Hartford Business Journal

www.HartfordBusiness.com November 9, 2015 • Hartford Business Journal 15 It's An Art Real Solutions Real Advisors hittlesey & Hadley accountants are different. We care about our clients, not just their numbers. Our insight and practical advice is original and has been etched into the region's non- profit landscapte for more than 50 years. Who wants ordinary results? Our independent perspective on financial statements, tax and business advisory services renders innovative results that will change the way your do business. Put your trust in advisors with real solutions. Let our knowledge create your next masterpiece. W Growth in Number and Economic Clout of CT Women-Owned Firms (1997-2014) Growth in National Growth in National Growth in National Number of Firms Rank Firm Revenues Rank Employment Rank 33.2% 44 62.9% 32 16.4% 22 S O U R C E : A M E R I C A N E X P R E S S O P E N observers in the financial and nonprofit sec- tors say there are enough mid-life anecdotes like architect Cheryl Newton to validate it. Patricia Lennon, a Danbury author, crowdfunding consultant, as well as a busi- ness coach and mentor to female entrepre- neurs, says the culmination of several key forces or events hastened the trend of more women seeking later in life to follow their passions, dreams and goals into business. For one, Lennon said, the aging economic models of house- holds where males are the pri- mary breadwinners, and females tend to family and household affairs, or work part-time, don't fit today's reality. Women long ago began shedding their aprons to take up full-time jobs and careers outside the home, largely as more households needed two incomes to make ends meet. That altered social dynamic, in which women today account for 51 percent of the American population but are responsible for 90 percent of U.S. households' purchasing decisions, was fur- ther put to the test after the 9/11 terrorism attacks, Lennon said. Many middle-age women today were just starting their house- holds or pursuing their careers at the time of the attacks. Starting right after 9/11, and accelerating amid the Great Recession, she said, women "drew a line in the sand,'' determined they would no longer cower to events outside the control of them and their male peers. "That shifting and clarification of values resulted," Lennon said, "in women saying they would come back to the workplace.'' But this time it would be on their terms, she said. Fran Pastore, CEO of Stamford-based Women's Business Development Coun- cil (WBDC), said the desire and focus launching more women into busi- ness are the same traits they have always harnessed in marshalling their families, in educat- ing others and caring for the ill, as well as in other professions. "It's the one thing that women see as a logical and reach- able goal, to control their financial destiny,'' Pastore said. Women also bring other advantages to their ventures, she and Lennon said, such as diversity of thought, as well as a fresh perspec- tive and approach to solving problems. Financing is still a major obstacle and women have a tougher time than men get- ting financing for their ventures, Pastore and others say. That pendulum, however, is starting to swing the other way. In late October, for example, WBDC announced creation of a micro-loan fund targeted at female-sponsored enterprises. Glaston - bury's United Bank immediately pledged $100,000 to seed the fund. Newton's mentors Basam E. "Bas" Nabulsi is a Stamford intellectual-property partner at law firm McCarter & English LLC and a WBDC board member. Nabulsi says he's seen first- hand the growing number of women entre- preneurs coming to him as clients. "Many of these women have tremendous educations and may have been out of the workforce for a time,'' he said. Another spark for the rise of women-owned firms, Nabulsi says, is the growing embrace among large businesses and corporations of "best prac- tices'' that engage women and other minority entrepreneurs as suppliers and contractors. On Oct. 1, Connecticut wid- ened its minority-contractor inclusion protocol to munici- palities that collect state dol- lars for infrastructure improve- ments and other contracts. Fueling the trend, too, are networking, mentoring and support groups and agencies like WBDC, the Service Corps of Retired Executives (SCORE), the Small Business Administra- tion and state Department of Economic and Community Development, experts say. Newton has found her success through several of those. SCORE, she said, mentored her in even the minutest details as to how to manage her business. "One of the best things I did was I went to SCORE,'' she said. WBDC lent moral and professional sup- port, while Hart- ford's microlending nonprofit, HEDCO Inc., guided her in getting a $50,000 loan through DECD, to buttress her $12,500 in savings. Newton says she also reached out to the University of Hartford's Wom- en's Entrepreneurial Center and the Diver- sity Supplier Devel- opment Academy. In her first six years, Newton says she has completed more than 120 design proj- ects. One, a redesign of a South Glastonbury home to incorporate solar power and sus- tainable insulating materials, recently was named a top 10 most energy-efficient home by the U.S. Green Building Council. She also has a three-year, "on-call" con- tract to provide design services to UConn. "My business plan is to have a balanced workload in commercial, residential and municipal," Newton said. "I thought it would take five to 10 years to get that kind of work. But I've gotten it in one to three.'' n Basam E. Nabulsi, partner, McCarter & English LLC Patricia Lennon, Danbury author and women's business coach ▶ ▶ Patricia Lennon: Women 'drew a line in the sand,' determined they would no longer cower to events outside the control of them and their male peers.

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