Visit Us

Business Inspiration, Minority Businesses, Women in Business

What Women Can Teach Each Other About Entrepreneurship

Timely_WomenEntreprenuership (1)

Women entrepreneurs are on fire. According to the American Express OPEN 2014 State of Women-Owned Businesses Report, in 2014, there were close to 9.1 million women-owned businesses in the U.S., which accounted for over $1.4 trillion in revenues. The spectacular data reveals that women-owned businesses have grown 1.5 times more than the national average and currently account for 30 percent of all U.S. companies.

Despite the astounding growth, women are still taking a backseat to their male counterparts in areas of growth, including ownership of publicly traded companies, hiring, and revenue. The U.S. Senate report, 21st Century Barrier to Women’s Entrepreneurship, indicated that struggles still exist across the board for female business owners in their quest for fair access to capital, access to federal grants, and receiving relevant business training and counseling.

Noted Russian-American novelist Ayn Rand said it best, “The question isn’t who’s going to let me; it’s who is going to stop me.” Women entrepreneurs will continue to use their tenacity to persevere. They possess the innate ability to walk into a room full of men and turn possible intimidation into dominance. They hear a no and turn it into a yes.

As women-owned businesses continue to look for ways to grow their businesses, they we have to help each other. In celebration of International Women’s Day, we have compiled a list of six ways women entrepreneurs can help each other:

  1. Collaborative Efforts – A great way to support each other is to collaborate and create strategic partnerships. Developing mutually beneficial partnerships will open up doors of opportunity and provide new revenue streams. Getting to know other women entrepreneurs will give you the opportunity to share your business goals. You may uncover that your perfect client has been in a fellow business owner’s database all along.We have the tools to empower one another. Just look at Flock, the collaborative effort of seven London-based women business owners who used an all girls trip to New York as a way to collaborate, create events, and conduct marketing sessions that promoted their companies. 
  1. Mentorship – Be a role model. Women can help each other develop and grow their companies through mentorship. If you are someone who likes to help and inspire others, then become a mentor. A good mentor is someone who shares their experiences while encouraging others to find new opportunities.In women-owned businesses, role models are very important for support and growth. Most women struggle to find a balance in their personal and professional lives. A great mentorship relationship is one that develops over time. When you take the time to mentor a fellow entrepreneur, you will find that it can be very rewarding.
  1. Share Tech Knowledge – Technology has reinvented how business is conducted. If you know of an app, website, or program that has helped your business become more efficient, share it.
  1. Help Overcome the Funding Gap – A key reason why women-owned businesses are being held back is because they remain under funded. Without proper capital, women-owned businesses will not be able to start, grow, and exist. Be an advocate for creating an equal competitive field for women business owners by using your expertise and influence to help other business owners. Share your experience about the funding process and let other women know about workshops or training sessions that can help.
  1. Network and Nurture Business Relationships – Women are natural nurturers. As women, we can use this to our advantage by developing and nurturing business relationships. Networking and relationship building has to be part of your marketing plan. A great way women can help each other and develop relationships is through organizations for women business owners. A great place to start is the National Association of Women Business Owners (NAWBO). Nawbo has 5,000 members with 60 chapters across the U.S. Their mission is to be a one-stop resource for women business owners in their quest for greater economic, social, and political equality. Find a chapter in your area to learn about all aspects of business ownership.You can also develop awesome relationships with other business owners by attending local events in your area. Check with your local Chamber of Commerce to see if they host a women’s networking group. If they don’t, then start one.Use LinkedIn to reach and connect with other women entrepreneurs. Become a member of a group, such as Women’s Network of Entrepreneurs, which currently has over 16,000 members. It is also a good idea to search for LinkedIn groups in your local area.
  1. Share Your Story – Whether you started your business because you wanted to leave corporate America or you wanted to change the world, everyone has a story. Share the reasons why you became an entrepreneur. Check out the Female Entrepreneur Association’s “How She Did It”, where you can read stories about female entrepreneurs from around the world and become inspired to succeed. In your quest to help others, you can also share your story there as well.

In celebration of International Women’s Day, remember the day’s slogan “Make It Happen.” Most importantly, let’s show the world that women can support and empower each other.

Are you a woman-owned business? Share your story with us @KabbageIncIf you’re interested in learning more about Kabbage, visit our business loans for women page. 

email

Kabbage Team

Kabbage is here not only to provide access to the small business funding you need, but to also help you grow your business through free marketing tips, webinars, tools and more. Is there something you'd like us to cover or want to get your small business featured on our blog? Send us a note at content@kabbage.com.