Mind Your Business, Inc. is a proud woman-owned small business, which has been running successfully since 1996. Recent achievements, including CEO Karen Caruso being awarded Small Business Person of the Year for North Carolina, have led us at MYB to step back and consider what it means to be a woman-owned small business. How do woman-owned businesses stand up when compared to the rest of the market, and what makes them so extraordinary?
First off, let’s take a look at a few facts about woman-owned businesses
- Woman-owned (50% or greater) businesses comprise nearly 10.4 million firms, employing 12.8 million people
- Woman-owned firms have grown at approximately twice the rate of all other firms. Over the past two decades, majority woman-owned businesses have experienced 42% growth as compared to 24% for all others
- Businesses owned by women generate $1.9 trillion in sales
As stats show, woman-owned businesses make a significant contribution to the economy, with small businesses being a huge part of this. This is surely one aspect of woman-owned small businesses that makes them extraordinary, but what are the others?
As with any business, they face a struggle to get off the ground and an even bigger struggle to maintain prolonged success. Take MYB as an example – started by Karen Caruso in the basement of her home, Karen took a big step. With no college degree, only a laptop, $2000 and an unyielding belief, she conceived an organization whose origins are not based in financial gain or selfish ambitions, but altruism. All around were doubters, but with dedication and commitment, MYB took off.
Now, 15 years later, Mind Your Business finds itself as one of the leading employment screening companies, providing background checks and drug screening to organizations across the nation, keeping them and their employees safe and protected. Renound for their cost-effective service and quick turnaround, it is such customer-focus that makes this woman-owned small business an extraordinary company to work at and with.
Also to consider is the poor economy over the last few years. Both as a small business and a woman-owned business, MYB has certainly faced some hurdles during this time. However, the passion from the staff that you see in many woman-owned small businesses has allowed MYB to thrive during this time, seeing growth year after year in a time when many other businesses have had to downsize or, even worse, fold altogether.
The characteristic that really makes a woman-owned small business extraordinary, in my opinion, is the care and commitment shown to customers. Evidence of this is shown in testimonies on their site – one example stating:
“(Karen) and her staff work exceptionally hard to make our screening program a success. It is refreshing to see a staff that seems to have an unlimited amount of energy and holds firmly to the conviction that if it is worth doing; it is worth doing it right. It is fair to say that without Karen and her staff, our screening program would not have been nearly as successful as it is.”
A commendable reference which emphasizes the role that MYB place on customer care in their day-to-day business, and their desire to provide real value to each and every client.
So they are my reasons for what makes a woman-owned small business extraordinary, but what do you think? Are there any other important characteristics that I’ve missed?