Congressman Bob Clement kicked off the Summit by giving his assessment of the state of small business and its importance to the U.S. economy.  He pointed out that small business is responsible for ½ of the output and ½ of the jobs in the U.S. economy and that women are leading the way in entrepreneurship and job creation.  He said that small business is a tool of equalization that allows women to overcome the inequities of society.  Although Congressman Clement admitted that the 107^th Congress had been distracted from passing legislation to help small business, but he hoped that Congress would take the necessary steps to ensure equal access to capital and loans for all small businesses, as well as overseeing that government agency regulations do not unfairly impact small businesses.  Congressman Clement also addressed the state of the current health care and benefits system that makes it extremely difficult and costly for small businesses to provide competitive health care coverage and retirement benefits.  He concluded his remarks by touting small business as a powerful engine to push the economy forward and pull the economy out of recession and that small businesses create new jobs and rescue communities by investing in the people and the neighborhoods in which they live.

From the eFORUM results, moderated by Public Forum Institute President, Jonathan Ortmans, it is clear that the audience is expecting Congress to do more for small business.  When asked, “If you were in the U.S. Congress, which of the following would you address immediately?” 47 per cent said they would address health care reform/affordable health insurance and 16 per cent would work for tax reform/relief.  When asked if they supported the use of tax credits to encourage women small business owners to provide health care coverage for their employees, 85 per cent strongly supported or supported the idea.

Opening Address: Encouraging Entrepreneurship
Terry Neese delivered a simple but powerful piece of advice to women entrepreneurs, she said that women business owners must know how to gain info, have influence, and have clout in order to succeed.  Ms. Neese stressed that women must know about and get involved in the political process.  Women make up 52 per cent of the electorate, women control 90 per cent of the wealth in the U.S. and have the ability to control the other 10 per cent, yet women make up only 13 and 14 per cent of the members in the Senate and the House of Representatives respectively.  According to Ms. Neese, women must, “get involved politically or go out of business.” She said that one of the major challenges to small business owners is to organize on a large scale in order to effectively lobby state and national legislators.  Despite this difficulty, Neese said that it is imperative that small businesses organize and have a strong voice in order to gain power and influence in politics and legislation.

Panel I: Access to Capital
Laura Campbell, President & CEO of Laura Campbell & Associates began the panel discussion by addressing how women fund their businesses.  Surveys have found that most women seek venture capital as a means to fund business ventures.  However, half of the women surveyed said they did not have the skills to access capital.  Ms. Campbell stressed that it is important for women to aggressively seek venture investors because once people invest in women, they are more likely to invest in women again.  Women must also use their referral networks to gain an inside advantage from people who are familiar with their business and their practices.  When seeking investors, women must remember that investors are looking for management skills, superior return on investment and a good business idea.  Small business owners must also identify investors with compatible goals and listen to their instincts when learning about and dealing with different investment options.

Yonnie Chesley, President & CEO of Gordian Health Services gave a presentation on fundraising.  She reminded small business owners that fundraising is not a fast process.  It may take as few as 90 days or as many as nine months and advised that business owners make a concentrated, wide ranged effort all at once instead of in small steps. Ms. Chesley also warned that a business plan is not a one-time event, the plan will evolve throughout the process. 

Marcela Gomez-Heinlein, President of the Hispanic Marketing Group, stressed that prospective entrepreneurs must promote their businesses with creativity and courage.  In order to be successful with investors one must create and project a consistent and professional image, form strategic alliances and join organizations that help you grow your businesses and professional networks.

Panel II: Providing Health Care

Robert Hughes, President of the National Association for the Self-Employed began the second panel discussion by addressing the health care concerns of microbusinesses.  He said that 70 per cent of microbusinesses have no insurance coverage and that 79 per cent said that affordability is the most important issue.  These figures were supported by the eFORUM results, with 56 percent of the audience responding that they are unable to provide health care benefits to their employees and 73 per cent citing cost as the biggest obstacle to providing health care benefits.  Mr. Hughes gave solutions to combat the high cost of health care including, being a smart and informed shopper making sound and careful decisions, assessing the risks for which you want the insurer to be responsible and to take advantage of tax planning and deductibles.  Mr. Hughes said that most importantly small business owners need to be involved in the legislative process and must support legislators who are working to pass legislation to help small businesses.

Edward Rittenberg, Vice President of Paradigm Group discussed the reasons for increasing health care costs which include pharmaceutical and other medical and technological advances.  He advises that small businesses owners analyze and evaluate their needs in comparison to their current plan or coverage and then look into the various coverage and tax deduction options.

Candace Rhodman, Program Facilitator of Business Services Etcetera discussed the cost and availability of health care.  She pointed out that the rising prices put providing coverage out of reach of most business owners.  In order to deal with these costs employers eliminate benefits, increase employee premiums, increase deductibles or switch to lower cost plans. She attributed the rise in cost, in part, to legal mandates that require insurers to cover a broad range of illnesses and treatments as well benefits such as birth control, mental health and dental coverage.  She says that because small businesses lack clout, they are more likely to suffer adverse effects from health care related legislation.

Keynote Presentation: Ms. Susan Wilson Solovic

Ms. Solovic began her presentation by giving an assessment of gender equity. She said, according to one source, that at the current rate, it would take women nearly half a century to achieve gender equity.  Keeping this fact in mind Ms. Solovic presented her Power Strategies to help women succeed in creating their own successful small businesses.  She stressed that women must expect more of themselves and must change the gender roles and expectations. In order to succeed women must not continue to settle for “doing pretty good for a girl.” Women must be bold confident and courageous.  Women must ask for what they want, learn not to take things personally, create networks amongst themselves and most importantly stop seeing other women as competition and become a role models and mentors for other women striving to be successful in business.  Audience eFORUM results echoed this sentiment with 73 per cent responding that personal contacts, networks and mentoring are the most important aspect of helping other women to become entrepreneurs.

Conclusion