Category: Diversity and Inclusion

Tory Burch Foundation in Partnership with Bank of America Launches Virtual Program to Support Women Entrepreneurs

The Tory Burch Foundation, in collaboration with Bank of America, is intensifying its support for female entrepreneurs by launching a new virtual program offering webinars, business resources, and networking tools, while also celebrating a milestone of deploying over $100 million to more than 5,500 female founders through increased loan access, aiming to address the capital hurdle faced by women in business and emphasizing the economic impact of empowering female entrepreneurs. Read more about the initiative in this article in Inc.

Black Women Have Increased Their Presence in Microbusinesses

According to this post in Black Enterprise, Black women entrepreneurs have significantly grown their presence in the microbusiness sector, owning 68% of the 15% of U.S. microbusinesses owned by Black entrepreneurs in 2023. Challenges such as marketing and access to capital persist, but initiatives, including grants and business acquisitions, are helping address the funding gap and overcome racial biases for Black women in entrepreneurship.

Advice for Black Women Entrepreneurs

This article from Entrepreneur highlights the unique challenges faced by Black women entrepreneurs and offers three key strategies for success. It emphasizes the importance of bringing one’s own perspective and authenticity to drive change, advocating for diversity and oneself, and staying informed and committed to making a difference in underrepresented communities. The article underscores the significance of resilience, a clear vision, and unwavering commitment in achieving success and positively impacting the world as a Black woman entrepreneur.

Challenges Faced by AAPI Women Entrepreneurs in the Pandemic Era

The COVID pandemic has worsened existing challenges for Asian American, Native Hawaiian, and Pacific Islander (AAPI) women entrepreneurs. Many AAPI-owned businesses have been hit hard, especially in industries heavily affected by the pandemic.

Language barriers and a lack of banking relationships have limited their access to loans and capital. AAPI women face a wage gap and have shouldered increased caregiving responsibilities. Despite these obstacles, AAPI women entrepreneurs remain resilient and determined to overcome the challenges they face. See this April 2023 post from CNBC to read more.

Supporting Women-Owned Businesses

This article in Entrepreneur offers five practical ways to support women-owned businesses. These include shopping at women-owned businesses to support owners, employees, and the local economy; spreading the word about these businesses through social media and personal networks; attending events organized by women-owned businesses to show support and foster community; writing positive reviews to boost visibility and influence potential customers; and partnering with women-owned businesses to collaborate and mutually benefit. These actions can bring about significant changes in behavior and contribute to empowering women entrepreneurs while promoting economic growth and diversity in the marketplace.

Success Is Never Guaranteed And Requires Perpetual Work

Monique Rodriguez, self-made millionaire and founder of Mielle Organics, founded her natural hair care brand in the wake of losing her son at eight months of pregnancy. She decided to leave her career as a nurse and pour her energy into her startup which would also enable her to cope with her post-partum depression. That creative outlet that helped her get through the trauma of losing her son has become a multimillion-dollar brand sold in over 100,000 stores across the U.S. 

Rodriquez mentions that the best career advice she’s ever received came from her husband who said, “Success, if not owned, is rented — and rent is due everyday. Don’t get complacent, don’t get comfortable, and never feel like you ‘made it.’ Because when you get to that place, there’s always someone trying to take your spot. You have to continue working and striving as if you know [your spot] is not guaranteed.” To read more about Rodriguez’s journey, check out this piece on CNBC.

Making Sure You Are Paid for Your Work

Often in industries that are more creative, there is an expectation that you need to  offer time and labor for free or for deeply discounted rates to get work…or “exposure”. In addition, there’s also the problem of the “brown discount,” which refers to a common workplace issue of people of color being asked to provide the “vastness and value” of their experiences, but without fair compensation or resources. But as journalist Juleyka Lantigua-Williams shares, “exposure” doesn’t pay the rent or the grocery bill. This episode from NPR’s Life Kit discusses some of these challenges in greater detail and shares strategies to ensure you are being paid what you are worth!

Impact of Hispanic Heritage on the Entrepreneurial Journey

In this post on Nasdaq.com, site contributor Gesche Haas spoke with nine women from the Dreamers & Doers collective to learn more about their experiences as business leaders of Latina descent and the challenges and successes that they have encountered. Each woman has a unique backstory and fabulous advice – click the link to read the piece on nasdaq.com

Interview with Founder of Hiring Platform, We Are Rosie

This piece in Inc. is a conversation with We Are Rosie‘s CEO Stephanie Nadi Olson. She shares how the challenges of trying to juggle a family and the demands of a high powered corporate job – and then a startup job – led her to launch her own business focused on finding “good work for everyone who needs it in a way that aligns with their life and treats them with dignity and respect”. Her company now has over 15,000 contractors in the marketing and advertising space – whose contracts are capped at 40 hours per week. She states, “For culture to be truly compassionate, it cannot be prescriptive. Leadership decisions cannot happen in a vacuum.” Click the link above to read more about this incredible leader.