Importance of Mentoring In Moving Side Hustle to Main Hustle

Photo from Fast Company

Haunted by the stark statistic that women-owned businesses receive less than 2% of venture capital funding, Emma Grede, CEO of Good American, is taking action through her TV show, Side Hustlers. Co-hosted by Ashley Graham, the reality series sheds light on the transformative impact of mentorship, illustrating how the guidance and connections provided by Grede and Graham are essential in empowering female entrepreneurs to navigate challenges and elevate their side hustles into flourishing ventures. Read more about this topic in their interview in Fast Company.

As an Entrepreneur, Are You Paying Yourself Correctly?

Many entrepreneurs, especially women, face challenges in paying themselves fair salaries, contributing to a gender pay gap in entrepreneurship. Despite efforts to address this issue, a survey reveals that female entrepreneurs, on average, earn 28% less than their male counterparts, emphasizing the need for business owners to ensure profitability and strategic financial planning to afford fair compensation for their work.

To read more about this, see this post by Abigail Ingram, executive director of the Polsky Exchange,  a 34,000-square-foot incubator space that leads the University of Chicago’s Polsky Center engagement with the South Side community through programs and initiatives that support local business owners and entrepreneurs.

Saving For Retirement As A Small Business Owner

This article posted on Business Insider outlines retirement plan options for small business owners, including SEP IRA, Solo 401(k), SIMPLE IRA, Traditional IRA, and Roth IRA. Each plan caters to different business sizes and preferences, offering varying contribution limits, tax benefits, and accessibility features. Check out the article for more information about what individual financial and business goals should be considered before making a decision.

Female Founders See Change In Entrepreneurial Landscape

According to this post on CNBC, the landscape for female entrepreneurs is evolving positively, with women accounting for nearly half of new business owners in recent years. Despite progress, a funding gap still exists, with only 2.1% of venture capital investments in the U.S. going to businesses founded solely by women in 2022. While the funding rate for women-owned businesses rose to 41% in 2022, challenges persist, including stereotypes and misconceptions. Founders emphasize the importance of confidence, saying no to opportunities that may have long-term costs, and valuing long-term goals over short-term gains. See the link to read more!

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.

Women Are Biggest Contributors to Rise in New Businesses Between 2019 and 2023

The pandemic saw a remarkable increase in women-led entrepreneurship, with half of the new businesses formed during this time started by women, a substantial rise from 29% in 2019. Dissatisfaction with traditional workplaces and a desire for more flexibility led women to create small businesses and side hustles. Harvard Professor Claudia Goldin’s research suggests that women sought entrepreneurship due to the clash between demanding jobs and family responsibilities, pushing them to seek more control over their work-life balance. The upheaval caused by the pandemic accelerated this trend, prompting women, especially those handling more domestic duties, to explore entrepreneurship. To read more about this trend and its ripple effects, see this article from

Women Business Owners Are More Focused on Driving Good Employee Experiences

The HerMoney Media and Principal Financial Group’s 2023 State of Women survey of small and midsized business owners revealed significant differences between men and women in their economic outlook, financial confidence, and attitudes towards risk.

Women business owners express more caution about the U.S. economy but are optimistic about their personal financial situations compared to men. In addition, female business owners prioritize employee outcomes, emphasizing a positive work environment, mental health, and opportunities for advancement. They are less likely than men to offer financial wellness programs, often due to the belief that their businesses are too small to justify such programs.

Best States for Women-Owned Businesses

A report issued by Merchant Maverick looked at the top ten states in the US for women-owned businesses. The top of the list included Colorado (ranking at the to of the list for the third year in a row), Texas, Florida, Washington, California, Virginia, Arizona, North Carolina, Wyoming, and Illinois. To evaluate the best states for women-led startups, Merchant Maverick considered items like total venture capital in the past five years invested in women-led startups, percent of employer firms led by women, percent of employees at women-led firms, percent of women self-employed in their own business, and the average income of women self-employed in their own business. To read more about the findings, click here.

Avoid These Pitfalls If You Are A Small Business Owner

This post from LegalZoom which was recently updated in September 2023 highlights the top ten mistakes made by new business owners. The list includes:

  1. Not having a business plan
  2. Not having a marketing plan
  3. Impatience
  4. Overspending
  5. Underpricing
  6. Not forming the right business entity
  7. Thinking you don’t need insurance
  8. Not having a written agreement with your business partners
  9. Failing to protect intellectual property
  10. Thinking you can do it all yourself

Check out the link to read more detail about what to do if you think you are falling short in that area as the post goes into depth on each item in the list.

Thinking About Your Company Footprint

Even if you are a small business, you can still be thinking about ways in which you can reduce your environmental impact. This article posted in Entrepreneur shares 8 items to consider when determining practical ways to reduce your company’s impact on the planet. From energy efficiency in the office to flex scheduling to rethinking the office supplies you purchase, every change we make helps to make a difference.