A woman-owned business is a specific designation often used by government agencies and industry associations to set aside special programs to encourage and empower women business owners. Most definitions of this term involve a practical look at the legal and ownership structure, as well as the issue of control of the day-to-day operations of a business. The consideration of control of a business is meant to discourage the unethical practice of men placing wives, daughters, or low-level female employees in positions of ownership, when in fact she may have little to do with the day-to-day management of the company, for the sake of receiving some government benefits or other consideration.
In the US, a Woman-Owned Business Enterprise (WBE) is defined as a business that is at least 51% owned, operated and controlled on a daily basis by one or more (in combination) female American citizens. WBEs are typically certified by a third-party, city, state or federal agency. The US Small Business Administration (SBA) offers a similar definition of a Woman Owned Small Business (WOSB) as a small business that is at least 51% owned, operated and controlled on a daily basis by one or more (in combination) female American citizens. The SBA's WOSB definition differentiates from the WBE definition, as it looks at the size of the business according to the specific industry standards table.
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Support for Women Business Owners
Research shows that in most countries there are significant challenges for women business owners in comparison to men business owners. These challenges stem from many sources, including social and cultural stigmas, family and child-rearing responsibilities, maternity needs, educational background, career experience, and community support. Depending on the country in which a woman resides and/or is a citizen, there may be government or non-profit support for female business owners.
There are several US organizations that provide third-party women-owned certifications and support including: U.S. Women's Chamber of Commerce, Women's Business Enterprise National Council (WBENC) and National Women Business Owners Corporation.. In India, supporting groups include WeConnect, WEI, and some specific bank-sponsored loan schemes. In Europe, the Entrepreneurship 2020 Action Plan is aimed at supporting women business owners, among other initiatives.
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US Federal Contracts
There are specific set-aside programs for certain NAICS codes in which certified WOSBs (or in some cases Economically Disadvatnged Woman Owned Small Businesses (EDWOSB), a subcategory of WOSB) may receive special consideration in a US government contract. According to the Center for Responsive Politics, the Federal government of the United States gave $25.4 billion in federal contracts to women-owned businesses in 2017, this was 5 percent of the total budget in the fiscal year. This was up from 3.25 percent of contracts in fiscal year 2008.
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Source of article : Wikipedia
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