The number of female-owned businesses in Hawaii has grown by 55 percent over the past 15 years with 39,900 establishments today, accounting for $5.34 billion in sales annually, according to a study released Wednesday by American Express.
Hawaii scored well against other states in the study, ranking 18th highest in the creation of new female-owned businesses and eighth highest in job growth, with employment increasing by 31 percent to 39,400 positions since 1997. The 64 percent jump in sales by female-owned businesses was 26th best nationally.
The report was commissioned by American Express Open, the company’s division that specializes in providing credit for small businesses.
The study, based on U.S. Census Bureau data, found that nationally the number of businesses owned by women grew by 54 percent between 1997 and 2012, about 112 times the average growth rate for all businesses.
BUSINESS MATTERS
The number of women running their own businesses in Hawaii:
39,900
2012
37,373
2007
29,943
2002
25,807
1997
|
"Women-owned firms continue to grow in number and economic stature," according to the report. "They are standing toe-to-toe with competitors in a broad range of industries, including construction and transportation."
Laurie Rodriguez, who co-owns two children’s boutiques on Oahu with her sister Pat Perreira, says she isn’t surprised that so many female-owned businesses are successful.
"I believe women are able to multitask because we are mothers. I raised five kids and all of them participated in sports," Rodriguez said.
The sisters own and operate Little People Hawaii, which has outlets in Waikiki and Windward Mall.
"As a woman you have to be able to learn how to do more than one thing at a time. I think that’s what makes women more successful," Rodriguez said.
Another advantage that women have is their ability to "create communities," according to Rodriguez. "That helps in running a small business — the ability to connect with people."
In addition, any business owner needs to be passionate about what they do to be successful, Rodriguez said. "You’ve got to love what you’re doing. You have to have a can-do attitude and be willing to take risks."
Nationally, there are an estimated 8.3 million female-owned businesses employing 7.7 million people and generating nearly $1.3 trillion in sales, according to the study.
The report was prepared for American Express by Womenable, a research and policy development consultancy. Womenable describes itself as a "for-profit social enterprise that works to enable women’s entrepreneurship worldwide."
