3 Ways Women Entrepreneurs Can Help Women Entrepreneurs
A few decades ago, a married woman in Texas could not own property or start a business without her husband’s permission. Until the passage of the Women’s Business Ownership Act of 1988, women were required to have a male relative as their co-signer on business loans. Fast forward, more women than men started businesses in 2020. As the number of women-owned firms continues to increase, there’s much more work to do. Barriers to successful business ownership for women still exist. According to Forbes, women face more hurdles in getting funding, there are gender biases that create an unfavorable business environment for women entrepreneurs, women struggle to achieve the work-life balance to be successful in business, and there is an overall lack of support for women business owners.
It’s especially important to highlight that support for women business owners is important in all stages of business. One of the best sources of support is from other women business owners. There are countless women who have succeeded and continue to grow in business. In this day and time, there is representation of women in nearly every industry. Here are 3 impactful ways women business owners can help each other.
1. Make it a priority to invest in women-owned businesses.
Funding is most often listed as the number one problem for women in business. Women should invest in women-owned businesses. For example, Golden Seeds is one of the nation’s most active early-stage investment firms, dedicated to investing in women-owned firms, especially those in science, technology, engineering, and math (STEM). The organization has invested more than $150 million, financed more than 200 companies, and raised over $1.5 million in capital, demonstrating the incredible momentum of women entrepreneurs and the commitment of those investors, many are women who want to reshape the investment landscape for women-owned businesses. In Houston, TX, Golden Seeds partnered with Greater Houston Women’s Chamber of Commerce (GHWCC) to launch a new chapter. In addition, there are numerous products and services available in the market that are created by majority women-owned businesses. Women business owners should make it a priority to buy from other women when possible.
2. Offer to help women business owners.
Networking among other business owners is critical, but an important goal of networking should be to connect and help. Women business owners need mentors and sponsors. Mentors serve as role models, provide guidance, motivation, and emotional support. Sponsors act as advocates and actively include their proteges in their professional networks. Experienced business owners can help other women tremendously. Specific actions include sharing the word through social media and through professional networks, about products and services offered by women-owned companies; introducing women business owners to key players who can facilitate business growth; and sharing knowledge and experience with other women business owners through speaking engagements and training sessions. Women should create safe environments to share ideas, challenges, and success stories in business.
3. Seek help from women business owners.
Sometimes help is freely offered, but there are times when we need to ask for help. Get past feelings of incompetence and set aside pride and ego issues to reach out and ask for help. There are many experienced business owners who are ready, willing, available, and excited to help when they realize their expertise and knowledge will benefit another woman in business. Don’t get discouraged when you reach out for help and the answer is no. In many cases, the biggest reason a female entrepreneur would say no is due to time constraints. Reach out and ask for the help you need when you need it. Many women are truly inspired and empowered by helping other women.
