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Tag: Women-Business Owners

  • 5 Ways to Support Women-Owned Businesses | Entrepreneur

    5 Ways to Support Women-Owned Businesses | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Women entrepreneurs face unique challenges in starting and growing their businesses. Some of these challenges are very familiar: limited access to funding, lack of mentorship and bias that many experience in the marketplace.

    Supporting women-owned, small businesses is not only a matter of closing the gender gap but also a way to boost the economy and foster innovation. Shifting habits and cultural norms can seem impossible, but making these significant changes in behavior can be done in small, straightforward ways. These small habits add up to monumental change. Here is a list of the best ways to support women-owned businesses and empower women entrepreneurs:

    1. Shop at women-owned businesses

    One of the most direct ways to support women-owned businesses is simply to spend your money with them. Women entrepreneurs are represented in virtually every industry, from retail to technology to professional services. You can find women-owned businesses in your local area or online. There are dedicated directories on a local, national or regional basis to assist in locating these businesses.

    When you shop at a woman-owned business, you support not only the owner but also the employees, suppliers and the community surrounding that business. Women-owned businesses positively impact the local economy by creating jobs and increasing the tax base. In choosing to spend your money at women-owned businesses, you are making a statement about the importance of gender diversity in the marketplace.

    Related: Why Investing in Women-Led Startups Is the Smart Move

    2. Spread the word

    Spreading the word about women-owned businesses is an excellent way to support them. When you use your social media channels or personal networks to share information about the women-owned businesses you buy from, you are helping to build knowledge and increase awareness of these businesses and that there are choices in the marketplace.

    Word of mouth is “old school,” but still one of the most powerful ways for any business to gain traction. Using your personal and professional networks to promote women-owned businesses and sharing that information with your friends and family members can help drive immediate revenue. It can also help expose that business to its next big opportunity.

    3. Attend events

    Attending events organized by women-owned businesses is a great way to show your support and learn more about their products and services. Many women-owned businesses host pop-up shops, networking events or workshops. These events can be an excellent opportunity to meet the owner, connect with other supporters, and learn more about the business.

    Attending events also shows the owner that their business is valued and appreciated. When you attend an event, you support the owner and the other attendees and vendors. This can create a sense of community and support that can help the business thrive.

    Related: A Look Back at Women’s Entrepreneurship Over the Last 35 Years — and How We Can Change the Future for Women Business Owners

    4. Write reviews

    Leaving positive reviews after shopping online, leveraging review platforms like Yelp, Google, or Trust Pilot or writing a review and sharing it on social media is another way to support women-owned businesses. Reviews can influence potential customers’ purchasing decisions, help increase the business’s visibility online, and encourage others to support those businesses. When you leave a positive review, you support the owner, the employees and other stakeholders.

    It’s also important to note that negative reviews can significantly impact a small business, so it’s essential to be thoughtful and constructive in your feedback. If you have a negative experience with a women-owned business, consider reaching out to the owner directly to share your concerns and allow them to address the issue before taking it public.

    Related: Studies Suggest It’s Good Business to Hire Women Over Men. Here’s Why.

    5. Partner with women-owned businesses

    If you own a business or work in a related field, consider partnering with a woman-owned business to offer joint promotions, events, or services. Partnering with a woman-owned business can help you reach new customers and grow your business while supporting another entrepreneur.

    When you partner with a women-owned business, you can share resources and expertise to help each other succeed. This type of collaboration sends a strong message and can create a sense of community and support that can benefit both businesses.

    These are simple things you can do every day that will directly impact your community and the large economy. What are you waiting for?

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    Kate Isler

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  • 10 Reasons Women Should Become Agents of Change in Their Communities and Society at Large | Entrepreneur

    10 Reasons Women Should Become Agents of Change in Their Communities and Society at Large | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a woman, and after starting my journey to entrepreneurship, one of the questions I asked myself was, “what can I contribute to making a positive impact in society?” I asked myself that question because of some of the challenges I’ve faced so far, as well as some of the pitfalls I experienced, and simply because I like sharing information and making a positive difference if I can. Although I don’t have all the answers, I knew that sharing my journey, what I’ve learned, and even things I’ve unlearned, would be helpful to someone. And becoming an agent of change in society would be rewarding for anyone receiving what I had to offer.

    As I thought about it more, it felt like I was peeling back the layers of an onion, because I started to discover more and more ways that I can become an agent of change through entrepreneurship. I was excited because being an agent of change in society is one of the things I wanted to represent as a woman. Women who become agents of change can challenge gender stereotypes and traditional roles, paving the way for greater representation of women in leadership positions.

    Related: Be The Change: Lessons From A Woman In Business (For Other Women In Business)

    We can also drive innovation by bringing new ideas, perspectives and approaches to solving problems. We may be able to identify opportunities that others have overlooked and develop creative solutions that make a real difference. Historically, women have been excluded from positions of power, and more than ever, we are starting to challenge and dismantle those systems of oppression.

    Women make up around 50% of the world’s population, yet we remain underrepresented in positions of power and influence in many areas of society, including politics, business and media. According to a report by the World Economic Forum, the global gender pay gap is still significant, with women earning around 37% less than men in similar roles.

    Women are also disproportionately affected by poverty and lack of access to education and healthcare in many parts of the world. Despite these challenges, women have made significant strides in recent years, with more women than ever before serving in political offices, leading businesses and breaking barriers in traditionally male-dominated fields like science, technology, engineering and mathematics (STEM).

    There are a lot of other women who are already agents of change in their communities and society at large, but for those who aren’t and would like to be, here are ten reasons why you should and how you can become part of that change.

    1. Challenge gender stereotypes

    By starting their businesses, women entrepreneurs challenge traditional gender roles and stereotypes, which can inspire other women to follow their lead and pursue their entrepreneurial ventures. This can create a ripple effect that can lead to greater gender equality, benefiting not only women but also men and society as a whole.

    2. Create job opportunities

    Women entrepreneurs can create jobs and opportunities for others in their communities, especially for other women who may face discrimination in the job market. This can have a positive impact on the local economy and help to reduce poverty.

    3. Promote diversity and inclusion

    Women entrepreneurs can promote diversity and inclusion by hiring employees from different backgrounds and communities, which can lead to a more diverse and equitable workforce. This can also help to break down barriers and prejudices in society.

    4. Solve societal problems

    Women entrepreneurs are often motivated by a desire to solve societal problems and make a positive impact in their communities. They may start businesses that address issues such as healthcare, education, environmental sustainability and social justice.

    Related: How These 3 Female CEOs Are Driving Workplace Change and Equality for Working Mothers

    5. Empower other women

    Women entrepreneurs can serve as role models and mentors for other women, especially those who may face barriers to entrepreneurship. They can provide support, guidance and resources to help other women start and grow their businesses.

    6. Women have unique perspectives and experiences

    Women’s experiences and perspectives are often different from men’s, and they bring a unique perspective to the table. This perspective can help to identify and solve problems that may be overlooked by men, leading to more innovative and effective solutions.

    7. Women can help to address gender inequality

    Despite progress in recent years, gender inequality is still a pervasive problem in many parts of the world. Women can play a key role in addressing this issue by advocating for equal rights and opportunities and challenging discriminatory practices and beliefs.

    8. Collaborative approach

    Women bring a collaborative approach to problem-solving, which can lead to more sustainable and long-lasting solutions.

    9. Women can use their caregiving skills

    Women are often at the forefront of caring for their families and communities, and they can leverage this experience to make positive changes on a larger scale.

    10. Women are valuable overall

    Women are an important and valuable part of society, and their active participation in creating change is essential for progress.

    Related: Charlotte Flair’s 5 Lessons for Women Who Want to Change the Game

    To summarize, women should become change agents in their communities and society at large because they have the potential to bring about positive and transformative changes that can benefit everyone. By harnessing their unique perspectives and experiences, advocating for gender equality, serving as role models and working together to create change, women can help to build a better world for all.

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    Athalia Monae

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  • A Look Back at Women’s Entrepreneurship Over the Last 35 Years — and How We Can Change the Future for Women Business Owners | Entrepreneur

    A Look Back at Women’s Entrepreneurship Over the Last 35 Years — and How We Can Change the Future for Women Business Owners | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    With Women’s History Month upon us, it’s important that we honor, celebrate and recognize the impacts women entrepreneurs make across the business world. Women business leaders play an essential role in their local communities, our economy and the world at large. They serve as a vital part of the world’s economic engine and empower the next generation of women to reach their goals as entrepreneurs.

    Women made strides toward equality and advanced their mark on business in 1988 when The Women’s Business Ownership Act was passed. This act, which was supported by the National Association of Women Business Owners (NAWBO), was created to address the needs of women by eliminating lending practices by banks that made business ownership more difficult for women than men.

    This year, as we celebrate the 35th anniversary of The Women’s Business Ownership Act as well as Women’s History Month, it’s important to pay respect and acknowledge our history and recognize its impact on the present. There is still work to be done as we can pave the way for a successful generation of future women leaders and entrepreneurs.

    Related: 7 Practical Ways to Celebrate and Support Women Entrepreneurs

    A look back at women’s entrepreneurship over the last 35 years

    More than three decades ago, the process to start a business changed for the better for women. The Women’s Business Ownership Act was passed and empowered women entrepreneurs across the country to pursue their business goals. Prior to its passage, women business owners were required to have a man related to them as a co-signer on their business loans. The act helped reduce discrimination based on gender and allowed women to access capital to start a new business or fund their existing business.

    There has been a significant increase in women-owned businesses since that milestone event. A few years after its passage, the number of women-owned businesses in the U.S. reached 6.4 million in 1992 — this represented one-third of all domestic firms and 40% of all retail and service firms, according to the United States Census. As of 2019, the number of women-owned businesses has doubled to nearly 13 million (representing 42% of all U.S. businesses), and a 2022 study showed that over the past three years, the number of women entrepreneurs grew by 48% year-over-year, which outpaced their male counterparts by 22%.

    Related: The Challenges in Getting Funding for Women and Minority-Owned Businesses, and How to Solve Them

    How we change the future for women business owners

    Though we’ve made great strides over the last 35 years, women continue to face greater challenges than their male counterparts — for example, access to capital remains a critical issue for women and minority business owners. According to Bank of America’s 2022 Women and Minority Business Owner Spotlight, nearly one-third of women business owners do not believe that women will ever have equal access to capital, and for those who do, they believe on average it will take nine years to achieve equal access. Clearly, we still have much progress to achieve.

    To help overcome the disparity in access to capital, women need support and resources to navigate the capital landscape and identify potential sources of funding, such as equity, debt and grant capital. Banks have a responsibility to provide accessible capital solutions. There are a number of resources available right now that many women business owners don’t know about. For example, in 2021 Bank of America launched the Access to Capital Directory for Women Entrepreneurs to help connect women to organizations that provide funding for women-owned businesses. Additionally, the Bank of America Institute for Women’s Entrepreneurship at Cornell provides the opportunity for women to earn a certificate in business from the Ivy League university. The bank has also recently launched a public marketplace to support and showcase women-owned businesses that participate in programs to drive women’s entrepreneurship.

    Mentorship can also make a considerable difference in your professional growth. Over the years, I’ve learned the importance and value of this, both as a mentor and a mentee, and how much more can be achieved when you pay it forward and help lift other women up. This can be done through providing programs and materials, serving as a confidant to a peer or encouraging women to look into new, educational resources.

    Related: 3 Strategies for Women Entrepreneurs to Overcome Common Hurdles in Business

    Education will continue to be key as women work to achieve full equality in business. Whether it’s learning about business tactics or how to apply for grants, women must use every available resource to enhance their knowledge and reach as they begin their business endeavors. Through collaboration with fellow women and business partners, they can enhance efficiency, strengthen financial knowledge and deploy their creativity that takes their businesses to unseen levels of new success.

    Many women business owners face challenges daily, but they continue to overcome adversity and remain dedicated — as we’ve observed over the last 35 years. I have especially seen this in my personal and professional life. We have a lot to celebrate, but I am even more excited and exhilarated to see what we accomplish in the next 35 years.

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    Sharon Miller

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