Women: The New Economic Super Power

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Women: The New Economic Super Power

During Women’s History Month, we often highlight the contributions of such pioneers as Rosa Parks and Dolores Huerta, there is no doubt that these ‘sheroes’ blazed trails and opened doors that help contemporary women like Joan Mattox-Gray and Sonia Laguna have a foundation on which they can be a part of the growing economic super power that is emerging in the US.

When you think of an economic Super Power, images of countries such as the US, Russia or China comes to mind – if not a country, then a company such as Walmart, Apple or Alphabet. The fastest growing economic Super Power in the US is women. As of the 2015, it is estimated that there are just over 9.4 million women-owned businesses in the US generating nearly $1.5 trillion in revenues and employing over 7.9 million people.

A recent report called commissioned by American Express OPEN, shows that in the last eighteen years from 1997 through 2015, women-owned firms now account for 30{79a647cca87b12cf96891231d015f720afa7c77d4a1b5a84763cbac83075a421} of all enterprises, and are growing at a rate of 1-1/2 times faster than the national average.

When we take a closer look, we find that women of color owns one-third of the share of all of these businesses and their growth and economic clout is generally far outpacing that of all women-owned businesses.

The astronomical growth amongst women-owned businesses, especially among women of color is driven by a lack of fair play, fair promotion and family-friendly policies often found within the corporate arena. When the economy took a major downturn, women of color were impacted more significantly by all of the negative factors that women face. So it is not surprising that they have chosen to invest in themselves and started to open their own businesses.

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Women are moving beyond salons – the highest concentration of women-owned businesses are in Healthcare and Social Services (53{79a647cca87b12cf96891231d015f720afa7c77d4a1b5a84763cbac83075a421}) followed by Educational Services (45{79a647cca87b12cf96891231d015f720afa7c77d4a1b5a84763cbac83075a421}); Administrative, Support and Waste Management Services (37{79a647cca87b12cf96891231d015f720afa7c77d4a1b5a84763cbac83075a421}); Arts, Entertainment, Recreation (31{79a647cca87b12cf96891231d015f720afa7c77d4a1b5a84763cbac83075a421}); and Professional/Scientific/Technical Services (29{79a647cca87b12cf96891231d015f720afa7c77d4a1b5a84763cbac83075a421}) to round out the top five.

Joan left her corporate job to start her own Translation Services Company based in Chicago. “When the economy took a hit and the company I worked for suffered financially, I was one of the casualties,” Joan says. She started her Translation Services Company in 2008 and has managed to keep a staff of over fifty translators very busy for the last seven years.

Last year, Sonia left the sales job she was in to start a People-to-People Tour Agency so she could help Americans experience the art, culture and food of her home country of Cuba. With the relations opening up between the US and Cuba, Sonia’s business has been booming since she opened it.womens-conference-logo

To service the growing number of women in business, specifically minority women, we at the Michigan Minority Supplier Development Council is hosting our 1st Annual Minority Business Women’s Conference on July 27th in Dearborn, MI. 

The first of its kind in the nation, the conference will feature national headliners, keynote speakers, discussion forums, breakout sessions, and a few surprises that you do not want to miss.  With an already confirmed list of national powerhouse participants, this conference certainly will not disappoint and has already garnered national supporters and sponsors. To attend or sponsor this dynamic event, please be sure to visit us at minoritysupplier.org or contact us at (313) 873 -3200

Supporting Sponsor

The supporting sponsorship gives your company exposure at all major MMSDC events and more. Learn more

The Michigan Minority Supplier Development Council (MMSDC) is a non-profit organization promoting the economic growth of minority-owned businesses. Learn More

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