Connecticut businesses that are mostly owned by women have seen a steep growth in business in the last decade. The state’s women entrepreneurs have far outpaced their national counterparts in terms of revenue generation and increase in employee strength. This has dispelled all misconceptions about women owned enterprises- that they start small and stay small.
Women entrepreneurs in Connecticut benefitted from the existing business support groups, microloans for women ,friendly public policy and an atmosphere of inclusiveness. The state’s women owned business only lagged in terms of number and this is not at all surprising as Connecticut itself has fewer number of business establishments in comparison to other US states, regardless of gender.
An American Express study has found that businesses run by women of Connecticut reached $15.4 billion in revenue in 2011. This is a 66.4 percent increase over last 14 year period. Employment at women –owned businesses of Connecticut have increased by 17.3 percent to 92,200 workers. The study is based on data collected by U.S. Bureau economic censuses of 1997, 2002 and 2007.
Women in Connecticut when they become entrepreneurs are transformed to real players and change makers of their community in-spite of constraints in terms of labor, energy and terms of doing business. Marcus, 39, for example, started her business, eight years ago, selling high-end stationary and invitations. Now, the company has blossomed and crossed in $1 million annual revenue earning in 2007. There are many such businesses that have grown in Connecticut in the last decade.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to