Home > Entrepreneur Daily > September 25, 2007

Entrepreneur Daily

Lawmakers Scrutinize SBA

(Business News, Events and Resources)

In May, we told you about some legislation passed by the House Small Business Committee, including one bill creating new Women's Business Centers across the country. Now, we have an update from a blog on Washingtonpost.com. Last week, lawmakers scrutinized the SBA for repeatedly failing to comply with laws aiding women-owned businesses. During the hearing, House Small Business Committee Chairwoman Nydia Velazquez (D-NY) grilled the deputy administrator, saying the agency is sending the message "we're not interested in doing business with women." Velazquez also brought up the fact that the agency still hasn't implemented legislation signed into law seven years ago to help aid women with federal procurement issues. Originally, the SBA had testified that the program would be implemented by September 30, but now it's saying it can't meet that deadline.

At one point, Senator John Kerry (D-MA) asked Anoop Prakash, the associate administrator in the SBA's Office of Entrepreneurial Development, "Do deadlines mean anything [to you]?" Under pressure from Kerry, Prakash agreed that the SBA would implement new legislation that provides permanent funding to the Women's Centers within the next 120 days.

Steal Style from TV Stars

(Business Trends, E-Commerce, Marketing)

The CW network, formerly the WB, is offering fans of their new series Gossip Girl the chance to dress like their favorite characters. Fans log on to the series' website, where they can choose from featured designers like Coach, Ralph Lauren and Valentino. Keeping in mind their demographic, they also offer more affordable duds from H&M, along with fashion and style tips. For example, if you pull up the lead character, Serena, you can choose from her $195 belt or her $65 jeans. It's a great concept that makes you wonder why it hasn't already been thought up. Just think how successful it could have been in the peak days of Sex and the City.

Profile of Women Entrepreneurs

(Business Trends, HR and Management)

A new survey sponsored by RSM McGladrey and the National Association of Women Business Owners has created a profile of today's average woman entrepreneur. After surveying 650 women across the country, the 2007 Survey of Women Business Owners found that women entrepreneurs are more educated. In fact, 40 percent of them have a post-graduate education, compared to 9 percent of the entire female labor force. Here are other key findings from the survey:

  • They take more risks. Sixty percent of women surveyed would use up to 95 percent of their personal savings or put up their home as collateral for a loan to start or expand their business.
  • They have been successful for a while. More than 60 percent of the businesses surveyed have been in operation six or more years, higher than the 40 percent reported through other surveys for all businesses.
  • They started young. Forty percent of businesses with more than $6 million in revenue were started by women between the ages of 20 and 29.
  • They can get financed. Less than 6 percent have gone to a bank and never been able to receive financing.
  • They have a family life and run a business. Sixty-eight percent are married, higher than the national average of 53 percent for working women. And 67 percent of those surveyed have children.