For the first time, The Chicago Network discussed the importance of entrepreneurship with members who've left corporations to start their own businesses. A group of seasoned entrepreneurs talked about what it means to be an entrepreneur and what characteristics it takes to break away from the corporate world. More women are eying entrepreneurial options for reasons ranging from ongoing frustrations with large-corporate cultures to a search for more control over work/life balance.

The movement in Chicago is part of a national wave. In the twenty years since passage of the Women's Business Ownership Act, which established business advisory programs for women, women have enthusiastically embraced the idea of starting their own business. Across the United States, there are an estimated 10.1 million businesses in which women own 50% or more of the firm. This represents more than 40% of all businesses in the country, generating $1.9 trillion in revenue and employing 13 million people nationwide. Women-owned businesses grow at almost twice the rate of all businesses.

Entrepreneurs who are women of color are starting businesses, nationally, at three times the rate of all businesses - the fastest growing segment of entrepreneurs. In 2008, there were 1.9 million businesses majority-owned by women who are African American, Asian, Latina and other races, providing employment for 1.2 million people and generating $165 billion in revenue. From 2002-2008, the number of firms owned by African American women increased by 19 percent, twice as fast as all other firms, according to the Center for Women's Business Research.

In our discussions with Network entrepreneurs, what came through clearly is that these women are driven - no surprise, there - just as are their male counterparts. Several spotted gaps in their industry, and saw the chance to plug them as a new business opportunity. "Finding a problem with supply-chain management, I had to solve it," said Nicole Loftus, founder and CEO of Zorch International, a leader in the promotional products industry. "I didn't feel it was worth doing if I wasn't going to fix it with my own business."

Cultural issues and traditional stereotyping loom large as a catalyst for breaking away. Consider the experience of Gail Meneley, principal of Shields Meneley Partners, an executive transition firm. "My breaking away epiphany came early. I'm from a multi-generational family business. My grandfather founded the first hardware store on the Eastern Shore of Maryland. When it came to my generation, there were only girls. So, they sold the business because there were no boys."

While women are taking on senior roles at growing numbers of large companies, a number of entrepreneurs grew concerned with the slow pace of change. "Many of us are still dealing with stereotypes today, and there is the same issue of work/life balance," said Loftus. The entrepreneur's life is hardly calm and orderly - but it is the entrepreneur who calls the shots. "Many of my friends would never work the hours I do, and never push their business to the next level because they want balance with their family," said Loftus.

The question of risk typically overhangs a decision to break away - but not to many of the entrepreneurs. Indeed, many see less security in tough economic times inside a large company. "Architects who work for a firm know that heads roll every time there is a downturn in the economy," said Margaret McCurry, principal of Tigerman McCurry Architects. "It seemed riskier staying - and worrying about it - than just setting up my own shop. I thought, I can do this, and realized that I liked it. It felt as though there were more possibilities."

According to the Center for Women's Business Research, women business owners are prepared to face risk: 66% are willing to take above average or substantial risks for business investments.

Noted Terri McNally-Beals, president of equipment leasing company, Global Capital Ltd., "I belong to several national and international women entrepreneur groups where we regularly explore common issues. Once our businesses are up and running, our real concerns are ongoing access to capital, managing growth and profitability and finding and retaining quality people. These are the things we worry about. I believe they are vastly more challenging than the initial risk of starting a company."

Still, there are plenty of challenges, especially in a turbulent economy and constrained credit markets. Venture capitalist Donna Williamson counsels women, and men, on how to balance the emotional and business appeal of entrepreneurship with the very real struggles they are likely to face. "Most entrepreneurs don't allow risk to dominate their dreams," said Williamson, co-founder and managing director of Ceres Venture Fund, L.P. "In pursuing venture capital, they understand they are risking some independence for the opportunity to grow with experienced partners. The risk comes if you are afraid to fail - and most entrepreneurs fail several times before they succeed."

Access to capital, especially in this market, writes Wall Street Journal columnist, Sue Shellenbarger, "is a crippling barrier for female entrepreneurs." She cites recent Congressional testimony by Jon Wainwright, vice president, National Economic Research Associates, who "reported that women still face discrimination when they ask banks and other lenders for small-business loans." Women and minority business owners, she writes, "have a higher likelihood of being turned down," compared with businesses owned by white males.

It is crucial to be prepared and forewarned. Before breaking away, soak up as much experience as possible at your current job. "Learn on someone else's dime," said Therese Fauerbach, CEO and co-founding principal of business services consultancy, The Northridge Group. "You're going to make mistakes when you're out on your own, so take advantage of being responsible for decision-making in a large organization. You cannot imagine how many decisions you have to make in one day. You'll be better prepared to make them on your own, if you take the time to learn from them while in the corporate environment."

Williamson noted that as more women pursue opportunities in information technology and biotech - traditional provinces for men - it's important to understand how to navigate the venture capital waters. Build a business plan that will demonstrate how you will generate returns. Entrepreneurs spoke of the role of an advisory board to help you look at the business with a clear eye. "An advisory board is so important to business development," said Meneley. "It can make an enormous difference in getting a foothold." Added Fauerbach: "You absolutely have to have a board of advisors. It doesn't have to be large, but they'll help you to see your own blind spots. It's never easy to self assess."

Central to improving the odds that breaking away will lead to business success is building alliances. Spes Mekus, principal of interior designers, Mekus Tanager Ltd., saw the need to foster more cooperation among architects on global projects, and formed an international alliance of architectural firms. Zorch's Loftus summed it up: "Collaboration, partnerships and strategic alliances are three words I keep hearing that are the keys to success." Added Joyce Washington, president and CEO of health care consultancy, The Washington Group, "My advice to women is to think larger than you normally would. Your business can be as big as your imagination and ambition."