Who would think that in the 21st century, that the World of Business is still male dominated, male centric and more accessible for our male counterparts. Unfortunately, that is the reality of the female business owner.
This is a great topic for debate don’t you think? Either way, we women need each other’s support along the journey.
Let’s take a look at the ways we can provide support to our entrepreneurial sisters.
Being a female business owner can be challenging, rewarding, and quite lonely. We face obstacles such as gender bias, lack of funding, or limited network. Yes, we may enjoy the freedom, creativity, and impact of running our own business, but who can we share our struggles and successes with? Who can we learn from and grow with? A community of female business owners will provide just the type of support we need.
In this blog, I will explore the benefits of joining such a community, and how it can help female business owners achieve their goals, overcome challenges, and thrive!
Let us start with a quote by Arianna Huffington – founder of The Huffington Post – “You are not alone. And you cannot do this alone. Being part of a community means collaborating, innovating, and pushing each other to reach new heights.”
What are the challenges unique to female business owners?
Lack of funding: Within the Caribbean Region, Female entrepreneurs often have difficulty accessing capital from investors, banks, or other sources. We may face gender bias, discrimination, or higher interest rates than male entrepreneurs.
According to the Women-Owned Business Study 2022 by Biz2Credit, the weighted average approved amount for Women-owned businesses was 44% less than the same for Men-owned businesses in the second round of the Paycheck Protection Program (PPP2). The State of Small Business Lending report by Fundera also found that women entrepreneurs received higher interest rates than men on average.
Lack of respect: Does this sound familiar? Does this resonate amongst us women? As business leaders, do we have the experience that our contributions are not taken seriously? Female entrepreneurs may encounter stereotypes or even doubts about our knowledge, credibility, or legitimacy as business owners. Some women in business face harassment or sexism from customers, suppliers, partners, or competitors.
Lack of support: Female entrepreneurs may struggle to find mentors, role models, peers, or allies who can offer guidance, advice, feedback, or encouragement. Moreso, women are expected to balance personal and professional responsibilities and deal with family or societal expectations.
These are a few of the challenges listed. So how can these be overcome and more importantly, how can we succeed in an environment with such challenges?
Research published in Harvard Business Review dated February 2019 by Brain Uzzi suggested that Men and Women required different types of networks to succeed. In summary men’s success was not impacted by the size of their network while “Women … had to have an inner circle of close female contacts, despite having similar qualifications to men including education and work experience.”
Such networks can be built within a well-coordinated Community which creates a safe space for members to willingly discuss common challenges faced. Community can also provide impactful support in what can be an intimidating venture.
Let us take a look at some benefits derived from being part of an active community of likeminded women.
- Joining a community provides clarity, insight and, via structured mentorship, guidance to women seeking to grow their business. Joining a professional community can help female entrepreneurs gain clarity on their goals, insights on their challenges, and guidance on their strategies. They can also learn from the experiences and expertise of other women who have faced similar situations.
- The right community may provide access to resources, funding and networks that can help them overcome the barriers and challenges they face in the market, such as gender bias, lack of capital, or limited visibility.
- Economic empowerment and social impact: Joining a microcredit community can help female entrepreneurs access finance, create jobs, and control their assets. They can also contribute to economic growth, poverty reduction, and social progress in their communities by creating innovative solutions that address the needs and problems of their communities, especially women.
- To inspire and empower other women leaders in the social entrepreneurship sector, which has proven itself uniquely capable of supporting female talent and potential.
- Connections and education: Joining an online community can help female entrepreneurs expand their network, access new opportunities, and receive feedback and support. They can also access educational resources, training programs, and mentorship opportunities that can enhance their skills and knowledge1.
- Cultural influence and role modeling: Joining a cross-regional community can help female entrepreneurs overcome cultural barriers, stereotypes, or biases that may limit their potential. They can also influence the cultural environment and inspire the next generation of girls to pursue entrepreneurship.
In conclusion, community is not only a nice-to-have, but a must-have for female entrepreneurs who want to succeed in an already competitive market. Community provides inspiration, feedback, resources, opportunities, and connections that can help women overcome the challenges and barriers they face in the business world. By joining a community of likeminded women, female entrepreneurs can empower themselves and each other to achieve their goals and dreams.
Community is the secret weapon, the magic, that can make all the difference for women who dare to pursue their passions and make an impact.
“Surround yourself with a trusted and loyal team. It makes all the difference.” – Alison Pincus, co-founder of One Kings Lane1 “You are not alone. And you cannot do this alone. Being part of a community means collaborating, innovating, and pushing each other to reach new heights.” – Arianna Huffington, founder of The Huffington Post and Thrive Global3
