$10.00 Spring 2026 24TH ANNUAL Enterprising Women of the Year Awards COMMEMORATIVE ISSUE! INTRODUCING OUR CLASS OF 2026 ENTERPRISING WOMEN OF THE YEAR HONOREES ON THE COVER: 2026 Hall of Fame Inductees Pamela Chambers O’Rourke and Sharon Reynolds PLUS: SPECIAL SECTION Entrepreneurs of Purpose
Bank of America, N.A., Member FDIC ©2024 Bank of America Corporation. All rights reserved. MAP6161919 | AD-11-23-0419 Ready for the next step on your journey? Great things can happen when you make every move matter. Building a business takes skill and determination. But it also helps to have a network of support. At Bank of America, we listen to your business goals and help you achieve them. With our financial expertise and your dedication, there’s nothing you can’t accomplish. Let’s take the next step together. Please take a moment to schedule an appointment with a Bank of America small business banker. To learn about the resources and support we offer women small business owners, or to make an appointment, scan or visit: bankofamerica.com/SBwomen.
Shining a spotlight and finding purpose Our annual Enterprising Women of the Year Awards Commemorative issue is my favorite issue of the year because it gives us the opportunity to shine a spotlight on our award honorees, inductees to our Hall of Fame, Business Icon Award Winner, and more. Our honorees gathered on March 8-10 at the Ritz-Carlton in New Orleans for a magical two-and-a-half days of highpowered general sessions, workshops, receptions, and the Gala Awards Dinner. This is a boutique conference and everyone who attends is important to the Enterprising Women community. What makes our conference so special is the warmth and genuine connections we feel with every attendee. All are welcomed and appreciated. One attendee shared that from the moment she walked through the door she felt seen and embraced by other attendees. That is the culture we encourage and nourish at each conference. We want attendees to leave feeling energized and hopeful about the future. This year for the first time we welcomed members of the new Entrepreneurs of Purpose program to the conference. Some were already members of the magazine’s prestigious Advisory Board, but others were first timers at our conference. EOP officially became a part of the Enterprising Women Foundation in January, led by program co-chairs Edie Fraser and Sharon Reynolds. The values of the EOP program align so well with the mission of our nonprofit foundation. We are so pleased to feature our first full EOP section in this issue of the magazine and look forward to featuring EOP in every issue moving forward. Entrepreneurs of Purpose and the Enterprising Women of the Year Awards program belong together in one issue. We are recognizing excellence with our award winners and celebrating their leadership in their communities, their mentorship of other women or girls, and showcasing and celebrating their growth. All are among the top 2% of women business owners nationally and globally. The EOP program recognizes women who are scaling fast-growth businesses, leading in their communities, finding purpose in their work, and building legacies. I am proud to be able to feature EOP along with our award honorees this issue! Spring is a time of renewal. It is a wonderful time to reflect on how we are finding purpose in our lives. I have always said that it is not enough to run a great business—we all need to give back in meaningful ways. One of my favorite ways to give back is through the Young Enterprising Women Mentoring Forum Program. On April 24-26, we will welcome 100 scholarship recipients from across the country who were selected by their high schools to attend the Young Enterprising Women National Leadership Conference in the Washington DC area. At local events from Brooklyn, NY to San Diego, CA, this program has brought financial literacy training to underserved high schools, connected young women to role models and mentors, exposed girls to opportunities in the STEM fields, and planted the seeds of entrepreneurship. You can’t be what you can’t see. And for the more than 7,000 young women this program has touched, they can see their futures more clearly now. Enjoy this issue! —Monica Smiley, Publisher/CEO www.enterprisingwomen.com enterprising Women 3 Monica S. Smiley FROM THE PUBLISHER Several Enterprising Women award honorees and Advisory Board members gather before the Gala Awards Dinner at the Ritz-Carlton New Orleans on March 10. The Picture Gallery at www.enterprisingwomen.com showcases hundreds of photos from the 24th Annual Enterprising Women of the Year Awards Celebration & Conference. Download your favorites!
enterprisingwomen.com Women THE VOICE OF WOMEN ENTREPRENEURS Vol. 27, No. 1, Spring 2026 FEATURES EDITOR & PUBLISHER Monica S. Smiley EDITORIAL DIRECTOR Carol L. Genee ASSOCIATE EDITOR Kathy Ann Moilanen PRODUCTION MANAGER Carley M. Dancer CONTRIBUTING WRITERS: Erica Kuhlmann Gwen K. Young Marilyn J. Magett Susan Michel Renee White Fraser, PhD Shelli Tench Caryn Kopp Sharon W. Reynolds Edie Fraser Nancy Watt Keisha A. Rivers Sandi Webster, PhD Madeleine Pryor Marcel V. Quiroga Tricia M. Taitt LuzElena Rivers, DBA Lori Harris Jodi Standke Kathy Durfee Deborah Garry Esther Poulsen Ciemone Sheppard Diedre Windsor Mary S. Swenson, PhD Liz Wool Christy Alexander Lorin Beller Jill Vitiello Victoria Woods Judi Sheppard Missett Dr. Sharita E. Warfield, MD, MS Monica Acquaviva Tatiana Gfoeller-Volkoff Katie Uhlaender ART DIRECTION/DESIGN SPARK Publications VIDEO PRODUCTION MANAGER Alexander Dancer WEBSITE MANAGER Myra Ray EVENT CONSULTANTS Beth Blake Jamie Kopp CORPORATE & ADVERTISING SALES OFFICES 1135 Kildaire Farm Rd. Suite 200 Cary, NC 27511 USA www.enterprisingwomen.com ENTERPRISING WOMEN is published quarterly by Enterprising Women Inc. Annual print subscription rate is $25. Subscribe online at www.enterprisingwomen.com. Download our app in the Apple Store or Google Play. International print subscribers please add $25US for international postage. Enterprising Women is copyrighted 2026 by Enterprising Women, Inc. All rights reserved. Reproduction in whole or part is prohibited except by permission of the Publisher. The views expressed by contributing writers in this issue are not necessarily those of the staff or management of Enterprising Women Inc. Enterprising Women is not responsible for claims made by its advertisers. 8 Women-owned businesses: From startup surge to economic impact. 10 T he WBDC turns 40! 24 S pecial Section: Entrepreneurs of Purpose (EOP) Entrepreneurs of Purpose brings together accomplished leaders who share a common vision: entrepreneurship should be driven not only by growth and innovation, but also by purpose and impact. EOP Member Legacy Spotlights: ■ Joyce Salzberg, building a legacy of early impact and lifelong opportunity. ■ Janna Ronert: values, vision and the discipline of a living legacy. ■ LaJuanna Russell: turning adversity into access and success. ■ Gloria Freeman: a life built on reciprocity, faith and the right to joy. ■ Judi Sheppard Missett: creating a winning situation for all. 30 F avorite images from the EOP retreat in New Orleans and the Enterprising Women of the Year Awards Celebration & Conference. 32 W omen with purpose: building wealth and giving back. COVER STORY 35 P resenting the Class of 2026 Enterprising Women of the Year Award Honorees. 36 H all of Fame inductees Pamela Chambers O’Rourke and Sharon Reynolds. 38 2 026 Enterprising Women Business Icon Award winner, Margery Kraus. 39 Enterprising Women Foundation Legacy and Champion Award winners, Dr. Diane Chen and Dr. LuzElena Rivers. 40 P resenting the Enterprising Women of the Year Award Winners. 70 I ntroducing the Enterprising Women of the Year Award Champions. 4 enterprising Women
DEPARTMENTS TRIBUTE 114 D r. Marsha Firestone, PhD: her legacy lives on in the thousands of women whose lives and businesses were shaped by her vision. FINANCE 14 C larity, confidence and cash flow: the financial foundation behind capital readiness. 16 T he hidden drain on your business: 401(k) fees you didn’t know you were paying. SALES AND MARKETING 18 How to use advertising in a digital-first world. 20 AI is a tool, not your marketing department. 22 Is your ideal client profile killing your sales success? MANAGEMENT AND LEADERSHIP 74 1 0 warning signs that your organization is relying too much on you. 76 T he top three issues for business owners in 2026. 78 L eading through change to build purpose and legacy with employee ownership. 80 K nowing when it’s the right time to sell your business: a step-by-step guide. 82 W hat is my business actually worth? 86 F rom the border to the boardroom. 88 The ripple effect: creating value, growth and opportunity for the next generation. 91 T he leader you manage first: yourself. ACCESS TO CAPITAL 12 W omen entrepreneurs are powering the economy: it’s time to power their access to capital. TECHNOLOGY 92 How flexible leaders handle AI adoption without breaking their business. 94 Why AI needs a cultural check. SPEAK OUT 113 C losing the Olympic pay gap: why economic justice in sports will strengthen women everywhere. PERSONAL GROWTH 100 Your speaking style is YOU. 101 The courage to adjust the current. 102 The dream that was already drawn. 104 My Platinum Jubilee Project. 106 Silicon smart, human heart. HEALTHY YOU 107 T hat feeling of being overwhelmed—is it stress or anxiety? 108 The hidden cost of chronic stress. GLOBAL VIEW 110 T he rise of women across Latin America. 111 T he currency of trust: why a covenant forged in peace matters most in crisis. On the cover: Hall of Fame inductees Pamela Chambers O’Rourke and Sharon Reynolds. Photo by Gabriela Gonzales, Photos by Gabriela. COLUMNS 3 Publisher’s note SPOTLIGHTS 96 Ciemone Sheppard, Ciemone Inc. 97 Diedre Windsor, Windsor Group LLC 98 Mary S. Swenson, PhD, World Trade Center Delaware 99 Sandi Hendry, Minky Couture enterprising Women 5
Leslie Atkins LA Communications, LLC www.corporatestorytellers.com Robin Bailey The Legacy Connection www.callerconnection.com Robert Bard Latina Style www.latinastyle.com Elin Barton Riveo Creative www.riveocreative.com Betsy Bassan Panagora Group www.panagoragroup.net Susan Phillips Bari The Susan Bari Company www.SusanSpeaks.online Lorin Beller Lorin Beller & Co www.LorinBeller.com Sarah Benken KNOW Women www.theknowwomen.com Vanessa Best Precision HealthCare Consultants www.precisionhcc.com Fran Biderman-Gross Advantages www.advantages.net Gloria Bohan Omega World Travel www.owt.net Giselle Bonzi Washington Capital Partners www.washingtoncapitalpartners.com Renee Bovelle, MD Envision Eye and Laser www.envisioneyeandlaser.com Jeska Brodbeck Be Light Consulting www.belightconsulting.com Barbara Brown, PhD Capitol Hill Consortium for Counseling and Consultation www.ccccmentalhealth.com Umbreen Bhatti Springboard Enterprises www.springboardenterprises.org Camille Burns Women Presidents Organization www.womenpresidentsorg.com Dominique Cagle Nika Corporate Housing www.nikacorporatehousing.com Jennie Campbell The Stewart Lodges (retired) www.stewartlodgeatsteelwood.com Mary Cantando WomanBusinessOwner.com www.womansadvantage.biz Susie Carder SC Consulting www.SusieCarder.com Seema Chawla Tek Valley Corporation www.tekvalley.com Diane Chen, PhD CESI Debt Solutions www.cesidebtsolutions.org Laura Chiesman FirstWave Financial www.firstwavefinancial.com Nicole Cober Cober, Johnson & Romney www.cjrlegal.com Brittany N. Cole Career Thrivers www.careerthrivers.com Rebecca Contreras AvantGarde LLC www.avantgarde4usa.com Wendy Coulter Hummingbird Creative Group, Inc. www.Hummingbird-creative.com Carolyn Marshall Covington Insightful Visionaries www.insightfulvisionaries.org Karen Cripe Label Logic, inc. www.label-logic.com Carol Curran Phoenix Data Corporation www.phoenixdatacorporation.com Shital Daftari Saris and Things Inc. www.sarisandthings.com Sharon Davison 1021UX.com www.SharonADavison.com Michelle DeClerck Conference Event Management. www.myCEM.com Laurie DeJong LDJ Productions www.ldjproductions.com Anne Descalzo Clutch www.connectwithclutch.com Karen DeYoung DeYoung Consulting Services www.deyoung-consulting.com Harriet Diamond Author, writer, speaker www.harrietdiamond.net Nathalie Doobin Harvard Services Group www.harvardsg.com Desiree Doubrox HomWork www.homwork.com Kathy Durfee TechHouse www.tech-house.com Jen Earle National Association of Women Business Owners www.nawbo.org Susanne Evens AAA Translation www.aaatranslation.com Celeste Ford Stellar Solutions, Inc. www.stellarsolutions.com Judy Fourie Fourie Group www.fouriegroup.com Edie Fraser Enterprising Women Foundation www.enterprisingwomenfoundation.org Renee White Fraser Fraser Communications www.frasercommunications.com Anne Freedman Speak Out Inc. www.speakoutinc.com Joan Killian Gallagher Warden-Brooks, Ltd. www.wardenbrooks.com Jayanthi Ganapathy Finaccurate LLC www.finaccurate.com Twyla Garrett Growth Management Services, Inc. www.hiregms.com Deborah Garry BBG&G Advertising & Public Relations www.bbggadv.com Dima Ghawi www.DimaGhawi.com Molly Gimmel Design To Delivery Inc. www.d2dinc.com Chanie Gluck 4D Global www.4dglobalinc.com Nadine Green The C-Suite Group www.thec-suitegroup.com Lili Hall KNOCK, Inc. www.knockinc.com Monick Halm Real Estate Investor Goddesses www.realestateinvestorgoddesses.com Linda Hamilton Linda A. Hamilton, CPA PLLC www.lahcpas.com Darnyelle Jervey Harmon, PhD Incredible One Enterprises ,LLC www.incredibleoneenterprises.com Lori Harris Harris Whitesell Consulting, LLC www.harriswhitesellconsulting.com Melissa Harrison Allee Creative, LLC www.alleecreative.com Cynthia Hetherington Hetherington Group www.Hetheringtongroup.com Dana Hetrick Lucas Commercial Flooring Group, Inc. www.lucasflooringkc.com Sonya Hopson HIRE Strategies LLC www.hire-strategies.com Sally Hughes Caster Connection www.casterconnection.com Sharon Hulce Employment Resource Group, Inc. www.ergsearch.com Kathleen Hunt Personalized Payroll Services, Inc. www.personalizedpayroll.com Barbara Hutchinson, MD, PhD Chesapeake Cardiac Care www.ccardiac.com Marilyn Johnson MarilynjSpeaks.com www.marilynjspeaks.com Kathy Kamei www.kathykamei.com Nina L. Kaufman, Esq. www.NinaKaufman.com Karen Kerrigan Small Business & Entrepreneurship Council/ Women Entrepreneurs Inc. www.sbecouncil.org Merrilee Kick Sung-Joo Kim Sungjoo Group www.sungjoogroup.com Adi Klevit Business Success Consulting Group www.bizsuccesscg.com Caryn Kopp Kopp Consulting, LLC www.koppconsultingusa.com Margery Kraus APCO Worldwide www.apcoworldwide.com Lisa Larson-Kelley Quantious www.quantious.com Cathy Light Lideranca Group Inc. www.liderancagroup.com Julie Lilliston Julie Lilliston Communications www.julielilliston.com Kirsten Liston Rethink Compliance LLC www.rethinkcomplianceco.com Virginia Littlejohn Quantum Leaps, Inc. www.quantumleapsinc.org Renee Pepys Lowe RPL + Associates www.rplassociates.com Maril MacDonald Gagen MacDonald www.gagenmacdonald.com Gia Machlin Eco Plum Inc. www.ecoplum.com Marilyn J. Magett Evolve CFO Services www.evolvecfoservices.com Rúna Magnúsdóttir Connected-Women.com www.connected-women.com BRANDit www.brandit.is Purba Majumder Cybervation www.cybervationinc.com Andrea March Women’s Leadership Exchange www.womensleadershipexchange.com Angela Marshall, MD Comprehensive Women’s Health www.mdforwomen.com Kris Martinez Martinez Creative Group www.martinezcreativegroup.com Patricia Marx New World Van Lines www.newworldvanlines.com Martha Mertz Athena International www.athenainternational.org 6 enterprising Women
Susan McGlory Michel Glen Eagle Advisors, LLC www.gleneagleadv.com Wanda McKenzie McKenzie & Associates Janice Migliore PALCO www.gotopalco.com Judi Sheppard Missett Jazzercise, Inc. www.jazzercise.com Shaila Rao Mistry JAYCO MMI www.jaycopanels.com STEM-Institute www.stem-institute.org Cindy Monroe Fatimah Moody Linkvisum Consulting Group www.linkvisum.com Jacqueline Muller 3DOM (Asia Pacific) Ltd. www.jacquelinemuller.com Bonnie Nawara Association of Women’s Business Centers www.awbc.org Terry Neese Peace Through Business www.enterprisingwomenfoundation.org Phyllis Newhouse Xtreme Solutions, Inc. www.xtremesolutions-inc.com Marlene Morrison Nicholls Stewart Morrison Insurance www.stewartmorrison.ca Nkem Okeke, MD Medicalincs www.medicalincs.com Kathie Okun The Okun Financial Group, Inc. www.theokungroup.com Pooja Chandra Pama ACE Foods www.acefoods.org Neelima Parasker SnapIT Solutions LLC www.snapit.solutions.com Shina Parker Integrity Title & Escrow Company www.integritytitlellc.com Desirée Patno National Association of Women in Real Estate Businesses www.nawrb.com Kathleen Scheil Pavlik IBM - retired www.ibm.com Tameka L. Payton, Ph.D. Psychometric Solutions, LLC www.pychometricsolutions.org Silvia Pencak WBE Canada www.wbecanada.org Iris Phillips Grace Federal Solutions, LLC www.gracefederalsolutions.com Shelly Porges Beyond the Billion www.BeyondtheBillion.com Barb Potter TJ Potter Trucking Inc. www.tjpottertrucking.com Esther Poulsen Raare Solutions LLC www.raaresolutions.com Jeanette Hernandez Prenger ECCO Select www.eccoselect.com Fabi Preslar SPARK Publications www.sparkpublications.com Lori Purnell Spencer-SHE www.spencer-she.com Marcel Quiroga TQM Wealth Partners www.tqmwealthpartners.com Sara Rahn Madison Avenue Worldwide, LLC www.madaveww.com Adonica Randall Abaxent LLC www.abaxent-global.com Hedy M. Ratner Women’s Business Development Center www.wbdc.org Marti Reeder Edge Solutions & Consulting, Inc. www.edgesolutionsinc.net Lisa Rehurek The RFP Success® Company www.therfpsuccesscompany.com Sharon Reynolds DevMar Products, LLC www.devmarproducts.com Keisha A. Rivers The Kars Group LTD www.karsgroup.com LuzElena Rivers, DBA AMERA www.myamera.com Helena Rodrigues AllBy www.allby.pt Lynthia Romney RomneyCom L.L.C. www.RomneyCom.com Manishi Sagar Kinderville Group www.kinderville.com Mariyah Saifuddin Innovative Solution Partners www.isolutionpartners.com Katie Schibler Conn Katie Schibler & Associates, LLC d/b/a KSA Marketing www.teamksa.com Judith von Seldeneck Diversified Search Group www.Divsearch.com Charmane Sellers API Design Build Group, LLC www.aleonpropertiesinc.com Jennifer Serino My Hot Lunchbox www.myhotlunchbox.com Ciemone Sheppard Ciemone Inc. www.ciemoneinc.com Arianna Sholes-Douglas, MD Tula Wellness & Aesthetics www.tulawellnessmd.com Esther Silver-Parker The Silver-Parker Group www.silverparker.com Andrea J. Simon Simon Associates Management Consultants www.simonassociates.net Robyn Smalletz Gloria Duchin, Inc. www.gloriaduchin.com Tressa Smallwood MegaMind Media www.megamindmedia.com Deborah Snyder Cultivate Advisors www.cultivateadvisors.com Maria de Lourdes Sobrino Lulu’s Dessert Inc. www.lulusdessert.com Carol Soman Dashboard Enterprises www.dashboardny.com Myra Stacey Print and Web Designer PrintAndWebDesigner.com Jodi Standke Talon Performance www.talonperformancegroup.com Nicolina Stewart, CPA Capital Management Advisors, Inc. www.cmaadvisors.net Roseann Sunwoo Clara Sunwoo www.clarasunwoo.com Joanne Tabellija-Murphy Walmart www.corporate.walmart.com Tricia M. Taitt FinCore www.FinCore.com Michelle Taylor BETAH Associates www.betah.com Shelli Tench Shelten LLC www.sheltenllc.com Tonya Thomas Team Delegate www.teamdelegate.com Gulden Turktan, PhD International Women’s Forum Turkey www.iwfturkey.com Kay Unger Pitman Kay Unger Family Foundation www.kayungerdesign.com Elizabeth A. Vazquez WEConnect International www.weconnectinternational.org Cristina Vicini The International Alliance of Women www.tiaw.org Andrea Vigil Allegiant Electric LLC www.allegiantelectricllcnv.com Jill Vitiello Vitiello Advisory https://www.linkedin.com/in/ jillvitiello/ Lucie Voves Church Hill Classics www.diplomaframe.com Deborah Ward UV BIOCLEAN www.uvbioclean.com Dr. Sharita Warfield The Lifestyle Transformation Coach, M.D. www.drsharitamd.com Joanna Wasmuth Erase Poverty www.erasepoverty.org Nancy Watt Nancy Watt Communications www.nancywattcomm.com Sandi Webster, PhD Sandi Webster LLC www.sandiwebster.com Cheryl White National Access Design LLC. www.nationalaccessdesign.com Lynn Whitesell Harris Whitesell Consulting, LLC www.harriswhitesellconsulting.com Shakenna K. Williams, PhD Babson College www.Babson.edu Bonnie Wong Asian Women in Business www.awib.org Victoria Woods ChappelWood Financial Services www.chappelwood.com Liz Wool Public Speaking & Presentation Pros www.woolcg.com Mei Xu Mei Xu & Co. LLC www.meixu.com Sandra Yancey eWomenNetwork.com www.ewomennetwork.com Gwen Young Women Business Collaborative www.wbcollaborative.org Tina Young Quality Compliance & Management www.QCMConsulting.com Jenny Jing Zhu Lush Decor Home www.lushdecor.com enterprising Women 7
8 enterprising Women FEATURE Women-owned businesses: From startup surge to economic impact Women-owned businesses are no longer simply a rising force in entrepreneurship — they are reshaping the U.S. economy. The 2026 Impact of Women-Owned Businesses (IWOB) report shows that women now own 15.7 million businesses, employing 12.6 million people, and generating $2.8 trillion in revenue. While women-owned businesses make up 40.6% of U.S. firms, their much smaller share of employment (9.1%) and revenue (4.6%) highlights the unfinished work of turning ownership into economic influence. Yet the story of 2026 is not just about growth in numbers. It is about where growth is happening, which businesses are driving economic impact, and which structural factors are accelerating — or limiting — women’s ability to scale. The fastest-growing groups: women of color lead One of the most important trends emerging from the 2026 IWOB data is that women of color are driving much of the recent growth in entrepreneurship, particularly in employer firms. Between 2022 and 2025: ■ Hispanic/Latina women-owned employer businesses grew by 37.2% ■ Black women-owned employer businesses grew by 18.3% These firms are not only increasing in number — they are also expanding employment and revenue at rates that outpace national averages. At the same time, scale gaps remain. For example, Black women-owned firms experienced strong employment growth but continue to report lower average revenue, highlighting persistent barriers in accessing growth capital The employer divide: why hiring matters While much attention focuses on startup growth, the 2026 report highlights a more important milestone: crossing the employer threshold. Women-owned employer businesses represent only 9% of women-owned firms, yet they generate 82.2% of total revenue from women-owned businesses In 2025: ■ 1.4 million women-owned businesses had employees ■ They employed 12.6 million people ■ They generated $2.3 trillion in revenue Employer firms are the true engine of economic impact — creating jobs, driving spending, and strengthening local economies. A new signal of strength: $1 million firms show resilience One of the most telling insights in the 2026 data is the growing resilience of larger women-owned businesses. Between 2022 and 2025, womenowned employer firms with more than $1 million in annual revenue were the only segment to show consistent growth across: ■ firm count ■ employment ■ revenue These firms proved significantly more capable of weathering economic volatility — investing in operations, sustaining hiring, and maintaining growth despite inflation, interest rate pressures, and supply chain disruptions. In contrast, smaller employer firms — particularly those earning between $250,000 and $999,999 — experienced revenue contractions and reductions in headcount during periods of uncertainty. This divergence highlights an important structural truth: Scale creates resilience. Women-owned businesses that reach the $1 million revenue threshold are far better positioned to: ■ absorb economic shocks ■ invest in growth ■ retain talent ■ pursue new market opportunities Reaching that level rarely happens by chance. As Corinne Goble, CEO of the Association of Women’s Business Centers, notes, “Technical assistance is often the difference between a business that survives and one that scales.” Supporting more firms in reaching this stage is essential to strengthening the broader economic impact of women’s entrepreneurship. What’s fueling growth Several structural shifts are accelerating women’s business ownership. Flexibility and autonomy Entrepreneurship remains a pathway to control over income and time: ■ nearly three-quarters of new women entrepreneurs want to be their own boss ■ 62% seek schedule flexibility This continues to fuel strong startup formation.
enterprising Women 9 Technology and digital tools AI, remote work, and digital platforms are enabling new operating models, allowing some firms to scale revenue without scaling headcount Certification and contracting Local, state, and federal government and corporate inclusive procurement programs are opening access to business opportunities, enabling firms to move beyond local markets into scalable revenue streams. Capital access: participation has improved. Scale ready capital has not Women-owned employer firms are now participating in the financing system at rates similar to men-owned firms, with comparable approval outcomes. However, women-owned businesses are not receiving sufficient capital to grow. Women-owned firms: ■ request smaller loans. ■ receive smaller financing amounts. ■ rely more heavily on personal funds and credit cards. Even when financing is approved, it is often insufficient to support hiring or expansion at the same pace as larger competitors. This is where access to revenue — not just loans — becomes critical. As Angela Dingle, president and CEO of Women Impacting Public Policy, explains, “Inclusive procurement programs at the local, state, federal, and corporate levels are powerful engines for growth because they open doors to revenue, relationships, and long-term contracts that small businesses need to scale.” Procurement opportunities can provide predictable revenue streams that allow businesses to invest, hire, and grow — helping close the gap between capital participation and capital readiness. What’s holding growth back Despite strong momentum, several structural factors continue to limit scale. Industry concentration Women-owned businesses remain more concentrated in consumer-facing sectors, which tend to have: ■ lower margins ■ higher labor intensity ■ slower growth trajectories Caregiving responsibilities Caregiving responsibilities remain a structural factor influencing business growth. Many women balance entrepreneurship with caring for children, aging parents, or other family members. These time constraints can limit the ability to work full-time in the business, pursue new contracts, manage staff, or invest in growth initiatives — slowing the transition from stable operation to scalable enterprise. Macroeconomic pressures High interest rates, inflation, and supply chain disruptions have had disproportionate effects on smaller firms with thinner margins Tariff uncertainty and global instability also raised costs in 2025, particularly for product-based businesses. The “second stage” vulnerability Women-owned firms earning between $250,000 and $999,999 showed signs of retrenchment — including revenue contraction and reduced headcount — during periods of uncertainty This suggests that scaling past early growth remains one of the most fragile stages of business development. Turning ownership into impact The 2026 IWOB findings make one thing clear: the question is no longer whether women are starting businesses. They are. The question now is whether more women-owned businesses will be able to: ■ cross the employer threshold. ■ access sufficient growth capital. ■ enter higher-margin sectors. ■ build sustainable, scalable operations. Closing the employer gap is not just about fairness. It is central to unlocking broader economic growth. With targeted capital access, technical support, and infrastructure investment, today’s strong ownership gains can translate into tomorrow’s job creation and revenue expansion. The momentum is real. The opportunity now lies in converting ownership into impact.
10 enterprising Women FEATURE by Erica Kuhlmann The WBDC at 40: Honoring our past, advancing our future Forty years ago, the Women’s Business Development Center was founded with a bold vision: to expand opportunities for women entrepreneurs and strengthen the economic landscape around them. What began as a pioneering effort to level the playing field for women in business has grown into a nationally recognized model for entrepreneurial support and economic empowerment. Over time our mission has evolved, but its core remains unchanged: to support and accelerate business development and growth, targeting women and serving all entrepreneurs. When small businesses succeed, communities and economies are stronger. As we mark this milestone, we celebrate a legacy built through advocacy, access, and measurable impact—while affirming our commitment to the work ahead. Foundation Entrepreneurship is rarely a straight path. From the beginning, the WBDC has helped entrepreneurs and small business owners navigate complexity, uncertainty, and change to forge ahead with confidence. As one of the first organizations of our kind, we provided one on one advisory services and opened doors to capital, contracting opportunities, and networks that had long been out of reach for many. The WBDC has always been a connector, bringing together businesses at every stage of the business life cycle. Partnering with corporations, government agencies, and community organizations, the WBDC fosters collaboration, creates opportunity, and advances economic development for our clients and the community. At the same time, the WBDC helped shape policies that influence the business environment. One of our founders, Hedy Ratner, famously worked with stakeholders on both sides of the political aisle to create the foundation on which we operate today. Her ability to build consensus and champion women’s economic empowerment set the tone for the organization’s future. We proudly carry that tradition of bipartisan cooperation as we chart our next course into the coming years, recognizing that meaningful progress requires broad coalitions and shared commitment. Strong businesses are built on sound strategies, solid financial practices, and the ability to adapt with intention. The WBDC equips its clients with strategic insights and practical tools they can apply immediately—whether launching a business, stabilizing operations, or preparing to scale. Our programs are designed to meet entrepreneurs where they are, offering guidance that is both relevant and actionable. That same discipline is essential to sustaining the WBDC itself. In an era when grants and government funding can be unpredictable, thoughtful strategy and disciplined planning remain critical. These practices allow us to respond to emerging needs, steward resources responsibly, and continue delivering high-impact support. The generosity of our donors and the commitment of our partners make this possible, enabling us to extend our reach and deepen our impact year after year. Their belief in our mission fuels our ability to innovate and evolve alongside the entrepreneurs we serve. Legacy History is more than the stories we tell; it is also the record of accomplishment and success. As the WBDC marks four decades of service, we are reflecting not only on where we are going, but on how we got here. Recently, WBDC co-founder Hedy Ratner entrusted the WBDC’s archives to ensure that our milestones and achievements are safeguarded for generations to come. These records illustrate how women entrepreneurs and Above: WBDC co-founders, Hedy Ratner (front) and Carol Dougal. An early gathering of the organization's annual conference.
A CREATIVE AGENCY KNOCKINC.COM ACCELERATING THE SUCCESS OF ALL WOMEN. ESTd 2001 enterprising Women 11 their allies carved out pathways where few existed—and underscore that meaningful progress is built on persistence, investment, and strong partnerships. We look forward to unveiling these archives to the public later this year, offering a window into the evolution of women’s entrepreneurship and the movement that helped shape it. Preserving our history is essential to shaping our future. It honors those who laid the foundation while providing lessons for those who will carry the work forward. Today’s small business environment reinforces those lessons. Rising costs, workforce challenges, and economic uncertainty continue to place pressure on small businesses— especially those owned by women and other marginalized business owners. In difficult times, it becomes even more important to reflect on the progress made and the resilience that has carried entrepreneurs through past challenges. Organizations like the WBDC play a critical role in helping businesses navigate these realities. We adapt and pivot just like our clients, responding to shifting economic conditions and emerging needs. Our capacity to meet the moment is strengthened by ongoing collaboration with individuals, corporations, and institutions that understand how investing in women entrepreneurs fuels economic growth and long-term stability. Their partnership ensures that the ecosystem surrounding small businesses remains vibrant, inclusive, and forward-looking. Pushing forward The past forty years have shown us that entrepreneurship thrives on resilience, innovation, and community—qualities that have long defined the WBDC and the business owners we champion. When women business owners are supported, it reinforces the idea that they belong in every industry and at every table. Certification might open a door, but delivering on quality, price and execution earns the business. And when women gain access to influential networks, decision makers, and key stakeholders, it opens the door to deeper, more strategic conversations—and to opportunities that echo the spirit of those first forged in 1986. As we look to the future, we encourage entrepreneurs to remain curious, courageous, and connected. We call on our donors and partners to continue investing in the progress still to be made. Our 40th anniversary is not a conclusion but the beginning of a new chapter, rooted in a powerful history and driven by an even more promising future – forward! ERICA KUHLMANN is president and CEO of the Women’s Business Development Center. Connect at www.wbdc.org. WBDC co-founder Hedy Ratner is a long member of the Enterprising Women Advisory Board and an inductee into the Enterprising Women Hall of Fame.
FGC / Shutterstock.com 12 enterprising Women ACCESS TO CAPITAL by Gwen K. Young Women entrepreneurs are powering the economy: It’s time to power their access to capital Across the United States, women entrepreneurs are transforming industries, creating jobs, and strengthening communities. Womenowned businesses are one of the fastest growing segments of the economy, representing innovation, resilience, and opportunity. This is why we need to improve women founders’ access to capital, networks, and the investment ecosystem that helps businesses scale. Closing that gap is not just about fairness. It is about economic growth. As CEO of the Women’s Business Collaborative (WBC), I see every day the extraordinary power of women founders to drive innovation and build businesses that shape the future. I also see the barriers they still face. Women launch businesses at high rates, yet they continue to receive a small share of venture and growth capital. Many entrepreneurs are building remarkable companies but lack the networks and investment pathways that have traditionally fueled business expansion. This is exactly why the work of building a stronger ecosystem for women entrepreneurs is so important. At WBC, our mission is to advance women in business by strengthening the connections between entrepreneurs, investors, corporations, and organizations that support business growth. We believe that when women founders have access to capital, strategic networks, and the right ecosystem, they don’t just succeed individually. They drive broader economic progress. One of the ways we bring this mission to life is through the Women’s Capital Summit. The summit was created to address one of the most persistent challenges facing women entrepreneurs: access to investment and meaningful investor relationships. Too often, women founders operate outside the traditional networks where investment opportunities are discussed and funded. The Women’s Capital Summit changes that dynamic. By bringing together entrepreneurs, venture capitalists, angel investors, corporate leaders, and financial institutions, the summit creates a powerful platform where capital meets innovation. Women founders have the opportunity to share their ideas, build relationships with investors, and connect with leaders who can help accelerate their growth. Investors, in turn, gain exposure to a dynamic pipeline of companies led by talented and driven women entrepreneurs. These connections matter. Capital does not move in isolation. It moves through relationships, trust, and shared opportunity. When we create environments where those relationships can form, we open doors for founders who may otherwise be overlooked. At the same time, we must recognize that the entrepreneurial community is not a single, uniform group. Women founders bring a wide range of experiences, talents, and leadership paths to the business world. At WBC, we are committed to supporting all women who choose the path of entrepreneurship. This includes women veterans who transition from military service into business leadership. Their experience with mission-driven teamwork, strategic planning, and disciplined execution makes them powerful entrepreneurs. In our network we have leaders like Diedre Windsor of the Windsor Group and have convened a committee of former generals including Mary O’Brien of O’Brien Strategies and Linda Singh who founded Kaleidoscope Effect. It includes women athletes who have spent years developing the resilience, focus, and competitive drive required to succeed at the highest levels. Those same qualities translate directly into the persistence required to build and scale companies. Supporting these founders means recognizing the value of their experiences and ensuring they have access to the same entrepreneurial resources, mentorship, and investment opportunities as any other founder. The broader reality is clear. Women-owned businesses are not just participating in the economy. They are helping drive it. Across industries, women entrepreneurs are launching companies
The Talent Behind the Technology ECCO Select is proud to provide people, process and technology solutions to meet our clients’ needs. We are a talent acquisition and advisory consulting company, and the talent behind the technology. As a woman and minority-owned business, we honor those trailblazers who paved the way to allow us opportunities for success. ECCO Select - The Talent Behind the Technology WBE/MBE Certified | 888.567.ECCO | www.eccoselect.com 1601 Iron Street, Suite 200, Kansas City, MO 64116 Serving clients nationwide since 1995. The Right Talent at the Right Time IT SERVICES TALENT CONSULTING TRAINING JEANETTE HERNANDEZ PRENGER Founder & CEO, ECCO Select enterprising Women 13 that solve real problems, serve evolving markets, and create new jobs. They are building innovative products, developing technology solutions, expanding service industries, and strengthening communities through economic participation. When women start businesses, they are also more likely to invest back into their communities, create inclusive workplaces, and mentor the next generation of leaders. Their impact extends far beyond the companies they build. This is why supporting women entrepreneurs is not simply about encouraging individual success stories. It is about building a stronger and more inclusive economic future. At WBC, we believe that collaboration is one of the most powerful tools for change. No single organization can transform the entrepreneurial ecosystem alone. But when investors, corporations, nonprofits, and business leaders work together, we can create the conditions where women founders have the support they need to grow. Our partnerships across the entrepreneurial landscape allow us to bring together the right voices and resources to accelerate progress. Whether through the Women’s Capital Summit, leadership initiatives, or collaborative programs that connect founders with mentors and investors, our focus remains clear: expand opportunity and unlock the full potential of women-led businesses. The momentum we are seeing today is encouraging. More investors are recognizing the opportunity represented by women founders. More organizations are working intentionally to support inclusive entrepreneurship. More women are stepping forward with bold ideas and the determination to turn those ideas into thriving companies. But the work is not finished. Expanding access to capital, strengthening entrepreneurial networks, and ensuring that women founders are fully integrated into the investment ecosystem must remain priorities for the entire business community. The future of entrepreneurship will be shaped by leaders who bring new ideas, diverse perspectives, and bold ambition to the marketplace. Women entrepreneurs are already doing exactly that. When we invest in women founders, we invest in innovation. We invest in job creation. We invest in stronger communities and a more resilient economy. At the Women’s Business Collaborative, we are proud to stand alongside the entrepreneurs, investors, and partners who are building that future together. GWEN K. YOUNG is CEO of the Women Business Collaborative and a member of the Enterprising Women Advisory Board.
Clarity, confidence & cash flow: the financial foundation behind capital readiness At every leadership conference, the energy is palpable. Ideas expand. Growth goals stretch. Capital conversations begin. But when the inspiration fades and the real work resumes, something important becomes clear: The businesses that successfully access and deploy capital are not simply ambitious. They are financially disciplined. Capital readiness does not begin with a pitch deck. It begins with clarity. Clarity creates credibility Whether you are approaching a bank, a private lender, or equity investors, the first evaluation is not personality. It is structure. Can leadership clearly explain: ■ revenue drivers and margin durability? ■ working capital requirements? ■ cash flow timing gaps? ■ financial risks and mitigation plans? If the numbers are unclear internally, they will feel uncertain externally. Clarity is not about having more reports. It is about having the right visibility. Reliable financial reporting, forward-looking projections, and a disciplined cash flow forecast create leadership transparency. And transparency builds credibility. Capital providers fund businesses that understand themselves. Confidence Is Built, Not Projected Many founders believe confidence is something they must project when raising capital. In reality, true confidence comes from preparation. When leadership understands: ■ how long cash will last under multiple scenarios, ■ how growth impacts liquidity, ■ and what operational pressure points may emerge, they stop reacting emotionally to financial questions. They answer them calmly. Confidence that is grounded in financial visibility changes the tone of every capital conversation. It shifts negotiations. It strengthens positioning. It allows leaders to evaluate offers instead of simply accepting them. Capital is most powerful when it is chosen strategically — not accepted out of urgency. Cash Flow Is the Bridge Profit demonstrates performance. Cash flow demonstrates sustainability. A company can show strong profitability and still struggle to support debt payments or fund expansion. Growth often requires upfront investment — inventory, hiring, marketing, production capacity — long before revenue fully converts to cash. This is where cash flow discipline becomes critical. A disciplined 13-week cash flow forecast, paired with scenario planning, reveals: ■ whether debt can be comfortably serviced, ■ whether internal capital can fund growth, ■ and how quickly expansion begins to support itself. Banks lend to predictability. Investors fund strength. Neither fund confusion. When leaders understand their cash cycle, capital stops being a rescue mechanism and becomes a strategic lever. Internal capital comes first One of the most overlooked aspects of capital readiness is internal funding discipline. Before seeking outside capital, strong businesses ask: ■ Are we optimizing collections? ■ Are margins structurally healthy? ■ Is inventory aligned with demand? ■ Are expenses supporting strategic growth? Internal capital — the cash generated and managed well within the business — is the least expensive form of funding available. External capital should amplify a strong financial foundation, not compensate for its absence. Leadership at the growth stage For many women-led businesses in the $3–15 million range, growth introduces complexity. Revenue increases. Teams expand. Decisions multiply. With complexity comes financial pressure. This is the stage where financial leadership becomes essential. Not simply bookkeeping. Not compliance. Leadership. Clarity reduces uncertainty. Confidence strengthens negotiations. Cash flow discipline creates capital readiness. Capital is not something businesses chase. It is something they prepare for. The companies that scale sustainably are not the most optimistic. They are the most prepared. And preparation begins long before the first investor meeting. MARILYN MAGETT is the Founder & President of Evolve CFO Services, a seasoned financial executive with decades of experience guiding businesses through growth, complexity, and change. Marilyn brings CFO-level insight, strategic perspective, and calm leadership to businesses that need more than reports — they need a trusted financial partner at the table. She is a member of the Enterprising Women Advisory Board, and a past recipient of the Enterprising Women of the Year Award. Connect to learn more at evolvecfoservices.com/contact-us/. grey_and / Shutterstock.com 14 enterprising Women FINANCE by Marilyn J. Magett
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Andrey_Popov / Shutterstock.com 16 enterprising Women FINANCE by Susan Michel The hidden drain on your business: 401(k) fees you didn’t know you were paying As business owners, we scrutinize every expense. We negotiate vendor contracts, compare insurance rates, and track office supply costs down to the penny. Yet many of us overlook one of our most significant benefit expenses: our 401(k) plan fees. These costs may seem small on paper, but they quietly erode employees’ retirement savings and undermine our efforts to attract top talent. The real cost The Department of Labor offers a sobering illustration: an account balance that would grow to $227,000 at retirement with 0.5% fees would only reach $163,000 with 1.5% fees.1 That single percentage point difference reduces retirement savings by 28%—or $64,000 in this example. Small business 401(k) plans typically cost between 0.5% to 2% of plan assets annually. For a plan with $1 million in assets, the annual fee ranges from $5,000 to $20,000. The challenge? Smaller plans often pay higher percentages simply due to their size, even though the work isn’t proportionally more complex. Why fees are so confusing Research from the Government Accountability Office shows that 41% of workers are unaware they’re paying 401(k) fees.2 It’s not because people aren’t paying attention—it’s because fees are deliberately obscure. Many costs are buried in fund expense ratios or disclosed in documents that require expertise to interpret. The real confusion comes from revenue-sharing. Mutual fund companies compensate 401(k) providers through fees embedded in the funds themselves. These payments—called 12b-1 fees and sub-transfer agency fees—don’t show up on participant statements. Instead, they quietly reduce investment returns. A provider might appear to charge a low administrative fee while collecting significant revenue through these hidden arrangements. Many business owners discover that a substantial portion of their administrative fees are paid through revenue-sharing, reducing employee returns without appearing on standard disclosures. Understanding the total all-in cost—including visible fees, investment expenses, and revenue-sharing—tells the real story. The impact on recruiting and retention The quality of your 401(k) plan directly affects your ability to compete for talent. According to SHRM’s 2025 Employee Benefits Survey, retirement savings and planning benefits tied with leave benefits as the second most important benefit priority for employers, with 81% rating them as extremely or very important.3 The message is clear: retirement benefits matter significantly in today’s competitive labor market. Recent research shows that 65% of employees would not accept a new job offer if retirement plans weren’t included, and 73% of employees consider retirement plans among the most important benefits for their financial well-being.4 When top candidates weigh similar offers, benefits become the tiebreaker. But it’s not just about having a plan— it’s about having a competitive one. A plan with high fees and limited options sends a message about priorities. A thoughtfully designed plan with reasonable fees demonstrates a genuine commitment to your team’s future. What you can do Start by understanding what you’re paying. The 408(b)(2) fee disclosure
We land prospect meetings FOR YOU! koppconsultingusa.com 908.781.7546 Isn’t it time your business had a Door Opener®? Call us. So you can close more sales. enterprising Women 17 that providers must furnish breaks down administrative and investment costs. Reading it carefully reveals the complete picture. Ask about revenuesharing: How much is the provider receiving from fund companies? What’s the total all-in cost as a percentage of assets? Compare your costs to industry benchmarks. Many quality providers now charge well under 1% for small plans. The retirement industry has changed substantially in recent years, with new options offering better pricing than was available even five years ago. Plan design matters as much as cost. Automatic enrollment boosts participation. Employer matching, even at modest levels, significantly improves outcomes. The investment lineup should offer quality options with reasonable expense ratios—many excellent funds charge 0.50% or less. Have a 401k plan benchmark done. Most providers will do this at no cost. It is a good way to compare your fees and 401k providers against plans of similar sizes. We suggest that at a minimum plans should be benchmarked every three years. Moving forward Your 401(k) plan represents more than a line item in your benefits package. It reflects your priorities and shapes your reputation as an employer. Understanding plan costs doesn’t require wholesale changes—often, simply knowing what you’re paying creates better decision-making options. As entrepreneurs, we know that small decisions compound over time. The same principle applies to retirement plan fees. By gaining clarity on these costs, we position ourselves to make choices that strengthen both our team’s financial futures and our ability to compete for the talent we need to grow. Susan Michel is the founder and CEO of Glen Eagle Advisors, LLC, an SEC-registered investment advisor located in New Jersey. Offering retirement planning and wealth management to business owners, the Glen Eagle team takes an educational, holistic approach to meeting clients’ long-term goals. Susan is a member of the Enterprising Women Advisory Board and a past recipient of the Enterprising Women of the Year Award. She was named an Enterprising Women “Top 20 in 2020” Award Winner. Connect at www.gleneagleadv.com. SOURCES: 1. U.S. Department of Labor, “A Look at 401(k) Plan Fees.” https://www.dol.gov/sites/dolgov/files/ ebsa/about-ebsa/our-activities/resource-center/ publications/a-look-at-401k-plan-fees.pdf 2. U.S. Government Accountability Office, “401(k) Retirement Plans: Many Participants Do Not Understand Fee Information.” GAO-21-357, March 2021. https://www.gao.gov/products/gao-21-357 3. SHRM, “2025 Employee Benefits Survey Executive Summary.” June 2025. https://www.shrm.org/ topics-tools/research/employee-benefits-survey 4. Payroll Integrations’ 2024 State of Employee Financial Wellness Report
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