WHEREAS, There are an estimated 11.6 million women-owned businesses in the United States, which employ nearly 9 million people and generate $1.7 trillion in revenue, and this number is up nearly 114% from 1997; and
WHEREAS, California is home to the greatest number of women-owned businesses, totaling approximately 1.55 million, yet sits at 4th place nationwide in percentage of women-owned businesses; and
WHEREAS, The 2017 State of Women-Owned Businesses Report, commissioned by American Express Open, estimates that in California, women-owned firms employ more than 1 million people and generate a combined annual revenue of nearly $225.5 billion; and
WHEREAS, The number of firms is larger than the number of employees because some businesses are one-woman ventures and some women own multiple firms; and
WHEREAS, Since 2007, the number of women-owned business has increased by 45 percent, a rate five times faster than the national average of all businesses; and
WHEREAS, Women make up 40 percent of new entrepreneurs in the United States; and
WHEREAS, There are still too few female investors and startup entrepreneurs, making it more challenging to raise much-needed capital; and
WHEREAS, Although more women are embracing entrepreneurship, they often face challenges not typically shared by their male counterparts, including defying social expectations, limited access to funding, owning a sense of accomplishment, building a support network and mentors, and balancing business and family life; and
WHEREAS, Three out of five female small business owners work over 40 hours per week; and
WHEREAS, Despite demanding and long hours, women become business owners to implement a new business idea or vision, enjoy the freedom of being an entrepreneur, or to solve a specific industry problem; and
WHEREAS, Women-owned businesses are key to our overall economic success, and their importance is rapidly growing; now, therefore, be it
Resolved by the Assembly of the State of California, the Senate thereof concurring, That the Legislature designates the month of October 2018 to be Women’s Small Business Month; and be it further
Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the author for appropriate distribution.