The Make Mine a Million $ Business Race is showing America that women can be a potent force when they set out to grow their companies, creating economic engines that employ people and pump money into the economy.

Of the top 25 businesses in the year-long race, says Nell Merlino, creator of the Make Mine a Million $ Business program, "revenue is up 30 percent in this economy, and their rate of employment is up by 86 percent.

"I think the message is that, in this economy, the focus needs to be on people who can create jobs." That means small business, Merlino says. And it means that women business owners--the majority of whom are sole proprietors--need to start thinking differently. "As long as women continue to believe that for it to be theirs, they have to do it all themselves, [they're] not going to grow very much. There's a limit to how much activity one human being can generate, and therefore how much money you can make.

"My slogan this year is: You can have it all, as long as you don't do it all."

But that's exactly why women's businesses offer so much potential, Merlino argues.

"If only 2.6 percent of the women's business population is at $1 million, and most are at $50,000 or less in revenue--where the potential continues to be is with that portion of the population," she says.

Merlino notes that most small-business owners initially look at hiring someone only as an expense. They don't think about bringing someone one who's going to help them increase their revenue. The question is always, "Can I afford it?" Says Merlino, "My question is: Can you afford not to?"

Nearly 1,600 women are taking part in the M3 race, with plans to grow their business to revenue goals of $250,000, $500,000 or $1 million and more. Two M3 members--Susan Knapp, A Perfect Pear and Gayla Bentley, The Gayla Bentley Fashion Design Group--have appeared on Shark Tank. M3 also conducts webinars every week and organizes face-to-face meet-ups around the country.

Peer-to-peer relationships are powerful, Merlino says. "When one of these women who's been doing it all by herself meets somebody that's even hired somebody for 10 hours a week--and she hears how much her counterpart is able to accomplish with the extra 10 hours from someone else's brain and hands--she starts to understand the value of it."

Make Mine a Million $ Business began five years ago, with live pitching contests in cities nationwide. This year the organization focused on the online race, but Merlino says she's bringing back the live contest because it's one more way to deliver M3's powerful message. "Some people are fine doing it over the internet. Some people need to be in a competition where it's very clear people are affirming their concepts and their ability to move forward and grow bigger."

To date M3 has spent $10 million, raised from sponsors, individuals and foundations. Merlino says the program has worked very closely with 200 women to date, and they've generated $100 million in business activity. "Just that 200 have created more than 1,000 new jobs," she adds. "Ten million dollars for $100 million is good," Merlino says. "Think of what we could do if they gave us $100 million or even $50 million."

Asked what she would do with the extra funds, Merlino has no shortage of ideas. "We would have events in every state, because there are women in every state who want to grow their business."

And there would be more coaching. "We know what works now. It's the coaching," Merlino says. Those who participate in Make Mine a Million $ Business get introduced to coaching for free. "We pay for an initial block of it, which is one of the sure ways to get them to start paying for it themselves," she says. "Eighty-five percent who've come through our program and have used the coaching keep using it after they finish the introduction."

Merlino says it's critical information at a critical moment that helps the women succeed. They don't need a college education, Merlino says. What the coaching and webinars offer is "critical stuff at moments when they need a shove."