The Power of Fempreneurs

According to a 2023 Forbes article written by Rhett Buttle, there are over 14 million women-owned small businesses in the United States, accounting for 40% of all businesses in the country. These businesses generate $2.7 trillion in annual revenue and employ nearly 12.2 million people. These are impressive numbers, and yet women-owned businesses—especially those owned by women of color—continue to struggle with limited access to capital.

Despite these obstacles, including challenges related to childcare, women-owned businesses have become a driving force in our economy.

The article notes that the economic impact could be even greater if women had better access to key federal programs, including contracting and procurement opportunities. In fiscal year 2022, women-owned businesses received only 4.63% of all federal contracting dollars. The government’s goal for the past 20 years has been to allocate at least 5% to women-owned businesses, yet this benchmark has only been met twice in two decades. My question is: why is the government being so stingy, only allocating 5%, and why are women—especially women of color—still not getting equal access to capital?

As we learned from Sissy Quick, owner of Paint Perfection, the inflexible hours in her previous job, lack of equal pay and respect in the workplace, and her need to be a stabilizing force for her children drove her—out of desperation—to start her own business. For Ms. Quick, and for many others, entrepreneurship is a matter of survival.

It is clear to me on many levels that racism and patriarchal dominance are hazardous to the health and well-being of our people, our country, and our economy. These forces are contributing to the decline of our nation in many respects. The current kakistocracy, led by President Trump, appears focused on halting the progress and independence women have achieved. This administration perpetuates the belief that women belong at home, “barefoot and pregnant,” and under its rule, support for women entrepreneurs is likely to diminish further.

Racism and patriarchal dominance are as dangerous to this country as nuclear fallout. I wish people—regardless of political leaning, especially white people—would wake up and see that the current administration’s mindset is stuck in the past. As they continue to promote the false narrative of white supremacy, they place our country in imminent danger.

It takes just a moment to search for women-owned businesses in your area. Please do so, and remember that Black women-owned businesses need our support even more. Allocate your dollars to women-owned businesses and help them not just survive, but thrive. We need to look out for one another, especially during these times. Our lives and our futures depend on it.