Category: Diversity and Inclusion

Entrepreneurship Can Be A Pathway Out of Poverty with the Right Support

In this article, Michael H. Morris, Professor in the Keough School of Global Affairs at the University of Notre Dame, highlights how entrepreneurship can help alleviate poverty by providing people with valuable skills and creating jobs, stability, and community benefits. Success for poor entrepreneurs doesn’t have to mean massive profits; even small ventures can improve lives and reduce poverty. With the right support—like training and mentorship—entrepreneurship can be a powerful tool for breaking the cycle of economic disadvantage. Check out the article to read more about Professor Morris’ thoughts.

Three Lessons From A Successful Woman In A Male-Dominated Industry

This recent article in Entrepreneur shares one woman’s three takeaways from building businesses in male-dominated industries: the power of diverse teams to foster innovation, the importance of filling market gaps with unique solutions, and the necessity of managing growth and cash flow with discipline. Her journey highlights how resilience and strategic thinking can drive success, even in the toughest markets. Check out the article to read more!

2024 Bank of America Women & Minority Business Owner Spotlight

The 2024 Bank of America Women & Minority Business Owner Spotlight reveals that 78% of small and mid-sized business owners anticipate revenue growth over the next year, with high levels of confidence among Hispanic-Latino, Black/African American, and AAPI entrepreneurs. Many business owners, especially women, plan to expand, hire, and invest in employee development, though concerns about inflation, labor shortages, and the political environment remain top challenges.

Report Highlights Mixed Progress for Women in Corporate Leadership

The 2024 Women CEOs in America Report, released by Women Business Collaborative (WBC) in partnership with Ascend, C200, and Catalyst, reveals both progress and challenges for women in corporate leadership. While women are making significant gains in smaller public companies and private enterprises, their representation in the Fortune 500 remains steady at 10.4%, showing the need for continued efforts to close the gender gap in corporate leadership. Notably, women entrepreneurs are also on the rise, with women now owning 34% of all small businesses and franchises, outpacing their male counterparts in business ownership growth. To read or download the report, click here.

Digital Entrepreneurship Helps Break the Glass Ceiling

The glass ceiling, a metaphor for the barrier hindering women’s advancement in business, remains a persistent challenge despite some individual successes. According to this opinion piece in Entrepreneur, rather than solely fighting against the system, there’s a call for women to unite, support each other, and overcome self-limiting beliefs. Digital entrepreneurship presents an opportunity for women to bypass traditional barriers and achieve success independently. Taking proactive steps, rather than just discussing the issue, is emphasized, with the hope that female empowerment will continue to grow and eventually dismantle the glass ceiling for future generations.

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.