According to the Small Business Administration, there are approximately 9.1 million women owned businesses around the United States. A recent study published by Womenable suggests that these 9.1 million businesses employ an estimated 7.9 million people and generate over $1.4 trillion in revenues. These women owned businesses are making a significant contribution to their communities, the economy, and to job creation in their industries.
Business owners and entrepreneurs make tremendous sacrifices to build their businesses, and entrepreneurship is a risk that requires vision, courage, and perseverance. Entrepreneurs have a vision for how to create a product or service that will improve their customers' lives. Whether it comes from seeing an opportunity in the marketplace or solving a problem that you yourself faced, building a business requires significant investment. Even then, a successful business isn't assured. A large percentage of businesses fail in their first few years.
Entrepreneurs invest their time, money and talent into building something meaningful. They create products and services that fill real market needs and their companies create employment opportunities for skilled workers. Over time, entrepreneurs and business owners work hard to become leaders and create work environments that are productive, rewarding, and engaging for their staff. The result of their hard work and their efforts managing teams are paychecks that pay mortgages, help send kids to school, and help their employees achieve their own dreams.
Achieving all of these goals is doubly when balancing other commitments, such as relationships, children, families, community involvement, friendships, and outside interests. Entrepreneurship begins with a vision and ends with a company that changes lives, that can create hundreds of thousands or millions of dollars in revenue, and that can transform the market with new products and services. It's our pleasure at Paychex to work with today's leading women-owned small businesses. Join us in taking a moment to celebrate and honor women business owners!