Women’s Entrepreneurship Day: Knowing Your Resources and Fostering Connection
Many women consider entrepreneurship as a means of attaining financial freedom. As more women strive for a greater earning capacity and more flexibility in their schedules, they take on what can be a risky venture. But entrepreneurship also fuels a creative spirit for women aiming to build a business of their own – and when done successfully, it can prove dividends.
In the United States, women-owned businesses generate $1.8 trillion in revenue annually, according to Worldmetrics.org. Despite significant achievements, barriers to entry remain. As of 2019, women received just 2.8% of total investments out of all venture capital funding.
Women’s Entrepreneurship Day is celebrated annually on November 19 as part of a global movement dedicated to driving women economic independence and inspiring female leaders.
The U.S. Department of Commerce offers a variety of resources and programs with the goal of bolstering women entrepreneurship, and in turn, cultivating economic competitiveness. For example, the Minority Business Development Agency (MBDA) created Business Centers for Enterprising Women of Color, which provide assistance to minority women-owned businesses in securing contracts and capital. Through the U.S. Patent and Trademark Office, the Women’s Entrepreneurship (WE) program connects women to resources to protect their IP, fund their ideas, and expand their network, according to the Department of Commerce website. The program also offers video testimonials from successful women entrepreneurs.
For entrepreneurs, and women specifically, there’s power in storytelling. Communicating a succinct message about your mission and having a clear vision on advancing forward can help you connect to investors and resonate with potential customers. And on the government side, it can even influence public policy. The National Women’s Business Council, a nonpartisan federal advisory committee, presents actionable recommendations annually to Congress, the president, and the U.S. Small Business Administration on issues of importance regarding the approximately 13 million women-owned businesses in America. The council was first established through landmark legislation signed by President Ronald Reagan that also eliminated state laws requiring women to have a male relative or husband to co-sign a business loan – a reminder of the strides American women entrepreneurs have made in recent decades.
The U.S. Small Business Administration also operates the Office of Women’s Business Ownership (OWBO), which acknowledges that women face unique obstacles in the business world and seeks to create a level playing field through programs centered on business training, counseling, federal contracts, and access to credit and capital, according to its website.
Major U.S. financial institutions, such as Bank of America, Wells Fargo and JP Morgan & Chase, have initiatives of their own dedicated to cultivating women entrepreneurial growth.
The Bank of America Marketplace by Seneca Women, for example, is an online directory where visitors can browse hundreds of women-owned businesses online, connecting entrepreneurs to new markets and consumers around the world.
Building connections in person can also show to be invaluable. New York Women in Communications hosts events that help you build a professional network and become inspired by women in the most competitive market in the world who’ve achieved financial success.
