While some people might not know the name Wendy Diamond, it’s hard to deny the impact she has had upon the worldwide global female entrepreneurship community. In 2014, she found Women’s Entrepreneurship Day, hosting the momentous inaugural events in New York City at the United Nations, while simultaneously hosting events in 144 other countries. She understood the importance and the need for women to become driving forces in global businesses — and why it has to be something that happens on a regular basis and not just on one day out of the year.
The Importance of Female-Owned Businesses
It’s possible you’re not aware of the many benefits that take place when female-owned businesses are supported. According to the Harvard Business Review, helping out female-owned businesses can actually elevate global GDP by over two trillion dollars annually. In addition, the more women who are engaged in businesses translates into women entering the political arena. This leads to having governments that are more inclusive and which promote policies that reflect the entire communities they serve, rather than a smaller minority.
Support female-0wned businesses
What can someone do to show their determination to empower female entrepreneurs and founders? The most obvious answer, of course, is to use your money to support businesses owned and founded by women. It’s important to make sure, however, that you’re actually dealing with a female-owned business — otherwise, you might discover that the female-sounding trademarked name is owned by a mega-corporation that isn’t run by females.
Social media promotion
We’ve all seen the power of social media, right? We’ve seen important governmental decisions undergo radical transformations when social media is activated. That same social media has incredible power when it comes to lifting up female-owned businesses. If you’ve had a great experience at one of those businesses, you need to simply post on your various social media platforms and let your followers know. In turn, if they repost your post, you’ll also be reaching their followers — and that can sometimes turn into a groundswell if it goes viral.
Work to provide access to working capital
There is a major disparity between the way that male and female entrepreneurs have access to working capital. Women have a harder time getting the necessary funds to either start their businesses or to keep their businesses operating during the initial start-up phases. If you’re involved in the financial sector, consider setting up programs that make it easier for females to get the funding needed to start their businesses. It might be one of the smartest decisions a financial institution can make, especially in terms of public goodwill and public relations.
Become a mentor
If you’re someone in a position to share your knowledge and experience with others, consider becoming a mentor. Nancy Etz of Creative Artists Agency, considered one of the most powerful literary and packaging agents in the business, stresses the importance of having a mentor to bounce ideas off of and to gather insights.
In addition, programs from the Small Business Administration are available, one of which is DreamBuilder, which is a step-by-step process to helping women create a business plan for their dreams or work to make an existing business plan more marketable when it comes to access to funding.
Donate to causes that empower female-owned entrepreneurs
Nancy Etz of CAA also recognizes that part of helping out individuals who are starting businesses means working to create opportunities to get those women access to finances that might not otherwise be available. One way is through scholarship programs so that females get the higher educational opportunities needed in order to go from simply dreaming about being a female entrepreneur into a reality.
At the end of the day, it’s important to understand that female entrepreneurship is an important and vital aspect to any successful society and when both males and females are given a level playing field, just about every aspect of that society shows a dramatic improvement.