March is Women's History Month, a time to reflect on the often overlooked contributions and advancements of women throughout history. Did you know that the number of women-owned businesses has increased by a staggering 58% in the past decade alone? This remarkable growth is due in large part to a landmark piece of legislation passed over 30 years ago.
In this post, we'll take a closer look at the enduring impact of the Women's Business Ownership Act of 1988. We'll also celebrate an inspiring example of women's entrepreneurship through our very own Women's Daily Tea product. Stir up a cup as we explore the intersection of women's history and women-led business.
Background on the Women's Business Ownership Act of 1988
In the 1980s, women entrepreneurs faced many challenges in starting and growing their businesses. Discriminatory lending practices were widespread, with women often unable to secure bank loans or lines of credit for their ventures. Women also needed access to critical training programs and business assistance resources designed to nurture new entrepreneurs.
The Women's Business Ownership Act of 1988 changed the landscape dramatically. This landmark legislation prohibited discrimination based on gender in any federally assisted business assistance program. It removed barriers for women in accessing small business loans, ensuring women were no longer penalized for a lack of credit history. The Act established the National Women's Business Council to serve as an independent federal agency advocating for women business owners. It also expanded resources and support through the Small Business Administration's Women's Business Centers.
The impacts of the Women's Business Ownership Act over the past 30+ years have been enormous. In the decade following its passage, the number of women-owned firms grew by 103% - more than doubling. As of 2019, there are nearly 13 million women-owned businesses, generating $1.9 trillion in revenue annually. By removing unfair obstacles, providing critical training and funding programs, and encouraging women's entrepreneurship, this transformative legislation enabled generations of women to turn their dreams into thriving businesses. Its positive effects continue to be felt today.
Current State of Women's Business Ownership
Over the past few decades, we've seen tremendous growth in women's business ownership thanks to legislation like the Women's Business Ownership Act. According to the 2024 Wells Fargo Impact of Women-Owned Business Report, today, women own over 14 million businesses, employing 12.2 million people and generating $2.7 trillion in revenue annually. That's incredible progress from just 402,000 women-owned businesses in 1972!
While historically retail and service-based, women-owned businesses now span all industries. Health care, professional/scientific/tech services, and finance/insurance are top fields. Every state has seen an uptick in women entrepreneurs, with the highest concentrations in DC, MA, MD, NM, and GA.
There's still room for improvement, as only 21% of employer businesses are women-owned. Access to capital and contracts remains a hurdle—minority women, in particular, face disproportionate challenges. Still, the future looks bright for the continued expansion of women's entrepreneurship.
With growing resources, education, and support systems in place, women are poised to keep shattering ceilings and leading businesses in new directions. The foundation has been laid for the next generation of women business owners to thrive.
Introducing Women's Daily Tea
At Our Company, we are committed to supporting women's health and wellbeing. That's why we formulated the Women's Daily Tea, an organic herbal tea blend designed to provide comfort during a woman's monthly cycle and transition times.
Women's Daily Tea was created by our team of clinical herbalists who carefully selected ingredients known to support overall hormonal balance. This proprietary blend contains raspberry leaf, red clover blossoms, nettle leaf, oat straw, burdock root, marshmallow root, and hibiscus flower. Each ingredient was chosen for its unique health benefits:
- Raspberry leaf is rich in iron, magnesium, and B vitamins and is historically known to support energy levels and circulation. It also contains fragrine, which has been used to tone the uterus.
- Red clover blossoms contain isoflavones, which have been shown to support estrogen levels during menopause. This flower also boasts antioxidant and anti-inflammatory properties.
- Nettle leaf is packed with vitamins A, C, K, and calcium and is historically known as a nutrient-dense herb with antihistamine properties.
- Oat straw contains vitamins and minerals and is historically known as a nutrient-dense herb.
- Burdock root historically is known to support natural detoxification and promote skin health.
- Marshmallow root is traditionally used to improve gut health and digestion through its mucilage content. It also has a soothing effect on inflamed tissues.
- Hibiscus flowers are high in antioxidants and vitamin C. They provide a refreshing, tart flavor to balance the blend.
By combining these powerful ingredients, Women's Daily Tea offers a nourishing and comforting drink for women each day. The blend is naturally caffeine-free and can be enjoyed hot or iced. We hope this organic tea supports your wellness journey.
Product Connection to Women's History
Our Women's Daily Tea is not just a blend of herbs; it's a testament to the ongoing legacy of women's empowerment and health advocacy, deeply rooted in historical milestones like the Women's Business Ownership Act of 1988.
The inception of our Women's Daily Tea product draws inspiration from the spirit of entrepreneurship fostered by the Women's Business Ownership Act. In crafting our herbal tea blend, we honor the resilience and ingenuity of women who have historically navigated challenging landscapes to pursue their entrepreneurial dreams. Each carefully selected ingredient in Women's Daily Tea is a nod to the wisdom of herbal traditions passed down through generations of women healers and caregivers.
The infusion of raspberry leaf, red clover blossoms, nettle leaf, and other botanicals not only nurtures physical wellness but also symbolizes the interconnectedness of women's health and economic empowerment. Raspberry leaf, for instance, known for its toning properties, mirrors the strength and vitality of women entrepreneurs breaking barriers and forging their paths.
Moreover, our commitment to sourcing organic ingredients reflects a deep respect for the earth and its bounty, echoing the sustainable practices championed by women throughout history who have stewarded their communities and environments with care.
As we celebrate Women's History Month, we invite you to raise a cup of Women's Daily Tea in homage to the trailblazing women who have paved the way for generations of entrepreneurs. With each sip, may you be reminded of the resilience, resourcefulness, and collective strength that define the legacy of women in business and wellness. Together, let us honor the past, embrace the present, and chart a future where women's voices and contributions continue to shape and enrich our world.
Tips for Starting a Business
As we celebrate women business owners during Women's History Month, it's a great time to explore tips and advice for those looking to start their own company. Who better to learn from than successful women entrepreneurs who have paved the way? Here are some key takeaways for aspiring business owners:
Advice From Successful Women Entrepreneurs On Getting Started
- "Know your why." Be clear on your motivation, passion, and purpose for starting a business. Let that drive you through challenges.
- "Do your research." Study your target market, competitors, and industry trends. Then, map out essential tasks and steps needed to launch.
- "Start small, but think big." Feel free to start small and scale up. But do have a vision for future growth.
- "Trust your instincts." Believe in your ideas and abilities. Take intelligent risks, and don't second-guess yourself.
- "Build your network." Connect with mentors, partners, and peers who can support you. Collaboration is key.
Available Resources For Women-Owned Businesses
- SBA Office of Women's Business Ownership
- Women's Business Centers
- Small business grants and loans
- Local women entrepreneur networks and events
- Business incubators and accelerators
Join the ranks of trailblazing women entrepreneurs who've paved the way for success! Let their invaluable insights light the path toward your entrepreneurial aspirations. With determination and passion, the resources you need to thrive are within reach.
Takeaways
As we reflect on the tremendous progress made possible by the Women's Business Ownership Act of 1988, we see that there is still more work to be done. This critical legislation opened doors for women entrepreneurs by tackling discriminatory lending practices. It fueled growth in women-owned businesses and signaled that women are powerful drivers of economic growth.
While women continue to start successful companies at record rates, they still face unique obstacles to accessing capital and networks. Structural barriers remain, but women are tapping into their community, creativity, and resilience to overcome them.
Our Women's Daily Tea aims to support women's well-being as they boldly lead businesses and inspire future generations. It is blended by women, for women, to nourish body and spirit. May it awaken your sense of possibility and remind you of your inherent worth. The future is female, and the time is now to manifest the change you wish to see. Here's to women owning their power in business and beyond.
Sources:
https://www.congress.gov/bill/100th-congress/house-bill/5050
https://www.wippeducationinstitute.org/2023-impact-of-women-owned-businesses