2/2/2007
The best boss for these women? Themselves
They are deciding to start their own businesses at a younger age
By Judi E. Loomis
(excerpts from original article printed in Greater Fort Wayne Business Weekly)
Ambitious young women today are striking out on their own by starting their own businesses, and each day, a few more join their ranks.
They make up a good portion of the economic pie that embodies young, energetic entrepreneurs in this 21st century. In fact, according to the U.S. Small Business Administration, 10.6 million businesses across the United States are women-owned. These small businesses employ a large number of workers and contribute $2.3 trillion dollars in sales annually.
According to a study by UCLA's Graduate School of Education and Information Studies, one out of every 11 women in the nation is a business owner, and they account for almost half of all privately held firms.
While women-owned businesses have become a major economic force, their creation and growth can be bittersweet to the women running them. Passion and hard work are just two elements necessary for a business' success, but there are myriad other reasons some women-owned businesses succeed and others fail.
The Midwest is no stranger to women-owned businesses, yet there are many intelligent and energetic women in the area who are reluctant to take that first step. Some of that reluctance stems from the feeling of comfort of working in a nice, comfy cubical, collecting a regular paycheck, and receiving health-care benefits, insurance and other perks that can be more easily supplied by a major employer.
Others fear the financial burden of hanging out their own shingle and how it will affect their current lifestyle. Or they may not find the emotional support they need from family and friends.
Despite the risks, some local women decided to take the plunge and start their own businesses.
Emily Fitzgerald
President, Organized Living Solutions
Emily Fitzgerald, 28, owns Organized Living Solutions, a company that focuses on residential and corporate organizing. She started her business three years ago and never looked back.
But before that, she compiled a mountain of research, took classes, sought out a mentor and kept her day job while running her business during the evening and on weekends. At the same time, she was earning her certification.
"I was a social worker," Fitzgerald said, adding that her clients appreciate her ability to empathize, a skill she developed while she was a social worker. "But I had a passion for organizing, and I started doing it professionally only after taking some business classes to find out how to run a business, and most importantly joining the National Association of Professional Organizers."
Fitzgerald was 26 when she launched her company.
"At first, it was pretty scary to let go of that steady paycheck, but my husband and I had worked on our budget and got to the point where we knew we were ready and could handle it," she said. "I had clients and work already lined up before I quit my job. Even during the process of quitting, I had lots of people calling me, and I found myself telling them that I would be quitting in three months, could they wait?"