The impact of women’s entrepreneurship on the global economy cannot be underestimated. In 2010, 104 million women in 59 of the world’s economies started and managed new business ventures, generating millions of jobs and contributing substantially to their domestic, as well as the world’s, gross domestic product. Around the world when women start businesses, the ripple effects are tremendous—they create jobs for others, build up household income, and invest accumulated savings back into the community in the form of health care, education, and food.
Despite these proven truths, barriers to women’s economic empowerment still exist. On International Women’s Day, let us take note of these challenges to women’s economic participation not only in countries around the world but also in the United States. Given that women of color represent the fastest-growing segment of the women-owned business market here at home, it would be wise to consider how to unleash this population’s economic potential for the sake of the entire country.
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