Let me catch my breath on this one because it's a doozy of a "Groundbreakers" report #2 by Ernst & Young, "Scaling up: why women-owned businesses can recharge the global economy," detailing how women entrepreneurs are critical drivers of economic growth and provides resources and insights for private sector, government and NGO leaders who are seeking to close the gender gap. I love to see that women entrepreneurs and women-owned business owners are finally getting the respect and attention they so rightfully deserve.

The Center for Women’s Business Research study shows that there are about 8 million women-owned enterprises in the US. Those businesses have an annual impact of nearly US$3 trillion dollars and create or maintain more than 23 million jobs — 16% of all US employment.

Women entrepreneurs have economic clout. Greater participation of women in the labor force correlates with higher GDP growth.

Worldwide, women own or operate 25% to 33% of all private businesses, according to the World Bank. Women-owned enterprises grow faster than those owned by men and faster than businesses overall.

And that's not all. What has made a difference for women entrepreneurs lately?

• The US government has appointed a woman as Secretary of State, and has created a new position, Ambassador at-Large for Global Women’s Issues.
• The World Bank’s Doing Business project has launched a two-year research program to identify and recommend reforms to eliminate the legal and regulatory barriers facing women.
• The Declaration on Fostering Women’s Entrepreneurship in the Middle East and North.

This is just the tip of the iceberg. The more wind and support we put behind women entrepreneurs, the faster and more powerful our global economic recovery. Read more here.

Download "Scaling up: Why women-owned businesses can recharge the global economy," as a printable document (818KB PDF).

We've been on this same trend (and agree with the report findings) for some time but see for yourself by visiting our sister social enterprise, Women Entrepreneurs GROW Global (WEGG). You might also re-visit our Top 10 Global Small Business Trends in 2009 (refer to No. 8: Women entrepreneurs will rule the global marketplace).

America's 5th Annual Small Business Summit is underway this week and already we learned that one of the breakout sessions focused on how to do business internationally. Interestingly enough, the moderator for that session, Leslie Schweitzer, is a friend and colleague of mine. She serves as one of our many talented contributors on Women Entrepreneurs GROW Global (WEGG) which The Global Small Business Blog sponsors. Additionally, she was a panelist in Chicago a couple of years ago when I moderated a discussion on the very same subject of going global.

Great quote from Leslie:

One of the misconceptions of trade is that the only beneficiaries of trade are large companies, and that's not true. 97% of international traders are small businesses.

Read more about what went on during the international business session here.

Here's a look at the top trends shaping social entrepreneurship in 2009. Three of them touch on our outlook as well: social enterprises (as it applies to education), mobile technology and green innovation.

We are happy to report the launch of a new social enterprise, Women Entrepreneurs GROW Global (WEGG / www.womenentrepreneursGROWglobal.org). WEGG will bring global opportunity to women entrepreneurs worldwide.

The Global Small Business Blog is the first official sponsor to WEGG.

Check out the roster of consequential thought-leaders who, when they have something juicy and relevant to report, will be contributing to WEGG:

Sharon Barner, Partner, Foley & Lardner LLP

Anita Campbell, CEO of Small Business Trends LLC

Raman Chadha, Executive Director of the Depaul University Coleman Entrepreneurship Center and on the faculty of the highly ranked academic program in entrepreneurship

Linda Darragh, Director of entrepreneurship programs for the Chicago Booth’s Polsky Center for Entrepreneurship and Adjunct Associate Professor of Entrepreneurship

Marsha Firestone, Ph.D., President and Founder of the Women Presidents’ Organization

Suzy Fox, Ph.D., Associate Professor and Chair, HRER, Loyola University Chicago — primary research interests center around the well-being of employees in the global workplace

Dawn Harris, Ph.D., Director, Gannon Center for Women and Leadership, Loyola University Chicago

Mary Joyce, Network Director, U.S. Department of Commerce, Midwest Export Assistance Centers

Karen Kerrigan, President & CEO, Women Entrepreneurs, Inc.

Steve King, Founding Partner, Emergent Research

Carolyn Okels, Founding Partner, Emergent Research and Small Business Labs

Leslie Schweitzer, Senior Trade Advisor for the U.S. Chamber of Commerce and Creator of the TradeRoots Initiative

Whenever you see a WEGG badge (noted above), it means the person is an official expert (as I am -- look at The Global Small Business Blog right sidebar) and contributor to WEGG.

We wish to thank Rosa Berardi, Program Manager, The Coleman Foundation for her special assistance and support to WEGG and, of course, we wish to thank our contributors for their willingness to share their knowledge.

Please visit us as often as you like (men are welcome too because a couple of our WEGG experts are men and some of the information will apply to both men and women alike). And definitely let us know when you catch any news, resources, research, events or women entrepreneurs doing great things worldwide that relates to Women Entrepreneurs GROW Global.