Michigan has an estimated 261,400 women-owned firms, employing 247,600 and attributing to roughly $31,830,800 according to the fourth annual American Express OPEN State the of Women-Owned Businesses Report, a comprehensive report released today analyzing the 1997, 2002, and 2007 data from the U.S. Census Bureau’s quinquennial business census, the Survey of Business Owners.
Similar to previous annual reports released this time last year, the unique analysis, reported by industry, revenue and employment size at the national and state levels, shares a new and nuanced investigation into the growth trends among the 9.1 million women-owned enterprises over the past 17 years.
Nationally, the number of women-owned businesses has increased 68% since 1997. Michigan is ranked 33rd (41.6%) in growth of number of firms over the past 17 years and 49th (20.1%) in growth of firm revenue between 1997 and 2014.
Below is a table comparing Michigan’s women-owned firms’ data to the national numbers:
|
Trend in Growth of Women-Owned Firms by State, 1997-2014 |
|||||
|
|
Women-Owned Firms |
% Change, 1997-2014 |
|||
|
1997 |
2002 |
2007 |
2014 (est.) |
||
|
Total US |
|
|
|
|
|
|
Number of Firms |
5,417,034 |
6,489,483 |
7,793,139 |
9,087,200 |
67.8% |
|
Employment |
7,076,081 |
7,146,229 |
7,579,876 |
7,854,200 |
11.0% |
|
Sales ($000) |
$818,669,084 |
$940,774,986 |
$1,202,115,758 |
$1,410,940,800 |
72.3% |
|
Michigan |
|
|
|
|
|
|
Number of Firms |
184,590 |
217,673 |
248,421 |
261,400 |
41.6% |
|
Employment |
228,132 |
229,221 |
244,342 |
247,600 |
8.5% |
|
Sales ($000) |
$26,498,569 |
$29,216,689 |
$30,928,408 |
$31,830,800 |
20.1% |
|
Detroit MI |
|
|
|
|
|
|
Number of Firms |
96,268 |
115,787 |
123,100 |
27.9% |
46.8% |
|
Employment |
99,871 |
121,902 |
130,200 |
30.4% |
30.7% |
|
Sales ($000) |
$14,769,692 |
$15,334,323 |
$15,547,000 |
5.3% |
69.0% |
“You can have it all. You just can’t have it all at one time.” Oprah Winfrey
Choosing to take the appropriate measures to advance our careers is a significant decision. Ultimately, the right decision for one woman may be entirely wrong for another. The choice belongs to each of us. As we noted, industry asks and expects a lot. But the demands will only change when women push through changes so no one will be expected to sacrifice family for success in business.
After spending time in the corporate world, many women choose to open their own businesses so they have more control over their time.
Remember, opportunities routinely surface for those who are prepared. However, true opportunities need to be the right fit in terms of our personal visions and goals. Jacqueline Kennedy Onassis pointed out, “If you bungle raising your children, nothing else that you do matters much.” She spoke the truth.
Successful corporate women manage the home front as well, if not better, than their careers. How they and their partners decide to tackle chores and responsibilities will be up to them. What they all share, however, are carefully considered plans and back-up plans for every contingency, from childcare to meal preparation, house work, laundry, yard work, extracurricular activities, transportation, and entertaining. When a woman leaves work and arrives home, she tells us that her spouse and children are her first priority, not more work!
