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BLACK ENTERPRISE, AUGUST, 1998

Access to capital continues to be an important issue for black women entrepreneurs. Employment and sales growth in black women-owned firms lagged behind that of Hispanic and Asian women-owned companies just two years ago. "A significant reason for this may be that black women are far more likely to have started their businesses on a part-time basis while holding down another job," says Haber. "They are also far more likely to have started their business alone," without the financial support and credentials of other partners.

Despite a lack of confidence on the part of institutional money lenders, sister entrepreneurs have never lost faith in themselves. They have taken the worst that has been dished out and transformed their situationr the better, usually to the amazement of others.

Today, black women-owned firms represent roughly one-half of all black-owned companies. They employ more than 28% of the black business workforce and generate more than 24% of the sales. The majorty of sister businesses (61%) remain in the service industry, with 17% in retail and 6% in finance, insurance or real estate. Most of their growth, however, has occurred in such nontraditional sectors as agriculture, up more than 277%; transportation, communications or public utilities, 264%; and construction, 190%, between 1987 and 1996.

Having a business in a nontraditional industry certainly has its advantages. "My company is immediately recognizable because it's headed by a black woman ad because we're good at what we do. Marketing isn't much of an issue for me," says Alice K. Houston, CEO of Automotive Carrier Services in Louisville, Kentucky, with a smile. Her transportation and logistics company grew from a small, two-truck operation in 1987 to a 465-person company that grossed $64.5 million last year.

Though being unique can be an asset to a business, at times it can also be a burden. "Because I'm involved in an industry dominated by white men, there are fewer networking opportunities," says Houston, whose company debuted at No. 38 on this year's be industrial/service 100 list. Nonetheless, she encourages other women to follow her lead. "Go where the opportunities are and don't limit yourself."

To continue the success they enjoy today, sister entrepreneurs and professionals alike must not only heed Houston's advice, they need to work even harder to overcome the challenges that could undermine what they've achieved so far.

THE FUTURE
Indeed, womenl colors have fought hard to ride out the lows and realize the highs of career and entrepreneurial accomplishment. The future of women in business looks promising, provided that they pursue the opportunities presented to them-and, when necessary, create their own-with the same fervor they showed in the last few decades.

To remain competitive, "women need to become as comfortable taking calculated, well-researched risks as men are," says Debra Condren, Ph.D., a business psychologist, career srategist, president of SuperiorCareer.com, and the founder and director of the Women's Business Alliance in the San Francisco Bay Area. To help foster the necessary confidence, businesswomen must focus on three critical areas: technology, finance and information. "In this day and age, some women are still reluctant to embrace technology," she says. "But it is absolutely critical that they learn the latest technology of their respective field."

Condren suggests that women then marry their hig-tech know-how to their financial situations. "Take your stock portfolio online," she advises. Not only will you be able to manage your own money and pay yourself first, "you'll learn what's going on in various industries as you conduct research on different companies."

Staying abreast of cutting-edge information will also be a key concern of businesswomen going forward. The NFBWO found that women entrepreneurs are much less likely to seek information from financial magazines or newspapers tan are their male counterparts. In addition to committing to ongoing education and training, "make it a point to read the general publications of the business world, not just those targeted to women."

Women business owners will also have to be proactive in going beyond basic networking to form strategic alliances. "Develop a loose 'board of advisors' to serve as a mentoring think-tank for your business," says Condren. On the corporate side, seek out companies that have structures in place to develop the intellectual and leadership potential of their women professionals.

Were he still living, Du Bois might be glad that so many women have realized the future he envisioned for them. But it's women who can make the most of the observation "a woman's work is never done." Truly, it is just beginning.