Many women today are not just climbing up the corporate ladder, they're designing and constructing the ladder itself. According to a recent story in Newsweek magazine, women-owned businesses today are growing at twice the rate of men's. The entrepreneurial spirit clearly has a feminine side.

A 1999 report prepared by the National Foundation for Women Business Owners (NFWBO) counted 9.1 million women-owned businesses—a growth of more than 42.2% since 1992. And those businesses are employing 27.5 million people—an increase of 108.2% since 1992. During that span, sales increased 132.2% to reach more than $3.6 billion, and extended to many "nontraditional" fields for women, such as construction and manufacturing. According to the U.S. Department of Education, nearly 55% of all bachelor's degrees were awarded to women in 1994-95, versus just 35% in 1959-60.

"In the '70s and '80s, women gained acceptance in the work force. Now, they're finding ways to take those skills and talents to create careers that better suit their financial and personal goals," said Mark Gmach, Director of Career Recruitment for Northwestern Mutual.

Women's reasons for striking out on their own are as diverse as their businesses. Some women find they're unable to break through the "glass ceiling" of the corporate world and see business ownership as a clear path to the top. Others cite lifestyle changes, increased financial gain and better job security as primary goals. Oftentimes, a combination of factors serves as the impetus behind a new business.

Attorney Jill Hall had grown disillusioned with the race for billable hours and other aspects of corporate life after eight years working for law firms. In opening a Great Harvest bread store in suburban Milwaukee nine years ago, she and her husband, Rodd, wanted to eliminate many of the corporate trappings and better integrate their home and business lives.

"This life is truer to our values. We work face-to-face with our customers, and our children can be a part of our business. We are a part of communities and of people's daily lives," she said. "In that sense, the business has actually grown in meaning for us."

Business also has grown in another important way—profitability. The Halls opened a second Great Harvest store in 1994, and a third—with a partner—in 1998. The stores have been flourishing despite increasing competition in the "bread products" market.

Not every business is built from the ground up, originating from a single idea. Franchises provide opportunities, and many women have successfully taken over family businesses with a list of established clients. Sales—from real estate and insurance to personal care items and household products—also can serve as the basis for a business. And some specialized skills, such as writing or financial planning, can be packaged into a consultant's practice.

Yet, even the most successful business owner will admit that an entrepreneur's life is not for everyone. Opening a business can be risky, and nearly every start-up operation requires hard work. Experts offer the following advice for anyone thinking of opening a business:

• Research your idea thoroughly. Talk to others in the field and try to obtain some firsthand experience. If you're thinking of opening a bookstore, for example, try working in one first.

• Contact professional organizations in your field to see what resources they offer. The Professional Association of Innkeepers International, for instance, provides courses for anyone interested in opening a Bed and Breakfast Inn. (Many professional organizations are listed in "The Encyclopedia of Associations," available in most public libraries.)

• Write a detailed business plan. Many banks and accounting firms have outlines available for clients. Resources also are available from the American Women's Economic Development Corporation, 60 E. 42nd St., New York, NY 10165.

• Establish a budget ... and add a cushion. Be realistic in calculating what you'll need in living expenses (including such things as health insurance) and how much money it will take to get your business up and running. Many businesses that fail were underfinanced from the start.

• Don't be afraid to try. Owning a business can be a terrific learning experience, even if it isn't a life long profession.

"Women entrepreneurs are changing the fabric of our work force in some very positive ways," Gmach said. "As more women assume the responsibilities of business ownership, everyone will benefit from the economic and emotional strength they bring to our work force."