October is Women’s Business Month! Women-owned businesses play a significant role in the economy and society, and their importance can be understood in several ways:
1. Economic Growth & Stability: Women-owned businesses contribute to economic growth by creating jobs, generating revenue, and stimulating local economies. When women
entrepreneurs succeed, they not only benefit themselves but also contribute to the overall prosperity of their communities and nations. The number of women-owned businesses in Illinois has been steadily increasing over the years. Between 2007 and 2021, women-owned businesses in the state grew by approximately 49%. A diverse and inclusive economy is more stable and less susceptible to economic crises. Women-owned businesses add diversity to the business landscape, which can help mitigate economic downturns.
2. Diversity and Innovation: Diversity is a catalyst for innovation. Women bring different perspectives, experiences, and ideas to the business world. This diversity can lead to more innovative solutions, products, and services, which benefit consumers and the broader business landscape.
3. Role Models: Successful women entrepreneurs serve as role models for future generations of women and girls. Their achievements inspire others to pursue their entrepreneurial dreams and challenge gender stereotypes.
4. Job Creation: Women-owned businesses create job opportunities, which can be especially important in regions with high unemployment rates. They contribute to reducing the gender gap in the workforce and increasing overall employment.
Women-owned businesses are essential for economic growth, innovation, social progress, and gender equality. They contribute to the strength and diversity of the business world and inspire others to pursue their entrepreneurial ambitions. Recognizing the importance of women-owned businesses is a step toward a more inclusive and equitable society.
Find a full digest of state resources here. Looking for a mentor or network? Find a listing of social capital resources here. Financial capital resources can be found here.
UPCOMING WEBINAR: Turning Our Challenges & Failures into Opportunities & Successes
Wednesday, October 25, 2023 | 10:00-11:00 AM | Virtual- Register
Tailored for women-owned businesses of all stages & future women entrepreneurs, with all genders welcome. Join us in a virtual panel event featuring women-owned businesses who will share their past challenges and failures, what they learned from those experiences, and how they pivoted and turned those moments into future opportunities and successes. A virtual Q&A will follow the panel conversation.
Data Source: DECO website.
Andrea Schultz Winter is the Interim Executive Director for the Greater Freeport Partnership. She can be reached at awinter@greaterfreeport.com or 815-233-1354.