Research Report 

Women’s Entrepreneurship in the 

21st Century –
 

A Summary of Data from 

National and Regional Summits
 

� June 2003 �
 

3

 

 

Women’s Entrepreneurship in the 21st Century	 June 2003 

Foreword 

Women own an estimated 9.1 million businesses in the U.S. and they are growing in 

number and economic clout at rates exceeding the national average. Yet, these 

women face a myriad of challenges in starting and running their businesses. In 2002, 

the U.S. Department of Labor and the Small Business Administration, in 

collaboration with The Public Forum Institute, organized a national women’s 

entrepreneurship summit, as well as a series of regional summits. These conferences 

were designed to provide women business owners, women's business association 

leaders, and service providers the opportunity to discuss the issues and challenges 

facing the women's business community, as well as to learn more about government 

programs that exist to assist entrepreneurial development. 

The National Women's Business Council (NWBC) will use the feedback provided 

during these conferences—which is summarized in this report—to gain a better 

understanding of the challenges affecting women entrepreneurs and to help form 

policy recommendations that address these issues. In addition, this analysis provides 

an independent assessment of how it can assist women's entrepreneurship through 

further research, studies or other activities on the issues arising from the various 

summits. 

The National Women's Business Council is a bi-partisan Federal government council 

created to serve as an independent source of advice and counsel to the President, 

Congress, and the U.S. Small Business Administration on economic issues of 

importance to women business owners. Members of the Council are prominent 

women business owners and leaders of women's business organizations. 

The National Women's Business Council is committed to: 

� conducting research on issues of importance to women business owners and 

their organizations; 

� communicating these findings widely; 

� connecting the women's business community to public policy makers; and 

� providing a platform for change in order to expand and improve opportunities 

for women business owners and their enterprises. 

For more information about the Council, its mission and activities, contact: National 

Women's Business Council, 409 3rd Street, SW, Suite 210, Washington, DC 20024; 

phone: 202-205-3850; fax: 202-205-6825, e-mail: nwbc@sba.gov 
Women’s Entrepreneurship in the 21 st Century June 2003 

Table of Contents
 

Introduction ........................................................................1
 

Summary of Findings ............................................................2
 

Conference Participants ........................................................3
 

Motivation and Process for Starting a Business ...........................4
 

Business Objectives and Financial Goals ...................................5
 

Employees and Work Environment ..........................................6
 

Issues Facing Women Business Owners ....................................7
 

Access to Capital ..................................................................8
 

Access to Government Contracts .............................................9
 

Health Insurance Issues ...................................................... 10
 

Retirement Benefits ............................................................ 11
 

Looking Ahead ................................................................... 12
 

Recommendations for Additional Research .............................. 13
 

Appendix A: Summary Data by Survey Question ..................... 16
 

Appendix B: Summary Data by Survey Location ..................... 33
 
Women’s Entrepreneurship in the 21 st Century	 June 2003 

Women’s Entrepreneurship in the 21st Century –
 

A Summary of Data from 

National and Regional Summits 

Introduction 

In March of 2002, the U.S. Department of 

Labor and the U.S. Small Business 

Administration, with the assistance of the 

Public Forum Institute, hosted a national 

summit entitled Women Entrepreneurship in the 

21st Century. Held in Washington, DC, the 

summit was attended by more than 1,200 

women entrepreneurs from across the 

country. Thousands of others participated 

via satellite from Bangor, Maine; St. Louis, 

Missouri; Little Rock, Arkansas; and 

Orlando, Florida. The national gathering 

was followed by four regional forums held 

between July and September in Nashville, 

Tennessee; Houston, Texas; New Britain, 

Connecticut; and St. Louis, Missouri. 

The meetings provided a forum for women 

business owners to hear from leaders in the 

government and in the private sector about 

the critical issues that they face and current 

initiatives to support them. The meetings 

also provided an opportunity for 

government and industry leaders to hear 

back from participating women about the 

issues affecting their own businesses. 

Each of the meetings offered sessions 

which addressed such topics as: 

� providing women business owners with 

access to capital to enable them to 

stimulate national economic growth; 

� enhancing innovation and 

entrepreneurship as the route to 

nurturing new small business growth; 

� addressing the rising cost to small 

business owners of providing health 

care for their employees; and 

� exploring progress on efforts to help 

women small business owners achieve 

closer to 5% of federal government 

contract dollars. 

In addition to discussing these issues during 

the sessions, attendees were able to 

participate in an electronic survey, and 

using keypads, provided real-time responses 

to survey questions. Questions covered 

such topics as the motivation and process 

for starting a business, operational 

challenges, and broad national issues facing 

women business owners around the 

country. 

This report details the findings from the 

electronic survey. 

1 
Women’s Entrepreneurship in the 21 st Century 

Summary of Findings 

The electronic survey of forum participants 

included a total of 80 questions. A subset 

of the questions was asked at each site, and 

together the data paint interesting picture of 

women business owners and their current 

thinking on the challenges to women’s 

entrepreneurship. This report is an analysis 

of that data. While not each question is 

presented in the analysis and not all 

questions were asked in all forum locations, 

a full set of the survey data—which also 

presents the data by city—is presented in 

the appendices. 

Highlights of the survey findings include: 

� Most women business owners who 

participated in the survey started their 

businesses themselves. 

� Making a profit was the primary 

motivation for starting their business, 

and increasing client base and profits 

were top objectives for business 

growth. 

� Personal networks and mentoring were 

cited as the key factors to helping 

women start and grow businesses. 

June 2003 

� Access to capital and the current 

economy were top concerns for women 

business owners. 

� More than half of women surveyed 

found it difficult to secure the capital to 

start their business, and they were most 

likely to rely on personal savings as their 

primary source of funding. 

� Women business owners did not 

generally view the federal government 

and its contracting systems as helpful or 

easy to navigate. 

� Health care reform and tax reform were 

seen as urgent priorities for the U.S. 

Congress. 

� Costs were the biggest barrier to 

offering health insurance, and women 

surveyed overwhelmingly supported 

reforms that would make offering 

coverage more affordable. 

2 
Women’s Entrepreneurship in the 21 st Century	 June 2003 

Conference Participant 

Background 

Participants in each of the sessions included 

business owners, government and corporate 

leaders, representatives of organizations that 

provide services to women business owners, 

and others. While many of the substantive 

questions cannot be analyzed by the 

demographic questions, these background 

questions paint an overall picture of the 

conference participants. 

Participants in Houston and in St. Louis 

were asked to identify themselves by their 

profession, and more than half (54%) were 

business owners. Eleven percent (11%) 

were service providers, 10% were corporate 

decision makers, 7% were government 

employees, and the remaining 18% were 

from other types of organizations. 

Participants in all of the sessions except for 

New Britain were asked how long they had 

owned their business. While many were 

new to business ownership, many were 

veteran business owners—20% were 

considering or in the process of starting a 

business, 9% had owned their business for 

business for one to five years, 11% had 

owned their business for six to ten years, 

and 23% had owned their business for more 

than 10 years. 

Participants in Houston and in St. Louis 

were asked to identify the industry in which 

their business operated. 

� Among participants in Houston, more 

than half (52%) responded that their 

business was in the service industry. 

Ten percent (10%) had retail businesses, 

12% had technology businesses, 6% 

were in the manufacturing industry, and 

20% were in some other industry. 

� Participants in St. Louis were given a 

different set of response choices. The 

most common responses were finance 

and insurance (13%) and wholesale or 

retail sales (13%). Fewer than 10% 

identified manufacturing, real estate, 

health care, administrative support, or 

food service. Almost half (46%) of 

businesses were in categories that were 

not offered as options. 

3 
Women’s Entrepreneurship in the 21 st Century	 June 2003 

Participants in Houston were asked to 

identify themselves by educational level and 

by age. About one-third (34%) had less 

than a bachelor’s degree, one-fourth had 

competed a bachelor’s degree, another 35% 

had some graduate school or a master’s 

degree, and 7% had a doctorate or other 

graduate degree. There were not significant 

differences by age—similar percentages of 

respondents were from each of the age 

categories. 

Motivation and Process for 

Starting a Business 

The majority of the women business owners 

included in this survey started their 

businesses themselves, and most relied on 

personal contacts and mentoring from other 

women as they got started. Not 

surprisingly, the primary motivation for 

starting a business was making a profit. 

Being their own boss and having an interest 

in the field were also important motivations 

for many women. 

� Participants in Washington, DC and in 

the St. Louis satellite audience were 

asked whether they agreed that the 

primary purpose for owning a business 

was to make a profit. More than 80% 

either strongly agreed or agreed with the 

statement. 

� Participants in Washington, DC and in 

Houston were also asked about the 

primary motivation for starting their 

own business. Almost one-third—just 

over 32%—cited being their own boss 

as the primary reason (31% in 

Washington and 40% in Houston). 

Having an interest in the field and 

making more money were also common 

reasons, with about 20% of women 

selecting each of those responses. 

Among the business owners who 

participated in Nashville and in St. Louis, 

72% started their businesses themselves 

(87% in Nashville and 72% in St. Louis). 

Three percent (3%) purchased their 

businesses, another 3% inherited their 

businesses, and 1% acquired their business 

through marriage or divorce. Twenty-one 

percent (21%) acquired their business in 

some other way. 

4 
Women’s Entrepreneurship in the 21 st Century 

When asked about the most important 

aspect of helping other women to become 

entrepreneurs, about one-third of 

participants mentioned personal contacts 

(39% in Nashville and 31% in New Britain), 

and another one-third mentioned mentoring 

programs (34% in Nashville and 32% in 

New Britain). Fifteen percent (15%) 

thought that training and technical 

assistance programs were key (18% in 

Nashville and 13% in New Britain). 

Relatively few mentioned access to capital 

(8%) or access to services such as day care 

or insurance (7%). 

Most women surveyed reported being at 

least somewhat afraid of failure when they 

started their businesses, but just one-third 

felt discouraged because they were women. 

� Women at the national conference were 

asked how afraid they were that their 

business would fail when they started it. 

On a scale that ranged from “Very 

Afraid” to “Not Afraid At All”, more 

than one-quarter (27%) said that they 

were very afraid that their business 

would fail, 34% were moderately afraid, 

and 39% were either not at all or only 

slightly afraid. 

June 2003 

� Among this same group, about onethird (34%) said that they felt 

discouraged about starting their business 

because they were women, and twothirds (66%) said that they did not feel 

discouraged. 

Business Objectives and 

Financial Goals 

Among the women who participated in this 

survey, increasing their client base and 

profits were the top business priorities. 

Most had five-year revenue goals of less 

than $1 million. 

Participants in New Britain were asked to 

describe their business objectives, and 47% 

replied that increasing their client base was 

their top business priority. Increasing 

profits was the top priority for about onethird. Expanding services, locations, name 

recognition, and staff were not considered 

top priorities. 

Participants in St. Louis were asked about 

their goals for financial growth. More than 

half (53%) replied that their five-year 

revenue goal was less than $1 million. Less 

5 
Women’s Entrepreneurship in the 21 st Century 

than one-quarter replied reported a five-year 

goal of greater than $5 million. 

Participants in St. Louis were also asked 

how they viewed their current business 

finances. Forty-six percent (46%) replied 

that their business finances were excellent 

or very good. Thirty-nine percent (39%) 

reported that their current business finances 

were fair, and 16% reported that they were 

poor. 

Employees and Work 

Environment 

While the sizes of businesses owned by 

women who participated in this survey were 

relatively small, creating family-friendly 

work environments was an important 

priority. 

Participants in each of the sites were asked 

how many employees they had. Thirty-five 

percent (35%) of women who participated 

in the forums had no employees, with sitespecific proportions ranging from a high of 

63% with no employees in Nashville to a 

June 2003 

low of 27% in Washington, DC.
 

A total of 29% had 1 to 4 employees not 

including themselves, and only 10% had 50 

employees or more.
 

Fifty-nine percent (59%) of participants in 

Washington were planning to hire additional 

employees in the next several months. 

Twenty-eight percent (28%) had no plans to 

hire additional employees, and 13% were 

not sure. When asked about the most 

important consideration in hiring new 

employees, 69% replied that a good attitude 

and willingness to learn were most 

important. Communication skills were 

most important for 13% of respondents, 

and experience in the industry was a primary 

concern for only 11%. 

And finally, providing family-friendly work 

environments was an important concern for 

most women. Eighty-six percent (86%) of 

participants in the national forum in 

Washington, DC rated this as extremely or 

very important, while only 6% said that it
 

was not important at all. 

6 
Women’s Entrepreneurship in the 21 st Century 

Issues Facing Women 

Business Owners 

Women at each of the sites were asked 

about the most important issue they faced 

as a business owner. Overall, access to 

capital was the most important issue, cited 

by 28% of respondents. The current 

economy was also viewed as important, with 

23% of participants choosing that option. 

Thirteen percent (13%) cited the rising cost 

of providing health insurance, and 12% 

cited the competitive business environment. 

Taxes were cited by 10%. Workforce issues 

and regulatory burdens were each cited by 

fewer than 10%. 

While access to capital was cited as the most 

important issue at each location, the 

June 2003 

capital ranged from one-quarter in 

Washington, DC, to 28% in Nashville, 

to almost one-third (32%) in New 

Britain. 

Participants at each location except for New 

Britain were also asked which issue the U.S. 

Congress should address immediately. The 

most common response was health care 

reform, with 32% of all participants 

choosing that option. Tax reform was cited 

by 23%, and 19% said that improving access 

to capital was an urgent issue for the 

Congress. Twelve percent (12%) cited 

expanding procurement opportunities, 10% 

cited pension reform, and only 3% cited 

regulatory reform. 

� Health care reform was seen as a bigger 

proportion of respondents citing it varied by 

location. 

� In Houston, nearly half of respondents 

(48%) named access to capital as the 

greatest problem. 

� In other locations, the proportion of 

respondents who selected access to 

issue in the regional locations, with 50% 

of respondents in St. Louis, 47% in 

Nashville, and 36% in Houston naming 

it as a priority. Just 18% of participants 

in the national survey said that health 

care reform was a top priority. 

� Another regional variation was seen in 

the proportion of respondents who 

7 
Women’s Entrepreneurship in the 21 st Century	 June 2003 

suggested that expanding procurement 

opportunities was a top priority. In the 

national-level survey, 40% selected this 

response. In the regions, 21% of 

respondents in St. Louis, 14% in 

Houston, and 12% in Nashville thought 

that expanding procurement 

opportunities was a top priority. 

Participants in St. Louis were asked about 

the current internal barriers to growing their 

business. Cash flow was cited most often, 

with 41% of women citing that barrier. 

Thirty-nine percent (39%) mentioned time 

as the greatest barrier to growth. Fewer 

than 10% mentioned having enough staff. 

Access to Capital 

Finding and securing funds to start and to 

grow businesses was a top concern for the 

women entrepreneurs surveyed. 

� Participants in Washington, DC and in 

St. Louis were asked how difficult it was 

to obtain funding though loans or grants 

for their business. More than half 

found it either very difficult or 

difficult—36% and 18% respectively. 

Only about one-third (34%) replied that 

it was not difficult. 

� When asked how difficult it was to raise 

private investment through venture 

capital or angel financing, 86% of that 

same group replied that it was either 

very difficult or difficult. 

While there are a wide range of options for 

financing businesses, women were most 

likely to rely on personal savings as their 

primary source of capital. 

� In New Britain and St. Louis, 37% of 

the women surveyed replied that they 

relied most on their personal savings. 

Just under 20% relied the most on 

reinvesting business earnings, 16% 

relied most on loans or lines of credit, 

and 11% relied the most on personal or 

business credit cards. Fewer than 5% 

cited a second or third mortgage on 

their on their homes, borrowing money 

from family or friends, or venture 

capital or angel financing as their 

primary source of capital. 

� Participants in Washington, DC and in 

Nashville were asked the same question, 

8 
 

 

 

Women’s Entrepreneurship in the 21st Century 

but without the full range of choices. 

Answers, however, reinforce the 

results—52% relied primarily on 

personal savings, and 22% relied on 

bank loans. Small percentages cited a 

second or third mortgages or borrowing 

money from friends, families, or 

colleagues as their primary source of 

capital. 

When asked which they had found to be the 

most helpful source of information about 

business financing options, more than onethird of respondents (35%) in New Britain 

and St. Louis cited friends and associates. 

The SBA was cited by 20%, and private 

banks were cited by 16%. Government 

websites were the least cited, with only 3% 

choosing that option. Fewer than 10% 

chose Small Business Development Centers 

and Women’s Business Centers.1 

While the question was asked differently in 

Washington, DC and Nashville, the results 

were similar. Forty-four percent (44%) of 

women noted that recommendations from 

others were the most important source. 

Twenty-three percent (23%) looked to 

private sources, and only 10% looked to 

government offices as their primary 

information source. 

1

 While these options—the SBA, government Web 

sites, Small Business Development Centers, and 

Women’s Business Centers—overlap, they were in 

fact, the available response options. 

June 2003 

Access to Government Contracts 

With the federal government purchasing 

more than $200 billion in goods and 

services annually, winning more government 

contracts remains another critical issue for 

women business owners. 

� Participants in Washington, DC were 

asked what they thought would be the 

best way to ensure that women-owned 

businesses were awarded the 

Congressionally mandated 5% of federal 

contracts. Forty-two percent (42%) 

thought that strong leadership would 

make the difference. About 25% 

thought that improving accountability 

would help, and another 25% favored 

having more set-asides. 

� Women in St. Louis were asked about 

their recent attempts to do business 

with the government. Sixty percent 

(60%) had not tried to do business with 

the federal government in the pa st year. 

Twenty percent (20%) had tried a 

couple of times, and another 20% had 

tried more often. Of those who had 

attempted to do business with the 

government, only 7% reported being 

very successful and 57% reported being 

not successful at all. 

� Women in Nashville and St. Louis were 

asked how much business they expected 

to do with the federal government over 

the coming year. Forty percent (40%) 

expected that their business volume 

would stay the same (44% in St. Louis 

and 34% in Nashville), and roughly even 

proportions (approximately 30% each) 

expected it to either increase or 

decrease. 

� Finally, when asked about their overall 

opinion of the federal government, 

more than four in ten – 44% – of 

9 
Women’s Entrepreneurship in the 21 st Century June 2003 

participants in Houston and New 

Britain replied that they thought the 

federal government mostly hinders small 

business owners. Only 21% thought 

that the federal government was mostly 

helpful in its efforts to support small 

business owners and 35% said that it 

neither helps nor hinders small business 

owners. 

Participants in St. Louis and Houston were 

further asked if they offered coverage to all 

employees or only to full-time employees. 

Of those who offered coverage, 60% 

offered it only to full-time employees and 

40% offered it to all employees. 

When asked what the biggest obstacle was 

to providing health benefits, 72% of 

participants in Nashville, New Britain, and 

Health Insurance Issues 

The cost of health insurance and the ability 

to take advantage of group purchasing 

arrangements were also primary concerns 

for women business owners. 

Participants in Houston, St. Louis, and 

Washington, DC were asked if they 

provided health care benefits to their 

employees. Overall, 44% replied that they 

do offer coverage. The proportions that 

offered coverage were greater nationally and 

in St. Louis (49% of respondents in 

Washington and 41% in St. Louis offered 

coverage), while only 27% in Houston 

offered coverage. 

St. Louis cited costs. An additional 15% 

cited the lack of purchasing power—which 

clearly affects costs. Relatively few, less 

than 5%, cited administrative and regulatory 

burdens or federal and state mandates. 

The proportions that cited costs as the 

primary obstacle were greatest at the 

regional sites, with 83% of respondents in 

New Britain and 72% in St. Louis giving 

this response. Nationally, only 56% cited 

cost as the biggest obstacle. A higher 

proportion of participants in the national 

survey cited purchasing power as a barrier 

(20%, compared to 15% in St. Louis and 

11% in New Britain). 

10 
Women’s Entrepreneurship in the 21 st Century	 June 2003 

Among participants in Houston and St. 

Louis who offer health insurance coverage, 

35% had their annual premiums rate 

increase by 20% or more last year. Rates 

increased between 10 and 20% for 40% of 

respondents. Fewer than 10% did not see 

an increase in their premiums. When asked 

if they would be able to continue offering 

coverage if rates continue to rise at current 

rates, 86% of participants in Washington, 

DC said that they would not. 

Participants in New Britain and St. Louis 

were asked how they are handling health 

cost increases. Twenty percent (20%) 

replied that they were able to absorb the 

additional cost. One-third replied that they 

pass cost increases along to employees. 

Another one-third replied that they made 

changes to the coverage they offer—with 

20% reducing coverage and 13% changing 

providers. Only 5% stopped offering 

coverage altogether. 

Women business owners overwhelmingly 

support reforms that would make offering 

health insurance more affordable for them. 

� 86% of participants in Houston, St. 

Louis, and Washington, DC supported 

the use of tax credits to encourage 

women small business owners to 

provide health care coverage to their 

employees. 

� 93% of participants in Washington, DC 

said that it would make a difference in 

their decisions about offering health 

insurance if they had the same 

bargaining power, administrative 

efficiencies, choice, and reduced cost as 

large businesses have in the health 

insurance market. 

� 95% of participants in St. Louis said that 

small businesses should be able to 

combine together as a larger group to be 

able to offer less expensive health 

insurance to more employees. 

� 57% of participants in St. Louis, 

however, said that they would be less 

likely to offer health insurance to their 

employees if a Patients Bill of Rights 

were passed. 

Finally, participants in Houston were asked 

what they thought was the most important 

step that large employers could take to help 

reduce the number of working uninsured. 

Forty-two percent (42%) thought that large 

employers could help by sharing provider 

networks and discounted rates with smaller 

firms. About one-quarter (26%) thought 

that establishing regional purchasing 

cooperatives with small businesses would 

help most, and another one-quarter thought 

that expanding coverage eligibility to parttime workers and others who are not 

eligible was most important. 

Retirement Benefits 

Another issue of importance to women 

business owners and to their employees was 

the availability of options for retirement 

security. 

Participants in Washington, DC, Houston, 

and St. Louis were asked about the 

retirement plans they offer. Over half 

(52%) did not provide any type of 

retirement plan to their employees. 

Participants in the regional surveys were less 

likely that the national participa nts to offer 

retirement plans—73% in Houston and 

68% in St. Louis did not offer plans, 

whereas only 43% of respondents in the 

national survey did not offer plans. 

11 
Women’s Entrepreneurship in the 21 st Century June 2003 

Of those who did offer retirement plans, the 

most common type, offered by 22% of 

respondents, was a 401(K) plan. Another 

9% offered SEP-IRAs. Small proportions 

also offered 403(B), Standard IRA, Defined 

Benefit Plan, and Keogh Plans. 

The same participants were asked about the 

most important challenge in offering 

retirement plans. More than one-third of 

survey participants (34%) replied that the 

greatest challenge to offering retirement 

plans was the inconsistency of their own 

business profits. The cost of retirement 

plans was cited by 23% of respondents, and 

another 17% cited having too few 

employees. Nine percent (9%) noted the 

complexity of the laws governing retirement 

plans. Relatively few, about 6% cited 

employee turnover. 

When asked about funding their own 

retirement, 57% of participants in New 

Britain, Nashville, Houston, and 

Washington, DC revealed that they are 

investing in IRAs or in 401(K) plans. 

Twelve percent (12%) intended to sell their 

business and use the money for retirement. 

Twenty-three (23%) percent had no plans. 

Looking Ahead 

Participants in Washington, DC and in St. 

Louis were asked how confident they were 

that their business finances would improve 

in the next six months. Sixty-two percent 

(62%) of respondents in St. Louis and 45% 

of respondents in Washington, DC reported 

that they were extremely or very confident 

that their finances would improve. Overall, 

only about 16% reported that they were not 

confident that their finances would 

improve. 

Participants in Washington, DC were also 

asked their opinion about the current 

economy, and almost 60% replied that they 

thought it was either not good or poor. 

Almost 40% replied that it was good, and 

fewer than 1% responded that it was 

excellent. 

12 
Women’s Entrepreneurship in the 21 st Century June 2003 

Recommendations for This data and analysis also point to several 

Additional Research opportunities for future research: 

We conclude by offering recommendations 

for improving future data collection efforts 

and additional research issues that are raised 

by this analysis. 

Future efforts to collect descriptive data on 

women business owners and the issues that 

they face could be improved by: 

� Standardizing the survey methodology 

such that the same questions are asked 

of all participants so that answers can be 

compared and geographic comparisons 

can be made. 

� Using opportunities with women 

business owners to collect data from 

business owners only so that results are 

not skewed by the opinions of 

participants who do not own businesses. 

In this data set, for example, most 

responses could not be segregated by 

whether or not the respondent was a 

business owner. 

� Gathering such data in settings that 

include both women and men business 

owners to allow for gender 

comparisons. For example, it would be 

interesting to know if women and men 

have different motivations for starting 

their businesses, if they face different 

issues, or if they offer the same types of 

benefits to their employees. 

� Survey participants identified access to 

capital as a critical concern, and the 

majority said that they found it difficult 

to raise capital. Additional research 

could identify the specific barriers 

related to accessing capital and 

determine the relationship of those 

barriers to demographics, geography, 

and type of business. 

� It is also important to note that women 

business owners did not view the federal 

government as helpful. There may, 

therefore, be an opportunity for 

additional research related to women 

business owners’ views of the federal 

government and the barriers that they 

perceive. 

� There was also a great deal of support 

from women business owners for 

reforms—such as tax credits or 

purchasing pools—that would make 

health insurance more affordable. 

Research on business owners’ 

experience with these options for 

offering coverage may therefore be 

valuable to national level discussion 

about expanding coverage. 

13 
 

 

Women’s Entrepreneurship in the 21st Century June 2003 

This report was prepared for the National Women's Business Council by Synthesis 

Professional Services under contract. The opinions and recommendations of the 

authors of this study do not necessarily reflect official policies of the NWBC, the U.S. 

Small Business Administration, or any other agency of the U.S. government. 

Synthesis Professional Services is a woman-owned consulting firm located in 

Rockville, MD. Synthesis helps government clients to create successful outreach 

programs—such as public education campaigns, conferences, and Internet database 

development—as well as the critical underpinnings of these initiatives—such as research 

and evaluation, strategic planning, and process redesign. For additional information 

about Synthesis, contact Synthesis Professional Services, 12239 Carroll Avenue, 

Rockville, Maryland 20857; phone: 301-598-4770; fax: 301-598-4772; email: 

rgigliotti@synthesisps.com 

14 
15

Appendices
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Demographics 

What is the highest level of 

education you have 

completed? n= 1608 852 690 

High school or less 4 3 5 

Some college 20 20 21 

2-year college degree 10 12 7 

Bachelor’s degree 25 25 23 

Some graduate school 10 11 10 

Master’s degree 25 25 24 

Doctorate degree 5 3 8 

Other graduate degree 2 2 1 

To which of the following 

age groups do you belong? n= 1650 846 726 

Younger than 35 19 18 20 

35-44 28 26 31 

45-54 28 33 22 

55-64 21 21 21 

65 or older 3 1 6 

Are you a . . . ? n= 256 1644 

Business owner 56 54 

Corporate decision maker 8 10 

NGO/Service provider to 

women business owners 

13 11 

Government employee 8 7 

Other 16 18 

How long have you owned 

your own business? n=1434 272 14 112 285 1608 858 708 

I am considering or in the 

process of starting a business 

16 19 9 32 59 17 13 24 

Less than 1 year 8 6 11 0 13 10 17 1 

1-5 years 24 29 49 7 13 21 32 8 

6-7 years 7 7 8 0 3 3 3 2 

8-10 years 7 3 5 0 1 7 10 2 

More than 10 years 37 9 14 3 12 15 23 6 

None of the above NA 26 3 57 0 27 1 57 

16 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

If you are a business owner, 

what share of the business 

do you personally own? n= 1428 852 528 

100% 45 62 16 

51-99% 11 18 1 

50% 10 16 1 

Less than 50% 5 3 8 

Don’t know 1 0 2 

Other 28 1 72 

Which broad category best 

describes the type of 

business or services that 

your company provides? n= 1464 816 582 

Manufacturing 5 6 4 

Wholesale/retail sales 13 15 8 

Finance and insurance 13 7 23 

Real estate, rental, leasing 6 5 8 

Administrative support 

services 

7 7 7 

Health care, social assistance 

services 

5 7 3 

Accommodation and food 

service 

4 5 3 

Other 46 47 43 

In what industry is your 

business? n= 81 

Retail 10 

Service 52 

Technology 12 

Manufacturing 6 

Other 20 

17 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Starting a Business 

What would you say is the 

main reason you started 

your own business? n=348 52 

To make more money 20 17 

To be my own boss 31 40 

To set my own schedule 9 13 

For the challenge of starting a 

business 

9 6 

Because I had an interest in 

the field or profession? 

22 23 

Other 9 0 

Agree or disagree: The 

primary purpose of owning 

a business is to make a 

profit. n=467 

Strongly agree 54 

Agree 27 

Unsure 1 

Disagree 16 

Strongly disagree 2 

When you started your 

business, how afraid were 

you that it would fail? n=70 

Very afraid 27 

Moderately afraid 34 

Only slightly afraid 26 

Not at all afraid 13 

Were you discouraged from 

starting your own business 

because you are a woman? n=583 

Yes 34 

No 66 

Unsure/can’t remember 0 

18 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

If you are a business owner, 

how did you acquire 

ownership of the business? n= 64 1332 846 420 

Start the business 87 72 90 34 

Purchase the business 13 2 4 0 

Inherit the business 0 3 4 0 

Acquire the business without 

personal investment such as 

through marriage/divorce 

0 1 1 1 

Other 0 23 1 64 

If you had to choose just 

one, would you rather have 

more money or more time? n=483 

More money 57 

More time 44 

Personal Finances 

Which of the following best 

describes your plans to fund 

your own retirement? n=435 67 70 97 

Sell my business and use the 

money 

12 12 6 12 

Invest in IRAs and 401(k) 

plans 

57 48 56 62 

Use the money from my 

savings or low-risk CDs 

6 6 3 3 

Use money from my spouses 

retirement account 

2 6 6 4 

Have not yet made specific 

plans to fund my retirement 

22 28 30 19 

Of those who have a home 

office, did you know that 

under current law you are 

supposed to get a tax 

deduction? Were you able 

to take the deduction last 

year? n= 67 

Yes, I took the deduction 25 

No, I didn’t know 6 

No, but I knew about it 27 

I don’t have a home office 42 

19 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Would you have taken the 

deduction if it wasn’t so 

difficult? n= 57 

Yes 96 

No 4 

Is your current business 

your sole source of income 

or a secondary source of 

income? n=43 124 

Sole source 37 46 

Secondary source 63 54 

How much do you have put 

away for retirement? n=479 

Less than $50,000 34 

More than $50,000 66 

Have you provided for your 

retirement by owning stocks 

and bonds? n=370 

No 44 

Yes 56 

Business Objectives and

Financial Goals 

What do you consider the 

top priority for your 

business? n= 94 

Opening a new location 4 

Increasing the number of 

clients 

47 

Expanding services you 

provide 

7 

Increasing profits 34 

Expanding staff 1 

Increasing name recognition 6 

20 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Thinking about the current 

state of your business, 

would you rate your 

business finances as... n= 122 

Excellent 14 

Good 32 

Fair 39 

Poor 16 

What is your desired 

annual revenue level in five 

years? n= 85 

Less than $500K 29 

$500K - $1M 24 

$1M - $2.5M 15 

$2.5M - $5M 9 

More than $5M 22 

Looking forward, how 

confident are you that your 

business finances will 

improve over the next six 

months? n=51 123 

Extremely confident 14 26 

Very confident 31 36 

Just a little confident 33 24 

Not at all confident 22 15 

Office and Employees Where is your primary 

office based? n= 228 144 84 248 

Home 35 42 24 34 

Somewhere else 65 58 76 66 

What kind of connection to 

the internet do you have for 

your business? n=758 

T1 or better 21 

DSL or cable modem 37 

Satellite or other wireless 1 

ISDN 3 

21 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Dial-up modem 33 

None 1 

Don’t know 3 

How important is it for you 

to provide a family-friendly 

work environment? n=52 

Extremely important 65 

Very important 21 

Slightly important 8 

Not at all important 6 

Of the following, which skill 

do you consider most 

important in a potential 

employee? n=462 

Basic competency in 

computer skills 

2 

Good attitude and willingness 

to learn 

69 

Experience in your industry 11 

Good communication skills 13 

Other 5 

Excluding yourself, how 

many employees do you 

have? n=1235 236 140 96 258 77 1356 846 450 

Zero 27 54 40 75 63 42 37 37 36 

1 – 4 25 32 43 17 16 21 36 40 29 

5 – 9 13 5 8 0 3 10 11 12 11 

10 – 19 12 5 6 4 8 8 4 3 5 

20 – 49 8 2 0 4 5 10 7 4 11 

More than 49 15 2 3 0 5 9 6 4 8 

Are you planning on hiring 

anyone in the coming 

months? n=61 

Yes 59 

No 28 

Unsure 13 

22 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Issues Facing Business 

What would you say is the 

most important issue facing 

you as a business owner? n=413 61 88 153 

Access to capital 25 48 28 32 

Health insurance costs 15 5 9 12 

Workforce recruitment and 

retention 

6 5 9 9 

Taxes 10 10 15 8 

Regulatory burden 7 2 2 3 

Current state of the economy 23 18 25 26 

Competitive business 

environment 

13 7 8 7 

Other NA 7 3 3 

If you were in the U.S. 

Congress, which one of the 

following would you 

address immediately? n=444 66 87 262 

Pension reform/retirement 

security 

0 9 8 7 

Health care reform/affordable 

health insurance 

18 36 47 50 

Regulatory 

reform/modernization 

4 3 6 1 

Increasing access to capital 26 20 9 9 

Tax reform/relief 12 17 16 11 

More procurement 

opportunities for women 

entrepreneurs 

40 14 12 21 

Other 0 2 1 <1 

What do you see as current 

internal (specific to your 

business) barriers to the 

growth of your business? n= 101 

Time 39 

Enough staff 10 

Cash flow 41 

Other 11 

23 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Thinking about the current 

state of the national 

economy, would you rate it 

as... n=400 

Excellent 1 

Good 40 

Not so good 48 

Poor 11 

Compared to the national 

economy, do you think the 

regional economy is: n= 129 

Much stronger 5 

Stronger 30 

About the same 40 

Weaker 23 

Much weaker 2 

Access to Capital 

In your experience, how 

difficult has it been to 

obtain funding such as a 

loan or grant? n=421 121 

Very difficult 37 35 

Difficult 19 13 

Somewhat difficult 11 15 

Not difficult 34 37 

When developing a 

proposal for a potential 

investor, which element do 

you highlight? n= 64 113 

Return on investment 31 39 

The fact that it is a good 

business idea 

17 42 

Financial projections 8 69 

Market analysis 13 9 

Management team 31 15 

Other 0 7 

24 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

In your experience, how 

difficult has it been to raise 

private investment (angel 

and venture capital 

financing)? n=45 94 

Very difficult 64 72 

Moderately difficult 20 15 

Only slightly difficult 11 6 

Not at all difficult 4 6 

Which of the following has 

you found to be the most 

helpful source of 

information about business 

financing options? n=346 67 88 104 

Recommendation from a 

friend or business associate 

41 61 30 40 

Government website NA NA 3 4 

Banks NA NA 16 16 

SBDC/Women business 

centers 

NA NA 15 6 

The SBA NA NA 26 16 

Government offices 8 25 NA NA 

Private source 27 9 6 11 

Other NA NA 5 7 

Does not apply to me 25 4 NA NA 

Which of the following 

sources do you currently 

rely on most for capital 

necessary to run your 

business? 

n=39 60 111 127 

Personal savings or assets 49 55 40 34 

Reinvestment of business 

earnings 

NA NA 14 24 

Second/third mortgage 5 5 5 4 

Borrowed money from friend, 

family, colleague 

5 8 5 3 

Venture capital funding NA NA 3 1 

Angel financing NA NA 5 2 

Personal or business credit 

card 

10 7 8 13 

25 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Loan or line of credit from 

bank 

31 17 20 12 

Other 0 8 1 7 

Government Contracting 

In your opinion, does the 

government contracting 

system discourage small 

entrepreneurs? 

n=1 

Yes 100 

No 0 

Unsure 0 

What is the best way to 

ensure that women-owned 

businesses are awarded the 

congressionally mandated 

5% goal of federal 

contracts? n=66 

Strong leadership 42 

More regulation 8 

More accountability 26 

More government set-asides 24 

How often have you 

attempted to do business 

with federal agencies in the 

past 12 months? n= 108 

Not at all 59 

A couple of times 19 

More than a couple of times 21 

How successful have you 

been in your attempts to do 

business with federal 

agencies in the past 12 

months? n= 80 

Very successful 4 

Somewhat successful 20 

Not at all successful 31 

Not applicable 45 

26 
 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

In the next 12 months, do 

you project that the amount 

of business that you do with 

the federal government 

will..... n= 58 101 

Increase greatly 2 10 

Increase somewhat 28 22 

Unsure 9 3 

Stay about the same 34 44 

Decrease somewhat 28 22 

Which of the following 

would you say most closely 

describes your opinion of 

the federal government? n= 53 99 

The federal government is 

mostly helpful in its efforts to 

support small business 

owners. 

19 22 

The federal government 

neither helps nor hinders 

small business owners. 

28 38 

The federal government 

mostly hinders small business 

owners. 

52 40 

What percentage of your 

sales comes from 

government contracts? n= 100 

Zero 73 

Less than 10% 17 

11 - 25% 4 

More than 25% 6 

27 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Health Benefits 

What is the biggest obstacle 

you face in providing health 

benefits for your 

employees? n= 79 143 231 

Federal and state coverage 

mandates 

0 4 1 

Administrative and regulatory 

burdens 

0 2 3 

Cost 56 83 72 

Lack of purchasing 

power/negotiating ability 

20 11 15 

Other 24 0 9 

Do you currently provide 

health care benefits to your 

employees? n=411 78 214 

Yes, to all of my employees 

Yes, but only to full-time 

employees 

49 12 16 

15 25 

No 51 73 59 

How much did your 

premiums increase this 

year? n= 58 123 

0% 14 7 

1 - 10% 10 18 

10 - 15% 21 23 

15 - 20% 16 20 

More than 20% 40 33 

If health insurance costs 

continue to increase, will 

you be able to continue to 

cover your employees and 

their families as you do 

now? n=323 152 

Yes 16 10 

No 84 90 

How are you handling 

health cost increases? n= 122 142 

Absorbing all of the increases 22 20 

28 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Reducing level of coverage 17 24 

Canceling coverage 7 4 

Changing health care 

providers 

7 12 

Passing it to employees 

through higher premiums 

35 30 

Other 3 10 

Do you support the use of 

tax credits to encourage 

women small business 

owners to provide health 

care coverage to their 

employees? n=429 83 150 

Strongly support 68 67 57 

Support 19 22 26 

Unsure 10 7 13 

Oppose 2 1 2 

Strongly oppose 1 2 2 

If we could give you the 

same bargaining power, 

administrative efficiencies, 

choice, and reduced cost as 

large businesses in the 

health insurance market, 

would this make a 

difference in your decision 

to offer health care to your 

employees and their 

families? n=394 123 

Yes 95 89 

No 5 11 

If a Patients Bill of Rights 

were passed, would you be 

more or less likely to offer 

health insurance to your 

employees? n= 134 

Much more likely 15 

Somewhat more likely 26 

Somewhat less likely 37 

Much less likely 22 

29 
 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

What is the most important 

step that large employers 

should undertake to help 

reduce the number of 

working uninsured? n= 76 

Establish regional purchasing 

cooperatives with small 

businesses 

26 

Share provider networks and 

discounted rates with smaller 

firms 

42 

Expand coverage eligibility to 

part-time workers and others 

who are note eligible 

24 

Provide incentives to improve 

take-up rates of low-wage 

workers 

1 

Other 7 

Which of the following 

comes closest to your 

opinion? n= 174 

Small businesses should be 

allowed to combine together 

as a larger group to be able to 

offer less expansive, better 

quality health insurance to 

more employees. 

95 

Small business owners should 

not be allowed to combine 

together as a larger group 

because the health plans 

would then fall under federal 

law and individual states 

would not be allowed to 

enforce state patient 

protection laws. 

5 

30 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Pension Plans 

What type of employersponsored pension plan do 

you offer your employees? 

n=1357 220 140 80 1398 846 468 

401(k) 28 15 11 20 16 11 22 

403(b) 3 NA NA NA 2 1 4 

SEP-IRA 11 5 9 0 8 8 8 

Standard IRA 3 2 3 0 <1 1 0 

Defined benefit 4 NA NA NA 1 0 1 

Cash balance <1 NA NA NA <1 0 1 

Keogh 2 5 3 10 NA NA NA 

Other 6 NA NA NA 4 3 6 

None 43 73 74 70 68 76 58 

What is the top difficulty in 

regards to providing a 

pension plan for your 

employees? 

n= 55 61 90 208 

Pensions are expensive 18 26 30 20 

Complex laws are confusing 13 8 19 5 

Company is new and/or 

profits are not consistent 

36 41 22 36 

High turn-over/too many new 

and part-time employees 

2 11 10 4 

Too few employees 15 13 14 19 

Other 16 0 4 16 

31 
 

 

 

 

 

 

 

 

APPENDIX A
 Washington Houston Nashville New 

Britain 

St. Louis 

Total

WBOOther

Total

WBOOther 

Supporting Entrepreneurship 

What is the most important 

aspect of helping other 

women to become 

entrepreneurs? n= 67 97 

Provide access to training and 

technical assistance 

18 13 

Personal contact/networks 39 31 

Mentoring 34 32 

Access to services such as 

daycare, insurance, etc. 

9 5 

Access to capital 0 13 

Access to new markets 0 3 

Other 0 2 

Notes: Percentages are rounded and, therefore, may not total 100. 

Washington, DC percentages include data from the 

satellite sites in Little Rock, Arkansas; Bangor, Maine; 

and St. Louis, Missouri. 

Blank cells indicate that no data are available for that 

question in that city. 

Where response options differed by city, all options are 

listed, and options that weren’t offered in a city are noted 

with “NA”. 

Where data are displayed separately for women business 

owners and others, the total n may be greater than the sum 

of the two components. 

In these cases, not all respondents to the question also 

responded to the question which identified them as 

business owners. 

32 
APPENDIX B Houston, Texas

Regional Summary Data 

Houston, Texas 

Total Women 

Business 

Owners 

Others 

Are you a . . . ? n=256 

Business owner 56 

Corporate decision maker 8 

NGO/Service provider to women business owners 13 

Government employee 8 

Other 16 

How long have you owned your own business? n=272 140 112 

I am considering or in the process of starting a business 19 9 32 

Less than 1 year 6 11 0 

1-5 years 29 49 7 

6-7 years 7 8 0 

8-10 years 3 5 0 

More than 10 years 9 14 3 

None of the above 26 3 57 

In what industry is your business? n=81 

Retail 10 

Service 52 

Technology 12 

Manufacturing 6 

Other 20 

What would you say is the main reason you 

started your own business? n=52 

To make more money 17 

To be my own boss 40 

To set my own schedule 13 

For the challenge of starting a business 6 

Because I had an interest in the field or profession? 23 

Other 0 

33 
 

 

 

APPENDIX B Houston, Texas 

Total Women 

Business 

Owners 

Others 

Which of the following best describes your plans to fund your 

own retirement? n=67 

Sell my business and use the money 12 

Invest in IRAs and 401(k) plans 48 

Use the money from my savings or low-risk CDs 6 

Use money from my spouses retirement account 6 

Have not yet made specific plans to fund my retirement 28 

Of those who have a home office, did you know that under 

current law you are supposed to get a tax deduction? Were 

you able to take the deduction last year? n=67 

Yes, I took the deduction 25 

No, I didn=t know 6 

No, but I knew about it 27 

I don=t have a home office 42 

Would you have taken the deduction if it wasn=t so difficult? n=57 

Yes 96 

No 4 

Where is your primary office based? n=228 144 84 

Home 35 42 24 

Somewhere else 65 58 76 

Excluding yourself, how many employees do you have? n=236 140 96 

Zero 54 40 75 

1 – 4 32 43 17 

5 – 9 5 8 0 

10 – 19 5 6 4 

20 – 49 2 0 4 

More than 49 2 3 0 

What would you say is the most important issue facing you as 

a business owner? n=61 

Access to capital 48 

Health insurance costs 5 

34 
 

 

 

APPENDIX B Houston, Texas 

Total Women 

Business 

Owners 

Others 

Workforce recruitment and retention 5 

Taxes 10 

Regulatory burden 2 

Current state of the economy 18 

Competitive business environment 7 

Other 7 

If you were in the U.S. Congress, which one of the following 

would you address immediately? n=66 

Pension reform/retirement security 9 

Health care reform/affordable health insurance 36 

Regulatory reform/modernization 3 

Increasing access to capital 20 

Tax reform/relief 17 

More procurement opportunities for women entrepreneurs 14 

Other 2 

Loan or line of credit from bank 

Other 

Which of the following would you say most closely describes 

your opinion of the federal government? n=53 

The federal government is mostly helpful in its efforts to support 

small business owners. 

19 

The federal government neither helps nor hinders small business 

owners. 

28 

The federal government mostly hinders small business owners. 52 

What is the biggest obstacle you face in providing health 

benefits for your employees? n=79 

Federal and state coverage mandates 0 

Administrative and regulatory burdens 0 

Cost 56 

Lack of purchasing power/negotiating ability 20 

Other 24 

Do you currently provide health care benefits 

to your employees? n=78 

Yes, to all of my employees 12 

35 
APPENDIX B Houston, Texas 

Total Women 

Business 

Owners 

Others 

Yes, but only to full-time employees 15 

No 73 

How much did your premiums increase this year? n=58 

0% 14 

1 - 10% 10 

10 - 15% 21 

15 - 20% 16 

More than 20% 40 

Do you support the use of tax credits to encourage 

women small business owners to provide health care 

coverage to their employees? n=83 

Strongly support 67 

Support 22 

Unsure 7 

Oppose 1 

Strongly oppose 2 

What is the most important step that large employers should 

undertake to help reduce the number of working uninsured? n=76 

Establish regional purchasing cooperatives with small businesses 26 

Share provider networks and discounted rates with smaller firms 42 

Expand coverage eligibility to part-time workers and others who 

are note eligible 

24 

Provide incentives to improve take-up rates of low-wage workers 1 

Other 7 

What type of employer-sponsored pension plan do you offer 

your employees? 

n=220 140 80 

401(k) 15 11 20 

403(b) NA NA NA 

SEP-IRA 5 9 0 

Standard IRA 2 3 0 

Defined benefit NA NA NA 

Cash balance NA NA NA 

Keogh 5 3 10 

36 
APPENDIX B Houston, Texas 

Total Women 

Business 

Owners 

Others 

Other NA NA NA 

None 73 74 70 

What is the top difficulty in regards to providing a pension 

plan for your employees? n=55 

Pensions are expensive 18 

Complex laws are confusing 13 

Company is new and/or profits are not consistent 36 

High turn-over/too many new and part-time employees 2 

Too few employees 15 

Other 16 

37 
APPENDIX B Nashville, Tennessee 

Regional Summary Data
 

Nashville, Tennessee
 

Total 

How long have you owned your own business? n=285 

I am considering or in the process of starting a business 59 

Less than 1 year 13 

1-5 years 13 

6-7 years 3 

8-10 years 1 

More than 10 years 12 

None of the above 0 

If you are a business owner, how did you acquire ownership of the business? n=64 

Start the business 87 

Purchase the business 13 

Inherit the business 0 

Acquire the business without personal investment such as through marriage/divorce 0 

Other 0 

Which of the following best describes your plans to fund your own retirement? n=70 

Sell my business and use the money 6 

Invest in IRAs and 401(k) plans 56 

Use the money from my savings or low-risk CDs 3 

Use money from my spouses retirement account 6 

Have not yet made specific plans to fund my retirement 30 

Excluding yourself, how many employees do you have? n=258 

Zero 63 

1 – 4 16 

5 – 9 3 

10 – 19 8 

38 
APPENDIX B Nashville, Tennessee 

Total 

20 – 49 5 

More than 49 5 

What would you say is the most important issue facing you as a business owner? n=88 

Access to capital 28 

Health insurance costs 9 

Workforce recruitment and retention 9 

Taxes 15 

Regulatory burden 2 

Current state of the economy 25 

Competitive business environment 8 

Other 3 

If you were in the U.S. Congress, which one of the following would you address 

immediately? n=87 

Pension reform/retirement security 8 

Health care reform/affordable health insurance 47 

Regulatory reform/modernization 6 

Increasing access to capital 9 

Tax reform/relief 16 

More procurement opportunities for women entrepreneurs 12 

Other 1 

When developing a proposal for a potential investor, which element do you 

highlight? n=64 

Return on investment 31 

The fact that it is a good business idea 17 

Financial projections 8 

Market analysis 13 

Management team 31 

Other 0 

39 
APPENDIX B Nashville, Tennessee 

Total 

Which of the following has you found to be the most helpful source of 

information about business financing options? n=67 

Recommendation from a friend or business associate 61 

Government website NA 

Banks NA 

SBDC/Women business centers NA 

The SBA NA 

Government offices 25 

Private source 9 

Other NA 

Does not apply to me 4 

Which of the following sources do you currently rely on most for 

capital necessary to run your business? n=60 

Personal savings or assets 55 

Reinvestment of business earnings NA 

Second/third mortgage 5 

Borrowed money from friend, family, colleague 8 

Venture capital funding NA 

Angel financing NA 

Personal or business credit card 7 

Loan or line of credit from bank 17 

Other 8 

In the next 12 months, do you project that the amount of business that you do 

with the federal government will..... n=58 

Increase greatly 2 

x 

Increase somewhat 28 

Unsure 9 

Stay about the same 34 

40 
APPENDIX B Nashville, Tennessee 

Total 

Decrease somewhat 28 

What is the top difficulty in regards to providing a pension plan for your 

employees? n=61 

Pensions are expensive 26 

Complex laws are confusing 8 

Company is new and/or profits are not consistent 41 

High turn-over/too many new and part-time employees 11 

Too few employees 13 

Other 0 

Negotiating 

What is the most important aspect of helping other women to become 

entrepreneurs? n=67 

Provide access to training and technical assistance 18 

Personal contact/networks 39 

Mentoring 34 

Access to services such as daycare, insurance, etc. 9 

Access to capital 0 

Access to new markets 0 

Other 0 

41 
APPENDIX B New Britain, Connecticut

Regional Summary Data 

New Britain, Connecticut 

Total 

Which of the following best describes your plans to fund your own retirement? n=97 

Sell my business and use the money 12 

Invest in IRAs and 401(k) plans 62 

Use the money from my savings or low-risk CDs 3 

Use money from my spouses retirement account 4 

Have not yet made specific plans to fund my retirement 19 

What do you consider the top priority for your business? n=94 

Opening a new location 4 

Increasing the number of clients 47 

Expanding services you provide 7 

Increasing profits 34 

Expanding staff 1 

Increasing name recognition 6 

Excluding yourself, how many employees do you have? n=77 

Zero 42 

1 – 4 21 

5 – 9 10 

10 – 19 8 

20 – 49 10 

More than 49 9 

What would you say is the most important issue facing you as a business owner? n=153 

Access to capital 32 

Health insurance costs 12 

Workforce recruitment and retention 9 

Taxes 8 

42 
APPENDIX B New Britain, Connecticut 

Total 

Regulatory burden 3 

Current state of the economy 26 

Competitive business environment 7 

Other 3 

Compared to the national economy, do you think the regional economy is: n=129 

Much stronger 5 

Stronger 30 

About the same 40 

Weaker 23 

Much weaker 2 

Which of the following has you found to be the most helpful source of information 

about business financing options? n=88 

Recommendation from a friend or business associate 30 

Government website 3 

Banks 16 

SBDC/Women business centers 15 

The SBA 26 

Government offices NA 

Private source 6 

Other 5 

Does not apply to me NA 

Which of the following sources do you currently rely on most for 

capital necessary to run your business? n=111 

Personal savings or assets 40 

Reinvestment of business earnings 14 

Second/third mortgage 5 

Borrowed money from friend, family, colleague 5 

Venture capital funding 3 

43 
APPENDIX B New Britain, Connecticut 

Total 

Angel financing 5 

Personal or business credit card 8 

Loan or line of credit from bank 20 

Other 1 

Which of the following would you say most closely describes 

your opinion of the federal government? n=99 

The federal government is mostly helpful in its efforts to support small business owners. 22 

The federal government neither helps nor hinders small business owners. 38 

The federal government mostly hinders small business owners. 40 

What is the biggest obstacle you face in providing health benefits for your 

employees? n=143 

Federal and state coverage mandates 4 

Administrative and regulatory burdens 2 

Cost 83 

Lack of purchasing power/negotiating ability 11 

Other 0 

How are you handling health cost increases? n=122 

Absorbing all of the increases 22 

Reducing level of coverage 17 

Canceling coverage 7 

Changing health care providers 7 

Passing it to employees through higher premiums 35 

Other 3 

What is the top difficulty in regards to providing a pension plan for your 

employees? n=90 

Pensions are expensive 30 

Complex laws are confusing 19 

Company is new and/or profits are not consistent 22 

44 
APPENDIX B New Britain, Connecticut 

Total 

High turn-over/too many new and part-time employees 10 

Too few employees 14 

Other 4 

What is the most important aspect of helping other women to become 

entrepreneurs? n=97 

Provide access to training and technical assistance 13 

Personal contact/networks 31 

Mentoring 32 

Access to services such as daycare, insurance, etc. 5 

Access to capital 13 

Access to new markets 3 

Other 2 

45 
St. Louis, Missouri

 

APPENDIX B 

Regional Summary Data 

St. Louis, Missouri 

Total Women 

Business 

Owners 

Others 

What is the highest level of education you have completed? n=1608 852 690 

High school or less 4 3 5 

Some college 20 20 21 

2-year college degree 10 12 7 

Bachelor=s degree 25 25 23 

Some graduate school 10 11 10 

Master=s degree 25 25 24 

Doctorate degree 5 3 8 

Other graduate degree 2 2 1 

To which of the following age groups do you belong? n=1650 846 726 

Younger than 35 19 18 20 

35-44 28 26 31 

45-54 28 33 22 

55-64 21 21 21 

65 or older 3 1 6 

Business owner 54 

Corporate decision maker 10 

NGO/Service provider to women business owners 11 

Government employee 7 

Other 18 

How long have you owned your own business? n=1608 858 708 

I am considering or in the process of starting a business 17 13 24 

Less than 1 year 10 17 1 

1-5 years 21 32 8 

46 
 

APPENDIX B St. Louis, Missouri 

Total Women 

Business 

Owners 

Others 

6-7 years 3 3 2 

8-10 years 7 10 2 

More than 10 years 15 23 6 

None of the above 27 1 57 

If you are a business owner, what share of the business do you 

personally own? n=1428 852 528 

100% 45 62 16 

51-99% 11 18 1 

50% 10 16 1 

Less than 50% 5 3 8 

Don=t know 1 0 2 

Other 28 1 72 

Which broad category best describes the type of business or 

services that your company provides? n=1464 816 582 

Manufacturing 5 6 4 

Wholesale/retail sales 13 15 8 

Finance and insurance 13 7 23 

Real estate, rental, leasing 6 5 8 

Administrative support services 7 7 7 

Health care, social assistance services 5 7 3 

Accommodation and food service 4 5 3 

Other 46 47 43 

If you are a business owner, how did you acquire ownership of 

the business? n=1332 846 420 

Start the business 72 90 34 

Purchase the business 2 4 0 

Inherit the business 3 4 0 

47 
 

 

 

APPENDIX B St. Louis, Missouri 

Total Women 

Business 

Owners 

Others 

Acquire the business without personal investment such as through 

marriage/divorce 

1 1 1 

Other 23 1 64 

Is your current business your sole source of income or a 

secondary source of income? n=124 

Sole source 46 

Secondary source 54 

Thinking about the current state of your business, would 

you rate your business finances as... n=122 

Excellent 14 

Good 32 

Fair 39 

Poor 16 

What is your desired annual revenue level in five years? n=85 

Less than $500K 29 

$500K - $1M 24 

$1M - $2.5M 15 

$2.5M - $5M 9 

More than $5M 22 

Looking forward, how confident are you that your business 

finances will improve over the next six months? n=123 

Extremely confident 26 

Very confident 36 

Just a little confident 24 

Not at all confident 15 

Where is your primary office based? n=248 

Home 34 

Somewhere else 66 

48 
 

 

APPENDIX B St. Louis, Missouri 

Total Women 

Business 

Owners 

Others 

Excluding yourself, how many employees do you have? n=1356 846 450 

Zero 37 37 36 

1 - 4 36 40 29 

5 - 9 11 12 11 

10 - 19 4 3 5 

20 - 49 7 4 11 

More than 49 6 4 8 

If you were in the U.S. Congress, which one of the following 

would you address immediately? n=262 

Pension reform/retirement security 7 

Health care reform/affordable health insurance 50 

Regulatory reform/modernization 1 

Increasing access to capital 9 

Tax reform/relief 11 

More procurement opportunities for women entrepreneurs 21 

Other <1 

What do you see as current internal (specific to your business) 

barriers to the growth of your business? n=101 

Time 39 

Enough staff 10 

Cash flow 41 

Other 11 

In your experience, how difficult has it been to obtain funding 

such as a loan or grant? n=121 

Very difficult 35 

Difficult 13 

Somewhat difficult 15 

Not difficult 37 

49 
 

 

 

 

APPENDIX B St. Louis, Missouri 

Total Women 

Business 

Owners 

Others 

When developing a proposal for a potential investor, which 

element do you highlight? n=113 

Return on investment 39 

The fact that it is a good business idea 42 

Financial projections 69 

Market analysis 9 

Management team 15 

Other 7 

In your experience, how difficult has it been to raise private 

investment (angel and venture capital financing)? n=94 

Very difficult 72 

Moderately difficult 15 

Only slightly difficult 6 

Not at all difficult 6 

Which of the following has you found to be the most helpful 

source of information about business financing options? n=104 

Recommendation from a friend or business associate 40 

Government website 4 

Banks 16 

SBDC/Women business centers 6 

The SBA 16 

Government offices NA 

Private source 11 

Other 7 

Does not apply to me NA 

Which of the following sources do you currently rely 

on most for capital necessary to run your business? n=127 

Personal savings or assets 34 

50 
 

 

 

 

APPENDIX B St. Louis, Missouri 

Total Women 

Business 

Owners 

Others 

Reinvestment of business earnings 24 

Second/third mortgage 4 

Borrowed money from friend, family, colleague 3 

Venture capital funding 1 

Angel financing 2 

Personal or business credit card 13 

Loan or line of credit from bank 12 

Other 7 

How often have you attempted to do business with federal 

agencies in the past 12 months? n=108 

Not at all 59 

A couple of times 19 

More than a couple of times 21 

How successful have you been in your attempts to do business 

with federal agencies in the past 12 months? n=80 

Very successful 4 

Somewhat successful 20 

Not at all successful 31 

Not applicable 45 

In the next 12 months, do you project that the amount of 

business that you do with the federal government will..... n=101 

Increase greatly 10 

Increase somewhat 22 

Unsure 3 

Stay about the same 44 

Decrease somewhat 22 

What percentage of your sales comes from government contracts? n=100 

Zero 73 

51 
 

 

 

 

 

 

 

APPENDIX B St. Louis, Missouri 

Total Women 

Business 

Owners 

Others 

Less than 10% 17 

11 - 25% 4 

More than 25% 6 

What is the biggest obstacle you face in providing health 

benefits for your employees? n=231 

Federal and state coverage mandates 1 

Administrative and regulatory burdens 3 

Cost 72 

Lack of purchasing power/negotiating ability 15 

Other 9 

Do you currently provide health care benefits to your employees? n=214 

Yes, to all of my employees 16 

Yes, but only to full-time employees 25 

No 59 

How much did your premiums increase this year? n=123 

0% 7 

1 - 10% 18 

10 - 15% 23 

15 - 20% 20 

More than 20% 33 

If health insurance costs continue to increase, will you be able 

to continue to cover your employees and their families as you 

do now? n=152 

Yes 10 

No 90 

How are you handling health cost increases? n=142 

Absorbing all of the increases 20 

52 
 

 

 

 

APPENDIX B St. Louis, Missouri 

Total Women 

Business 

Owners 

Others 

Reducing level of coverage 24 

Canceling coverage 4 

Changing health care providers 12 

Passing it to employees through higher premiums 30 

Other 10 

Do you support the use of tax credits to encourage women small 

business owners to provide health care coverage to their 

employees? n=150 

Strongly support 57 

Support 26 

Unsure 13 

Oppose 2 

Strongly oppose 2 

If we could give you the same bargaining power, administrative 

efficiencies, choice, and reduced cost as large businesses in the 

health insurance market, would this make a difference in your 

decision to offer health care to your employees and their families? n=123 

Yes 89 

No 11 

If a Patients Bill of Rights were passed, would you be more or 

less likely to offer health insurance to your employees? n=134 

Much more likely 15 

Somewhat more likely 26 

Somewhat less likely 37 

Much less likely 22 

Which of the following comes closest to your opinion? n=174 

Small businesses should be allowed to combine together as a larger 

group to be able to offer less expansive, better quality health 

insurance to more employees. 

95 

53 
 

APPENDIX B St. Louis, Missouri 

Total Women 

Business 

Owners 

Others 

Small business owners should not be allowed to combine together as 

a larger group because the health plans would then fall under federal 

law and individual states would not be allowed to enforce state 

patient protection laws. 

5 

What type of employer-sponsored pension plan do you 

offer your employees? n=1398 846 468 

401(k) 16 11 22 

403(b) 2 1 4 

SEP-IRA 8 8 8 

Standard IRA <1 1 0 

Defined benefit 1 0 1 

Cash balance <1 0 1 

Keogh NA NA NA 

Other 4 3 6 

None 68 76 58 

What is the top difficulty in regards to providing a pension 

plan for your employees? n=208 

Pensions are expensive 20 

Complex laws are confusing 5 

Company is new and/or profits are not consistent 36 

High turn-over/too many new and part-time employees 4 

Too few employees 19 

Other 16 

54 
APPENDIX B Washington, DC

National Summary Data 

Washington, DC 

Total 

How long have you owned your own business? n=1434 

I am considering or in the process of starting a business 16 

Less than 1 year 8 

1-5 years 24 

6-7 years 7 

8-10 years 7 

More than 10 years 37 

None of the above NA 

Accommodation and food service 

Other 

What would you say is the main reason you started your own business? n=348 

To make more money 20 

To be my own boss 31 

To set my own schedule 9 

For the challenge of starting a business 9 

Because I had an interest in the field or profession? 22 

Other 9 

Agree or disagree: The primary purpose of owning a business is to make a profit. n=467 

Strongly agree 54 

Agree 27 

Unsure 1 

Disagree 16 

Strongly disagree 2 

When you started your business, how afraid were you that it would fail? n=70 

Very afraid 27 

55 
APPENDIX B Washington, DC 

Total 

Moderately afraid 34 

Only slightly afraid 26 

Not at all afraid 13 

Were you discouraged from starting your own business because you are a woman? n=583 

Yes 34 

No 66 

Unsure/can=t remember 0 

If you had to choose just one, would you rather have more money or more time? n=483 

More money 57 

More time 44 

Which of the following best describes your plans to fund your own retirement? n=435 

Sell my business and use the money 12 

Invest in IRAs and 401(k) plans 57 

Use the money from my savings or low-risk CDs 6 

Use money from my spouses retirement account 2 

Have not yet made specific plans to fund my retirement 22 

Is your current business your sole source of income or a secondary source of income? n=43 

Sole source 37 

Secondary source 63 

How much do you have put away for retirement? n=479 

Less than $50,000 34 

More than $50,000 66 

Have you provided for your retirement by owning stocks and bonds? n=370 

No 44 

Yes 56 

56 
APPENDIX B Washington, DC 

Total 

Looking forward, how confident are you that your business finances will improve 

over the next six months? 

n=51 

Extremely confident 14 

Very confident 31 

Just a little confident 33 

Not at all confident 22 

What kind of connection to the internet do you have for your business? n=758 

T1 or better 21 

DSL or cable modem 37 

Satellite or other wireless 1 

ISDN 3 

Dial-up modem 33 

None 1 

Don=t know 3 

How important is it for you to provide a family-friendly work environment? n=52 

Extremely important 65 

Very important 21 

Slightly important 8 

Not at all important 6 

Of the following, which skill do you consider most important in a potential employee? n=462 

Basic competency in computer skills 2 

Good attitude and willingness to learn 69 

Experience in your industry 11 

Good communication skills 13 

Other 5 

Excluding yourself, how many employees do you have? n=1235 

Zero 27 

57 
APPENDIX B Washington, DC 

Total 

1 – 4 25 

5 – 9 13 

10 – 19 12 

20 – 49 8 

More than 49 15 

Are you planning on hiring anyone in the coming months? n=61 

Yes 59 

No 28 

Unsure 13 

What would you say is the most important issue facing you as a business owner? n=413 

Access to capital 25 

Health insurance costs 15 

Workforce recruitment and retention 6 

Taxes 10 

Regulatory burden 7 

Current state of the economy 23 

Competitive business environment 13 

Other NA 

If you were in the U.S. Congress, which one of the following would you address 

immediately? n=444 

Pension reform/retirement security 0 

Health care reform/affordable health insurance 18 

Regulatory reform/modernization 4 

Increasing access to capital 26 

Tax reform/relief 12 

More procurement opportunities for women entrepreneurs 40 

Other 0 

58 
APPENDIX B Washington, DC 

Total 

Thinking about the current state of the national economy, would you rate it as... n=400 

Excellent 1 

Good 40 

Not so good 48 

Poor 11 

In your experience, how difficult has it been to obtain funding such as a loan or 

grant? 

n=421 

Very difficult 37 

Difficult 19 

Somewhat difficult 11 

Not difficult 34 

In your experience, how difficult has it been to raise private investment (angel and 

venture capital financing)? n=45 

Very difficult 64 

Moderately difficult 20 

Only slightly difficult 11 

Not at all difficult 4 

Which of the following has you found to be the most helpful source of information 

about business financing options? n=346 

Recommendation from a friend or business associate 41 

Government website NA 

Banks NA 

SBDC/Women business centers NA 

The SBA NA 

Government offices 8 

Private source 27 

Other NA 

Does not apply to me 25 

59 
APPENDIX B Washington, DC 

Total 

Which of the following sources do you currently rely on most for capital 

necessary to run your business? n=39 

Personal savings or assets 49 

Reinvestment of business earnings 0 

Second/third mortgage 5 

Borrowed money from friend, family, colleague 5 

Venture capital funding 0 

Angel financing 0 

Personal or business credit card 10 

Loan or line of credit from bank 31 

Other 0 

In your opinion, does the government contracting system discourage small 

entrepreneurs? 

n=1 

Yes 100 

No 0 

Unsure 0 

What is the best way to ensure that women-owned businesses are awarded the 

congressionally mandated 5% goal of federal contracts? n=66 

Strong leadership 42 

More regulation 8 

More accountability 26 

More government set-asides 24 

Do you currently provide health care benefits to your employees? n=411 

Yes, to all of my employees 

Yes, but only to full-time employees 

49 

No 51 

If health insurance costs continue to increase, will you be able to continue to cover 

your employees and their families as you do now? n=323 

Yes 16 

60 
APPENDIX B Washington, DC 

Total 

No 84 

Do you support the use of tax credits to encourage women small business owners to 

provide health care coverage to their employees? n=429 

Strongly support 68 

Support 19 

Unsure 10 

Oppose 2 

Strongly oppose 1 

If we could give you the same bargaining power, administrative efficiencies, choice, 

and reduced cost as large businesses in the health insurance market, would this make 

a difference in your decision to offer he alth care to your employees and their 

families? n=394 

Yes 95 

No 5 

What type of employer-sponsored pension plan do you offer your employees? n=1357 

401(k) 28 

403(b) 3 

SEP-IRA 11 

Standard IRA 3 

Defined benefit 4 

Cash balance <1 

Keogh 2 

Other 6 

None 43 

61