinary and standardized in small business.

More Mobile
We are always on the go with so many demands and needs pulling our attention. What better way to reach and engage with your customers where they are, mobile. Remember, many of us are now making purchasing decisions, conducting research, and comparing products/services straight from our tablets, smartphones, and laptops.

Video Content Growth
A medium consistently picking up steam is video content. Customers are able to quickly digest your message through compelling video content. If your videos are attractive and hold the attention of your viewers, you’ll keep them company back to learn more from your company and what it has to offer.

Improved Consumer Relations
Through the improvement and introduction of accessible CRM (Client Relation Management) systems, businesses can do a better job of understanding their customers needs and responses faster than ever.

As an entrepreneur in 2017, how do you think these trends can improve your business for the better? If you are unfamiliar with systems that can help your business to automate and push itself forward by leveraging technology, reach out to your helpful community resources.

By Nadia Alcide of Simply Sociable

Simply Sociable is a boutique administrative consulting firm that understands the importance of leveraging the internet and technology. Simply Sociable specializes in helping small businesses and entrepreneurs to work on their business instead of in it. Nadia Alcide is the founder and a University of Florida alumni.

Division at UF seeks to promote women-owned businesses

The University of Florida has a robust program to engage small, minority and women-owned businesses. The Division of Small Business and Vendor Diversity Relations (SBVDR), led by Director Kathey Porter, is charged with identifying small, minority and women-owned businesses to do business with UF and implement programs to increase their long-term viability and success. A noted small business development and entrepreneurship expert, Porter is a frequently sought after speaker/panelist for insights on increasing opportunities for women-owned businesses.

“I have been an entrepreneur and have worked with entrepreneurs for a number of years now. The University of Florida is very proactive about increasing opportunities for small businesses and has a variety of programs designed to increase their utilization,” said Porter.

Porter was recently invited to attend the inaugural White House United State of Women Summit in Washington DC. “I cannot tell you how impactful the event was. It made me more determined than ever to create a dynamic entrepreneurial community and support a local ecosystem for women entrepreneurs who are armed, ready and excited about doing business.”

Women-owned businesses represent a tremendous opportunity for the University of Florida. According to the 2014 State of Women Owned Businesses Report commissioned by American Express, as of 2014, there were nearly 9.1 million women-owned enterprises, employing nearly 7.9 million workers and generating over $1.4 trillion in revenues. Between 1997 and 2014, the number of women-owned firms grew at 1.5 times the national average. Additionally, revenue and employment growth among women-owned firms tops that of all other firms (with the exception of the country’s largest, publicly traded corporations).

Based on these statistics, Porter feels UF has an excellent opportunity to increase engagement amongst this group. One of the ways she plans to do this is through the upcoming Women’s Entrepreneurship + Leadership Conference to be held in October in celebration of Women’s Small Business Month. This event will target women entrepreneurs in the greater Gainesville area, as well as from surrounding areas including Orlando, Tampa, Jacksonville and Tallahassee. The purpose of this event is, firstly, to raise awareness about opportunities that exist for female business owners with entities such as the University of Florida and, secondly, to get them excited about entrepreneurship and growing their businesses.

“I am very excited about the future for women-owned businesses in this area. By using available resources such as OSD, the University of Florida and others, women-owned businesses in our area have every opportunity for growth and success,” said Porter.

Posted by

Tips To Effectively Delegate To Your Team Members

Delegation, what does it mean to you as a business owner or processional? Do you feel like you are an expert or can you always improve how you delegate to your team members? The synonyms for delegation are entrusting, giving, and transference. There is both an art and science to proper delegation. Of course, not all employees will have the same passion for the business as an entrepreneur might but the entrepreneur must trust those on their team working toward company mission statements, visions, and goals.

First start delegating in a S.M.A.R.T. way.

S : Specific

M : Measurable

A : Agreed

R : Realistic

T : Time bound

If you take the time to go through each step as the person doing the delegation, the outcome should be what you expect versus a vision of what you thought you should expect from assigning the task. An entrepreneur is limited on time. But think about it, would you rather explain properly upfront or repeat yourself multiple times only to become frustrated and stressed in the end? The common sense answer should be no but everyone is different. However, if growth and making life a bit easier is the aim, delegate and do it well.

While using the SMART way, be sure to include the following checklist to cross check for any missing information.

  1. Define your task
  2. Decide who you will delegate to (based on availability and skill set)
  3. Make sure they have tools, materials, skills
  4. Explain Task Well
  5. State Expected Results
  6. Agree on Deadline or Actionable Items Timeline

If you already do something like this with your team, great! But if your process could use room for improvement, try them, you might notice a difference. If you do have tips that work for you whether it be about delegation, contractor management, employees, and general business growth, we’d love to hear from you. Your feedback and featured input is valuable to our small business and vendor community.

By Nadia Alcide of Simply Sociable

Simply Sociable is a boutique administrative consulting firm that understands the importance of leveraging the internet and technology. Simply Sociable specializes in helping small businesses and entrepreneurs to work on their business instead of in it. Nadia Alcide is the founder and a University of Florida alumni.

Tips for Business Success: Women’s History Month Edition

As we come toward the end of Women’s History month, we are taking the opportunity to share a few tips to help small businesses and women entrepreneurs as they navigate their way to success. Owning a small business carries it’s perks but running one successfully has its challenges too. Here are a few tips you can use to support the success and growth of your business.

Build A Supportive Network
“Your network is your net worth”. Use your network as a reliable support system. Seek the advice of fellow business owners or mentors who can understand what you are going through. They’ve more than likely been through the same situation or they’re willing to help you navigate.So how do you start or build your network? Get out there and join business/professional groups. These groups intentionally create programming to get likeminded people together to exchange ideas, businesses, and provide a listening ear for business owners. An example of something like this would be your area university and chamber of commerce events.

Never Stop Learning
Don’t rest on your laurels as an entrepreneur. With the internet and new technologies introduced everyday, embrace change. The best way to stay ahead of trends is through seeking constant education. By education, we aren’t talking about something formal, it could just be an industry specific report and article. Challenge yourself to depart from your comfort zone to stay ahead of trends in your industry. Attend workshops, conferences and seminars to get the full download on a recurring basis. Remaining abreast of changes will differentiate you and your competition by leaps and bounds.

Learn to Delegate
While running a business it is so easy to take on too much. Yes, you are the most passionate person in your business, but it is within the best interest to give it the opportunity to grow. Many entrepreneurs are guilty of superwom(an) syndrome where they think they can do it all. Having this syndrome robs the entrepreneur of balance, time, and creativity. Business owners must delegate work to an outsourced vendor or an employee. In a sense, like duplicating themselves. Before you delegate, you must go through the proper steps to find a trustworthy employee or vendor partner, like a virtual assistant or project manager to lighten the load. Remember, it is important to give more important responsibilities gradually, it will make them feel more loyal to the business and its wins.

Know Your Business Identity
Branding is such an important buzz word these days with the heightened use of “always in your face” social media platforms. Define your business and brand from the start, be consistent with your messaging and what services or products you offer. At the beginning, it is very tempting to sway with the wind and go outside of your scope of work to bring in extra money. Do your best to remain focused. Stretching yourself and business too thin or providing mediocre work can carry negative effects on the business you worked so hard to build. Your business is not for all and that’s ok, define your niche as early as you can. If you found these tips useful for your business, share them with other entrepreneurs. UF Small Business and Vendor Diversity Relations provides an array of useful workshops and resources with continuous support along the way. We’d love to know if you have more tips you could share with our community.

Feel free to email Nadia at Simply Sociable or the UF SBVDR.

Women Trailblazers !

“A Timeline Of Women And Wealth: The First Female Millionaires, Billionaires & CEOs And The Policies That Paved The Way For Them”

 

If you had to write a resume for Isabel Benham (1909-2013), it would contain some notable “firsts.” In the 1930s, she was the the first woman on Wall Street to study the male-dominated railroad industry. In 1964, she became the first female partner at a Wall Street bond firm, according to the Museum of American Finance. But early in her career, she’d sign her name as “I. Hamilton Benham” to avoid discrimination.While generations of women before and after took risks to achieve wealth in their respective industries, many like Benham also had to navigate a culture of inequity to get there. Here is a brief history of women in finance, business, politics and entrepreneurship — and the policies that paved the way for them:

FIRST IN FINANCE: Victoria Woodhull may be considered the First Lady of Finance. In 1870, she and her sister Tennessee Claflin opened Woodhull, Claflin & Co., becoming the first female stockbrokers on Wall Street. They, however, never gained a seat on the New York Stock Exchange, something no woman would achieve until 1967. Woodhull would also be the first woman to run for U.S. president.

FIRST IN STEM:
Ellen Swallow Richards was the first woman admitted to the Massachusetts Institute of Technology (which made her the first woman to be accepted into a science and technology school). She graduated from there in 1873 then became its first female teacher as an instructor in sanitary chemistry. In 1876 she established the Women’s Laboratory, a facility at MIT.

FIRST MILLIONAIRE:
Sarah Breedlove was celebrated as the country’s first female self-made millionaire, according to her New York Times obituary. The orphan was born to freed slaves; she later invented and sold homemade hair-care products to black women through the Madame C.J. Walker Manufacturing Company. Breedlove built a factory, a laboratory and a beauty school to train sales agents.

BOARD OF DIRECTORS:
Lettie Pate Whitehead was appointed to the board of The Coca-Cola Company in 1934 and one of the first women to serve on the board of a major corporation. She held the position for nearly two decades. Her husband founded the first Coca-Cola bottling facilities. After his death, she took over the business and expanded her family’s wealth by founding the Whitehead Holding Company and the Whitehead Realty Company. Before her death, she established a foundation and gave to numerous charities in Virginia and Georgia.FIRST CEOs: Katharine Graham becomes president of The Washington Post, then a small family-owned newspaper. By the early ‘70s she would become CEO and the first woman to lead a major U.S. corporation. She supported investigations into the Watergate scandal which would lead to the resignation of President Nixon. By the time Graham stepped down as CEO in 1991, The Washington Post would grow into a media conglomerate with newspaper, magazine, television and cable businesses. The following decades would usher in more first-female CEOs of major companies, including Meg Whitman of Hewlett-Packard and Indra Nooyi of PepsiCo. Carly Fiorina would become the first woman to lead a company listed in the Dow Jones Industrial Average when she became CEO and president of HP in 1999, according to the Washington Post.

The Equal Pay Act of 1963
passes, requiring that men and women receive equal pay for equal work in the same company. The Equal Employment Opportunity Commission specifies: “It is job content, not job titles, that determines whether jobs are substantially equal. Specifically, the EPA provides that employers may not pay unequal wages to men and women who perform jobs that require substantially equal skill, effort and responsibility, and that are performed under similar working conditions within the same establishment.”

FINANCE: On December 28, 1967 Muriel Siebert became the first woman to buy a seat on the New York Stock Exchange, the only woman among 1,365 men on the trading floor, according to the Museum of American Finance. Until then, women were only permitted on the NYSE trading floor as clerks and pages to fill shortages during World War II and the Korean War. She donated millions of dollars from her brokerage and securities underwriting business to help other women get their start in business and finance. In 1977, Siebert became the first female Superintendant of Banks for New York, overseeing all of the state’s banks, which had about $500 billion of assets under management, according to the MoAF. Not a single bank failed during her tenure.

The Pregnancy Discrimination Act of 1978 served as an update to Title VII of the Civil Rights Act of 1964. The law prohibits sex discrimination on the basis of pregnancy.

The Family and Medical Leave Act. Passed in 1994, this law requires certain employers to grant up to 12 weeks of leave during a 12 month period to eligible employees who need time off from work because of a “serious health condition” that they or someone in their family is experiencing. This sometimes overlaps with Title VII requirements concerning leave for pregnancy.

FIRST IN MUSIC: Aretha Franklin is first woman to be inducted into the Rock & Roll Hall of Fame. With a background in gospel music, The Queen of Soul was signed to recording companies like Columbia, Arista and Atlantic Records. According to the Rock and Roll Hall of Fame, Franklin’s greatest triumph –and an enduring milestone in popular music – was her hit song “Respect.”

Executive Order 13157 was signed by President Clinton in 2000 to increase opportunities for women-owned small businesses. It charged the Small Business Administration to work with each federal agency to identify contracting opportunities for businesses owned by female entrepreneurs.

FIRST BILLIONAIRE: In 2000, Martha Stewart became America’s first self-made female billionaire. She first hit billionaire status in 2000 after taking her company, Martha Stewart Living Omnimedia, public a year earlier. She made her way back to the Forbes Rich List in 2005, during her infamous five-month jail term.

Lilly Ledbetter Fair Pay Act of 2009 was an update to The Equal Pay Act. The amendment states that “Wages can include more than just hourly or annual pay. Wages includes bonuses, company cars, expense accounts, insurance etc.”According to the EEOC: “This law overturned the Supreme Court’s decision in Ledbetter v. Goodyear Tire & Rubber Co., Inc.,(2007), which severely restricted the time period for filing complaints of employment discrimination concerning compensation.”

A HOLLYWOOD-FIRST: Kathryn Bigelow becomes the first female to win the Academy Award for Best Director for The Hurt Locker. The Iraq war film also won six academy awards that night, including best picture and best original screenplay. The independent movie beat Avatar and other major-motion productions for best film. Bigelow also became the first woman to win the Directors Guild of America Award for Outstanding Directing.

GOING GLOBAL: In 2007 Christine LaGarde of France became the first woman to hold the post of Finance and Economy Minister of a G-7 country. On July 5, 2011, Lagarde would shatter another glass-ceiling when she became the eleventh Managing Director of the IMF, the first woman to take that title.

THE BIG 3 And THE BIG 4: In 2013, Mary Barra is appointed to CEO of General Motors, making her the first female to lead a Big 3 Automaker.

In February 2015, Cathy Engelbert becomes CEO of Deloitte.

The following April, KPMG names Lynne Doughtie as CEO, meaning women now lead half of the Big Four accounting firms.

CENTRAL BANK: The Senate confirms President Obama’s nomination for Janet Yellen as chairperson of the Federal Reserve — the first woman to take over the top spot in the 100-year history of the U.S. central bank, or any major central bank. Yellen is also the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979 (under Jimmy Carter).

ERA OF ENTREPRENEURS: Oprah becomes the first African-American female billionaire. The former television host turned media mogul founded OWN cable network and has a 10% stake in Weight Watchers.She is currently America’s highest-paid female celebrity, worth roughly $3 billion.

TODAY IN ASIA: Four decades ago, Yoshiko Shinohara – armed with a high school degree and secretarial experience – started a temp-staffing company in her one-bedroom Tokyo apartment. Now, at age 82, she’s become Japan’s first self-made woman billionaire. She recently retired as chairman of staffing company Temp Holdings, which had revenues of $4.5 billion last year.

TODAY IN AFRICA: Forbes counts only two female billionaires in Africa, including Folorunsho Alakija, the continent’s first self-made woman to make the list. She is the vice chair of Famfa Oil, a Nigerian oil exploration company that partners with Chevron and Petrobras. Her first company was a fashion label that catered to Nigeria’s elite women.

 

In Commemoration of Women’s History Month

Women Entrepreneurs Making An Impact: Just Look At The Numbers!

Every day a net average of over 1,000 US business are started by women. In the last decade, the number and economic strides of women-owned firms continues to steadily rise at rates rivaling the national average. As of 2016, there were approximately 11.3 million women-owned businesses in the US who generate about $1.6 trillion in revenues. These significant increases could be the result of the recession. Despite historically more challenges than others, women businesses have seen an increase of 45% in comparison to a much smaller number nine years ago.

Geographically speaking, the greatest amount of growth from women-owned firms has occurred in the South. Currently, the states with the greatest numbers in the south include: Florida, Georgia, North Carolina & Texas. Florida is currently leading the pack, up by 67%, when it comes to growth in the number of women-owned firms within the last ten years.

Women-owned firms are spread across pretty much every single sector. However, on average, trends show most businesses are lumped into the following types: Other services (nail and hair salons, home and pet care) about 22%, Health and social assistance (childcare, home health services) about 15%, Professional, Scientific, Technical Services (attorneys, architects, accountants, management consultants) about 13%, and Admin, Support, and Waste Management (janitorial, landscaping, office admin, and travel agencies) about 11%. Just a few of the sectors lagging behind in popularity include businesses focused on construction, transportation, and warehousing. While not as common for women to forerun the business mentioned, they stand head-to-head with other firms in reference to their revenues of $500,000 or more.

March commemorates Women’s History Month. Let’s continue to acknowledge the huge accomplishments of women from the past, present, and future. The statistics in this piece showcase women as the driving force to an improved economy and increased job opportunities. For those interested in recognition of their women-owned business, many organizations specialize in women entrepreneurial advocacy. One for example is, the Women Owned Business Certification in Florida (WBE). You can check out the eligibility requirements and application here. If you have any questions while completing the application process, you can send an email to OSDhel@dms.myflorida.com. As a reference, here are a few more women-centered organizations dedicated to women entrepreneurs: ASTIA, Savor The Success, and Women’s Business Enterprise National Council.

Reference: https://goo.gl/EWkBoE

By Nadia Alcide of Simply Sociable


Simply Sociable is a boutique administrative consulting firm that understands the importance of leveraging the internet and technology. Simply Sociable specializes in helping small businesses and entrepreneurs to work on their business instead of in it. Nadia Alcide is the founder and a University of Florida alumni.