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.
Owning your own business offers flexibility, creative freedom, and unlimited income potential. Lacking financial resources doesn’t mean you are out of luck! According to this article in Forbes, it is possible to still start a business with limited funds. no money. Some tips from the article include: keep your day job while working on your business during your free time, choose a business idea that doesn’t require upfront capital (such as freelance writing, virtual assisting, or social media management), scale up gradually, and utilize free resources and networking opportunities. Check out the link to the article to read more!
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.
This article from AllBusiness provides advice for women entrepreneurs from successful female business owners. The piece includes 21 tips that cover a range of topics such as cultivating storytelling skills, bringing a fresh perspective, finding purpose, taking control, avoiding self-discrimination, hiring passionate staff, charging appropriately for services, and surrounding oneself with supportive people. Many of the tips emphasize the importance of amplifying women’s unique strengths, including communication, empathy, and problem-solving abilities, in building successful businesses.
The article from Business News Daily discusses six common reasons why small businesses fail and provides advice on how to minimize or avoid their negative impact. These reasons include poor cash flow, inadequate leadership, disengaged employees, lack of business planning, strong competition, and failure to adapt to changes in the market.
The article suggests that to address these challenges, small business owners should prioritize financial planning, establish clear organizational structures, foster employee engagement, create comprehensive business plans, conduct competitive analyses, and be adaptable to industry trends. Additionally, the article highlights the importance of cultivating a supportive and collaborative work environment and investing in leadership development programs to ensure that businesses are well-positioned for success.
Looking for some great podcast episodes to add to your listening list? Here are five suggestions from JJ Ramberg, co-founder of podcast discovery app Goodpods. She provided MSNBC with a “must-listen” playlist for women entrepreneurs. Link to article.
In this recent article in Forbes, members of the Young Entrepreneur Council shared advice on how to build a network of women for support. Some suggestions included seeking opportunities to collaborate and finding mentors and colleagues who you can be yourself around.
Whether or not their suggestions are ones that work for you, remember that while women are still an underrepresented group in the business world, leaning on other women for advice and support can be critical for our success and sanity. Check out the link to the article above to see all tips that were mentioned.
According to this press release from the White House, the Biden Administration is working through the Small Business Administration (SBA) to expand the Women Business Centers (WBC) network. The goal is to bring the total number of WBCs to 160 centers across the country. WBCs assist women entrepreneurs through training, mentoring, business development, and financing opportunities. Read more about the White House plans here.
There is a piece just posted today in Fast Company entitled “The mindset shift you need in order to stop your inner voice from sabotaging you”.
In the article, author Lydia Fenet reflects on how “Imposter Syndrome” can often sneak up on us in our professional lives. Specifically she makes the important point of pausing to consider whether you are listening to what colleagues are actually saying or if you are listening to what you *think* they are saying. Read the article for the example – great content to ponder on your entrepreneurial journey.
According to a recent survey by human resources software company Gusto, in 2020 and 2021, startups led by women accounted for 49 percent of all new ventures, compared to just 28 percent in 2019. Despite this growth, only 2.1 percent of venture capital funding went to women-led businesses in 2022. This is despite the fact that women-led companies, according to a Boston Consulting Group study, return 150 percent more on average for every dollar invested in them than businesses led by men.
This article in Newsweek profiles five women founders who are making strides in varied industries such as footwear, healthcare, food and beverage, tabletop games and technology. Their stories inspire while also offering useful tips on how to navigate the initial hurdles of entrepreneurship.