Avia Collinder, Sunday Gleaner Writer

From left: businesswomen Sharon Haughton, of KS Chemicals Distributors in Montego Bay; Mona Gracey, of G's Superette and Wholesale in Falmouth, Trelawny; and Sandra Molyneaux, proprietress of Petcom service station in Savanna-la-Mar, Westmoreland, converse at a function in Montego Bay in this November 2006 file photo. A recent study says more women are owning businesses.-photograph by Noel Thompson

A recently completed survey of women and family-owned businesses in Jamaica shows there has been a rapid expansion in wholesale and retail businesses run by women in the country. The survey also found women to be relatively cautious in their approach to business expansion.

According to the survey, conducted by the Mona Institute of Business, over the last two to three years, the number of women-owned businesses seems to be growing at a faster rate than even that of family-owned businesses.

The survey was commissioned by Women Business Owners Jamaica Ltd. (WBO) and the Jamaica Conference Board, and funded by the Bank of Nova Scotia, and the United States Agency for International Development.

Comprehensive survey

The comprehensive islandwide list contains 2,916 family-owned businesses and 1,718 women-owned businesses. Approximately 30 per cent of the businesses operated by women in the wholesale and retail sector emerged over the last two to three years, with only 10 per cent in operation for over 20 years, the research showed.

Women-owned businesses exist in manufacturing, construction, hotels and real estate, agriculture, wholesale and retail.

Approximately 84 per cent of these establishments indicated that their annual revenue was less than J$15 million. None reported annual revenues of over J$200 million.

The main reasons expressed by females for having their own businesses were:

Having a sense of achievement

Being financially better off

Being self-employed

Controlling one's own destiny

Leaving a legacy for their children.

Reflecting a cautious outlook, female business owners expressed relatively strong disagreement with the suggestion to list their businesses on the stock market within the next three years, fearing that outside shareholders would change how they ran their businesses.

The survey respondents also expressed concern that growing the business would destroy their quality of life, as well as result in them losing control. In addition, the women business owners strongly disagreed with the suggestion to start exporting in the next three years.

According to the WBO, it will be using the results of the survey in a series of workshops, beginning this week, to focus on strengthening the capacity of women business owners.