Speeches by Secretary Elaine L. Chao

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Secretary of Labor Elaine L. Chao
Women Entrepreneurship in 21^st Century
--Opening Remarks--
Washington, D.C.
March 18, 2002

Thank you Bo …

Welcome everyone, and thank you for coming to the conference on Women Entrepreneurship in the 21^st Century. This conference is also cosponsored by the Small Business Administration and the Public Forum Institute.

What a great way to celebrate Women’s History month!

The wealth of experience, talent and raw energy gathered in this room today is enough to power the Dow, NASDAQ and the GNP to new heights.

It’s outstanding that so many women from so many different backgrounds were willing to transcend culture, politics, and occupation to help make this conference a success.

We’re especially encouraged that so many of you are willing to make the time to attend today’s workshops and panels.

This conference will be worth it, I promise!

Throughout my life, I have met women entrepreneurs. What always impressed me were their dedication, hard work and sense of purpose – of overcoming obstacles and achieving great personal success.

But for far too long the contributions and concerns of woman entrepreneurs have gone unheralded or unnoticed.

This is one cabinet secretary and one administration however, that does not take you for granted.

We want to learn more about your interests. We want to listen to your concerns. And we want to help you as women successfully meet the challenges of the global economy.

We deeply appreciate your drive to become champions of free enterprise, the benefits you bring to our communities – and we share your desire of owning a piece of the economy and the America dream.

That’s what this conference is all about – listening and learning from each other.

This conference couldn’t come at a better time for entrepreneurs.

The economy is definitely on the upswing.

Unemployment is down and productivity is up. Americans are now getting back to work --with health care, financial services and the security industry becoming the hottest growth sectors of the economy.

Even Federal Reserve Chairman Alan Greenspan has a smile on his face when he talks about prospects for America’s economic expansion.

The recovery is not really about Wall Street; it’s about Main Street – of tough, smart and determined women like you boosting sales, producing more goods and services, and putting people back to work on the shop floor, sale aisle and in office cubicles.

It’s the jobs you create that will help pull us further out of the Bin laden recession. We’re counting on you – America’s women entrepreneurs – to be today’s driver of economic development and prosperity.

And how many of you are actually planning to hire people in the coming months? Time to use those keypads Jonathan talked about.

Whatever the number that shows up on the board today, this much is certain – with the signing of the President’s new economic security package, you’ll soon be putting people on the payroll!

After all, women-owned businesses create jobs faster than anyone else. You continue to grow at twice the rate of US firms – with 1 in 5 women-owned firms now run by women of color and minority women. All together, privately held women-owned firms employ over 9 million workers and generate nearly $1.5 trillion in sales.

Very impressive!

Of course, none of this comes easy. There are tremendous financial and personal risks involved in becoming an entrepreneur.

But if no woman ever took risks, Oprah wouldn’t be the mega-star she is today, and Carleton Florina would be selling computers rather than running Hewlett-Packard.

The conference workshops we’ve developed will help you navigate some of the uncertainties and challenges that are a part of today’s “24/7” (24 hours a day, seven days a week) economy.

We have panels to help you understand the complexities of the federal tax code … workshops to help guide you through the maze of government contracting … and sessions on how to navigate your way in overseas markets.

We also have presentations on how to cope with rising health care costs and the declining pool of venture capital.

Speaking of which, let me ask you another question:

How many of you have had difficulty in raising private investment? Time to go to those keypads again.

I have a feeling the number will be low.Studies show that women may own 40 percent of all businesses but receive only 5 percent of all venture capital funds invested in new businesses.

To help you find some “angel investors” and create the same powerful networks as your male counterparts, we’ve also scheduled a number of professional networking opportunities – including a reception this evening and tomorrow’s Q&A session with leading women members of Congress.

And if there is one person you must meet, it’s our next speaker—the U.S. Secretary of Agriculture, Ann Veneman.

Secretary Veneman has a deep understanding of the risks and rewards of owning your own business. She grew up on a family farm in a rural community, and has spent much of her life dedicated to advancing the needs of ranchers and farmers.

Earlier in her career, she served as USDA’s Deputy Secretary, as Associate Administrator of USDA’s Foreign Agricultural Service, and recently, as Secretary of the California Department of Food and Agriculture – managing the programs and services for the nation’s largest and most diverse agricultural producing state.

Secretary Veneman has played a key role in eliminating trade barriers and expanding opportunities for America’s farmers in overseas markets. And she is in the frontlines of strengthening America’s farms and ranches from disease and other threats to our nation’s heartland.

Please join me in welcoming Ann Veneman, the U.S. Secretary of Agriculture.

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