Women's Small Business Month
Shout-out to women-owned small businesses everywhere!
Me and one of my favorite small business owners!
There are so many fabulous things about October. However, I recently realized that women-owned small businesses are also celebrated during the fall. Women's Small Business Month is an annual observance throughout October to celebrate and recognize the achievements of women entrepreneurs and their contributions to the economy. It aims to raise awareness about the challenges faced by women in business and highlight the importance of supporting and empowering women-owned small businesses. Can you ever have too much support?
The origin of Women's Small Business Month started in the United States. In 1988, the U.S. Congress passed a resolution designating October National Women's Business Month. Later, this initiative expanded to include the celebration of women-owned small businesses. Small businesses are often defined according to their annual revenue or number of employees.
It's challenging to provide an exact figure for the number of women-owned small businesses worldwide as it varies across countries and regions. However, according to a report by the International Finance Corporation (IFC) and the World Bank, women own or operate around 31% of all small and medium-sized enterprises (SMEs) globally. This translates to approximately 224 million women-owned businesses worldwide. That is amazing.
I found it fascinating that women-owned small businesses have grown faster than those owned by men in recent years. In the United States alone, the number of women-owned businesses has increased by 114% over the past 20 years, compared to a 44% growth rate for all businesses.
Women entrepreneurs often face unique challenges. However, women have also demonstrated resilience, creativity, and innovation in overcoming these obstacles. Women-owned small businesses contribute significantly to job creation, economic growth, and community development.
Women wear a lot of hats! Women's Small Business Month is the perfect time to recognize and celebrate the achievements of women entrepreneurs worldwide. When I produced my first book in 2017, I didn't realize I was essentially starting my own business. I have met so many amazing women in business through my business, and I'm honored and humbled to be included in our celebration this month.
Let me know if you're a woman entrepreneur, or tell me some of your favorite women-owned small businesses. Give them a shout-out, tag them in a post, buy more of their wares, leave a review, or tell them thank you the next time you see them.