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In the fall of 1984, I was a senior at Butler University studying public and corporate communications but not thinking much about what I would do after college. At the same time, Myra Borshoff was starting her own public relations agency just a few miles away in her basement. Little did I realize that our paths would intersect in profound ways, leading me not only to work for Borshoff but eventually to become Myra’s business partner and then Borshoff’s CEO.
While she didn’t initially aspire to be a business owner, Myra became a trailblazer for women entrepreneurs in Indianapolis when she left her job at a bank and founded Borshoff in 1984. Over time, she transformed the business into a prominent communications agency and model for other women-owned startups.
In the mid-1980s, women-owned businesses were rare. The 1982 Economic Census notes that only 3.5% of businesses in the United States were women-owned, and Indiana reflected this trend. More women began starting small businesses in Indianapolis throughout the ’80s and ’90s, mainly in retail, professional services and education, due in part to the state’s women-owned business enterprise and minority-owned business enterprise certification process, which was introduced in 1983.
While the WBE/MBE certification was a positive step, it did little to alleviate the broader challenges of limited access to capital, fewer networking opportunities and prevailing societal biases favoring male entrepreneurs. Myra addressed these challenges by relying on her mother-in-law for a $10,000 loan and initially adding a minority male business partner.
Leading by example, Myra’s unmatched energy, scrappy approach and business instincts inspired her to make a big impact, not only for her own company but also by building a strong local network, mentoring other female entrepreneurs and giving back to the Indianapolis community. Denise Herd, founder and president of Herd Strategies, a minority-owned public relations and marketing firm, has generously said, “Without Myra Borshoff, there would be no Herd Strategies.”
Kristen Cooper, CEO and founder of The Startup Ladies, reminds us that real transformation happens when a business is “not just women-led, but women-owned.” Noteworthy businesses such as Madame C.J. Walker’s transformative empire that helped both employees and customers, Martha Hoover’s philanthropic restaurant model, Empower Results’ environmental planning and Tamika Catchings’ Tea’s Me Cafes are just a few examples of female entrepreneurs who have contributed richly to our local economy and to the growing movement of women-owned businesses in Indiana.
Today, women-owned businesses account for 43.4% of all businesses nationwide, though Indiana still lags behind at 35.5%. While Indianapolis women entrepreneurs have made significant strides, contributing to economic growth and job creation, they continue to face the same challenges of accessing capital, balancing work and personal life, and overcoming systemic biases.
October is National Women’s Small Business Month. To support the continued success of local women business owners, Indianapolis and the state must commit to:
◗ Buying local: Prioritize buying from in-state WBE and MBE small businesses. By leveraging local talent and services, companies can build strong networks and support the growth of women-owned businesses and our economy.
◗ Enhancing resources andnetworks: Strengthen and expand resources and networks dedicated to supporting women entrepreneurs. Organizations such as the Central Indiana Women’s Business Center, Indiana Economic Development Corp., National Association of Women Business Owners, Women’s Business Enterprise National Council and the U.S. Small Business Administration play crucial roles in this regard.
◗ Continuing tax incentives: Support tax incentives for women-owned small businesses to further encourage entrepreneurship and growth.
Women business owners in Indiana have demonstrated resilience and the capacity to drive economic development. Supporting and nurturing these businesses are key to fostering continued innovation and growth in our city.•
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Karen Alter is CEO and partnerat Borshoff.
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