Cynthia McClain-Hill heads business woman's initiative.

THE CENTER FOR WOMEN'S BUSINESS RESEARCH REPORTS that of all minority-owned businesses, 42% are owned by women. Women of color employ L6 million people and generate nearly $230 billion in annual sales. Cynthia McClain-Hill, president of the National Association of Women Business Owners, spoke about the importance of global expansion for these businesses.

What are some of the unique challenges facing women business owners of color who are engaging the global economy?

Women of color face the same obstacles to doing business globally that they face at home--greater difficulty accessing capital and a smaller network of relationships at the outset from which to began the all-important networking necessary to facilitate any kind of business growth. Good outreach, a strong business plan, solid banking relationships and openness to financing alternatives are key to addressing these issues.

Are there any specific business attributes that help women businesses owners compete successfully in the global economy?

Yes. Many are well ahead of the curve in incorporating technology to increase workplace flexibility. Small businesses that are fast and nimble also bring advantages to the global marketplace that may give them a leg up on larger, less agile competitors.

Also, the soft skills that women specialize in, such as paying attention to and respecting social and cultural norms, can be critical to a successful business outcome.

How are women-owned businesses hitting or failing to hit the mark in engaging the global scene?

While there isn't enough data on the subject, we do know that women business owners with revenues exceeding $1 million are more likely than their male counterparts to be doing business internationally.

What advice do you have for women business owners of color thinking about doing business abroad?

Good market research is a must. Going global for some small businesses could be the best strategy for outpacing larger institutional domestic competitors.

For instance, Desma Reid-Coleman is a NAWBO member and owner of a high-end fashion resale company, Fashion Sense Inc. The inspiration for Desma's company came as she attended an international women's conference, where all the women on the stage, had one thing in common--they all wore St. John Knits.

She then established a resale domestic business with an emphasis on St. John Knits. Over the last two years she has cultivated new clientele in countries such as Iceland, Nigeria, and Belgium and is working to develop a franchise-based international presence.