By Debbie Gardner PRIME Editor Mom. When you're a little girl, she's your first teacher and sometimes, your first best friend. When you're a teenager, she may be your first enemy .. or the person you agree with the least (and fight with the most!). But all that seems to change over time, as daughters start to make their way in the world. A way that, sometimes, leads entrepreneurial-spirited women right back home to mom . as a business partner. It's not a new business model. Mothers and daughters have worked together in various types of crafts and shops for generations. But in our increasingly entrepreneurial-driven economy, it's a business model that's attracting more and more attention. It's becoming a woman's world According to the most recent statistics released by the Center for Women's Business Research (www.nfwbo.org) more than 50 percent of U. S. businesses nearly 10.4 million are now owned by women. And women-owned businesses are also the area with the biggest increase since the late 1980s, recording twice the growth (42 percent) of all firms ( 24 percent). And these women-owned firms generated an impressive $1.9 trillion in sales in 2007. How does this trend translate to businesses in western Massachusetts? Well, according to statistics again provided by the Center for Women's Business Research, Massachusetts ranks 14th in the nation for women-owned businesses, and from 1997 to 2006, recorded a 22.3 percent growth in this category of commerce. Women-owned businesses, and mother-daughter partnerships in particular, have become such a success story that the Internet Web site dedicated to all things start-up and self-employed www.entrepreneur.com recently featured eight mother-daughter business pairs in a special slide show that highlighted each pair's company and take on their working relationships. (Type "Mom as Business Partner" in the site's search engine to bring up the story). Obviously, there's something to this financial-success based on family ties phenomenon. Interest piqued, PRIME decided to find out how some successful mother-daughter partners are making it here in the Valley. |
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