A more equal economy through small business growth
In a capitalist country like the United States, businesses shape not only the economy, but the infrastructure, policies, and culture around us. With such a powerful impact, businesses should set the example in equitable and inclusive decision-making; however, that is far from the case. In 2019, only 7% of Fortune 500 CEOs were women[i]. In the US, a country that is 19% Hispanic / Latinx and 13% Black[ii], only 2% of Fortune 500 CEOs are Hispanic / Latinx[iii], and only 1% are Black[iv]. A final sad statistic: the Global 500 companies were led by five hundred leaders in 2019, making five hundred massive ripple effects on the economy: among them, not a single woman of color[v].
Businesses in the free market engage in what economists call profit-maximizing behavior. But when those businesses are led by a homogeneous group, what maximizes profits for businesses doesn’t necessarily maximize profits for the rest of society. This inequality in business leadership contributes to inequality in business impact.
One of the many indicators of inequality can be found in Americans’ incomes. Measured by the GINI coefficient, the US ranks as one of the worst among developed countries for income inequality[vi], and that gap between rich and poor is only increasing over time[vii].
Income inequality is correlated with an increase in crime, including violent crimes, and a slowing of economic growth[viii]. Racial, economic, and gender inequality dishearten our youth, stifling our creativity and growth. When we allow inequality to silence the growth, diverse ideas, and opportunities generated by two-thirds of the country, the entire country misses out.
At Ren Solutions, we believe a thriving and diverse small business economy is key to fighting economic, racial, and gender inequality. When our businesses look like us, we enable a thriving economy that benefits all Americans. When our entrepreneurs look like us, we give hope to our youth and opportunities to those who are struggling. When our economy looks like us, we are able influence the policies and infrastructure that affect all Americans.
At Ren Consulting, we enable entrepreneurs, no matter how early on in their business stages, to create and grow their business through our scalable, efficient, and customizable solutions. You don’t need to be a large business with an on-site project management office to afford the advantages of intelligent project management. We’ve helped take entrepreneurs from concept to launch; we’ve helped established small businesses compete in a big-business-driven market.
This is all part of our mission to create a better, more equal economy through thriving small business growth.
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