Sunday, March 26, 2023

Entrepreneurship Over the Last 35 Years — and How We Can Change the Future for Women Business Owners


Written by: Sharon Miller
ENTREPRENEUR LEADERSHIP NETWORK CONTRIBUTOR
President of Small Business and Head of Specialty Banking & Lending
Sharon Miller is the president of Small Business and head of Specialty Banking and Lending, which includes overseeing Consumer Vehicle Lending, at Bank of America. In addition, she is a member of the company’s management operating committee.



Celebrating 35 years of women's entrepreneurship and taking a look at what more needs to be done to pave the way for a successful generation of future women leaders and entrepreneurs.

With Women's History Month upon us, it's important that we honor, celebrate and recognize the impacts women entrepreneurs make across the business world. Women business leaders play an essential role in their local communities, our economy and the world at large. They serve as a vital part of the world's economic engine and empower the next generation of women to reach their goals as entrepreneurs.

Women made strides toward equality and advanced their mark on business in 1988 when The Women's Business Ownership Act was passed. This act, which was supported by the National Association of Women Business Owners (NAWBO), was created to address the needs of women by eliminating lending practices by banks that made business ownership more difficult for women than men.

This year, as we celebrate the 35th anniversary of The Women's Business Ownership Act as well as Women's History Month, it's important to pay respect and acknowledge our history and recognize its impact on the present. There is still work to be done as we can pave the way for a successful generation of future women leaders and entrepreneurs.

A look back at women's entrepreneurship over the last 35 years


More than three decades ago, the process to start a business changed for the better for women. The Women's Business Ownership Act was passed and empowered women entrepreneurs across the country to pursue their business goals. Prior to its passage, women business owners were required to have a man related to them as a co-signer on their business loans. The act helped reduce discrimination based on gender and allowed women to access capital to start a new business or fund their existing business.

There has been a significant increase in women-owned businesses since that milestone event. A few years after its passage, the number of women-owned businesses in the U.S. reached 6.4 million in 1992 — this represented one-third of all domestic firms and 40% of all retail and service firms, according to the United States Census. As of 2019, the number of women-owned businesses has doubled to nearly 13 million (representing 42% of all U.S. businesses), and a 2022 study showed that over the past three years, the number of women entrepreneurs grew by 48% year-over-year, which outpaced their male counterparts by 22%.

How we change the future for women business owners


Though we've made great strides over the last 35 years, women continue to face greater challenges than their male counterparts — for example, access to capital remains a critical issue for women and minority business owners. According to Bank of America's 2022 Women and Minority Business Owner Spotlight, nearly one-third of women business owners do not believe that women will ever have equal access to capital, and for those who do, they believe on average it will take nine years to achieve equal access. Clearly, we still have much progress to achieve.

To help overcome the disparity in access to capital, women need support and resources to navigate the capital landscape and identify potential sources of funding, such as equity, debt and grant capital. Banks have a responsibility to provide accessible capital solutions. There are a number of resources available right now that many women business owners don't know about. For example, in 2021 Bank of America launched the Access to Capital Directory for Women Entrepreneurs to help connect women to organizations that provide funding for women-owned businesses. Additionally, the Bank of America Institute for Women's Entrepreneurship at Cornell provides the opportunity for women to earn a certificate in business from the Ivy League university. The bank has also recently launched a public marketplace to support and showcase women-owned businesses that participate in programs to drive women's entrepreneurship.

Mentorship can also make a considerable difference in your professional growth. Over the years, I've learned the importance and value of this, both as a mentor and a mentee, and how much more can be achieved when you pay it forward and help lift other women up. This can be done through providing programs and materials, serving as a confidant to a peer or encouraging women to look into new, educational resources.

Education will continue to be key as women work to achieve full equality in business. Whether it's learning about business tactics or how to apply for grants, women must use every available resource to enhance their knowledge and reach as they begin their business endeavors. Through collaboration with fellow women and business partners, they can enhance efficiency, strengthen financial knowledge and deploy their creativity that takes their businesses to unseen levels of new success.

Many women business owners face challenges daily, but they continue to overcome adversity and remain dedicated — as we've observed over the last 35 years. I have especially seen this in my personal and professional life. We have a lot to celebrate, but I am even more excited and exhilarated to see what we accomplish in the next 35 years.

Thursday, March 16, 2023

Interview by American leadership forum to Soledad Tanner (Women History Month)


Source: https://tinyurl.com/bdhnu9tf

𝐖𝐨𝐦𝐞𝐧'𝐬 𝐇𝐢𝐬𝐭𝐨𝐫𝐲 𝐌𝐨𝐧𝐭𝐡! All month long we will be spotlighting ALF Senior Fellows in our region making history in their fields.

Meet 𝐒𝐞𝐧𝐢𝐨𝐫 𝐅𝐞𝐥𝐥𝐨𝐰, 𝐒𝐨𝐥𝐞𝐝𝐚𝐝 𝐓𝐚𝐧𝐧𝐞𝐫, 𝐂𝐥𝐚𝐬𝐬 𝟓𝟔 Founder and CEO of STC Consulting.

𝐀𝐬 𝐚 𝐟𝐞𝐦𝐚𝐥𝐞 𝐥𝐞𝐚𝐝𝐞𝐫, 𝐰𝐡𝐚𝐭 𝐢𝐬 𝐚𝐝𝐯𝐢𝐜𝐞 𝐲𝐨𝐮 𝐰𝐨𝐮𝐥𝐝 𝐠𝐢𝐯𝐞 𝐭𝐨 𝐨𝐭𝐡𝐞𝐫 𝐰𝐨𝐦𝐞𝐧 𝐚𝐬 𝐭𝐡𝐞𝐲 𝐧𝐚𝐯𝐢𝐠𝐚𝐭𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐰𝐨𝐫𝐥𝐝?
Be your authentic self, be kind, be prepared, smile, and always remember: "No matter who you are, where you are, or where you come from, you can achieve the life of your dreams."

𝐇𝐨𝐰 𝐡𝐚𝐬 𝐭𝐡𝐞 𝐀𝐋𝐅 𝐞𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐬𝐡𝐚𝐩𝐞𝐝 𝐲𝐨𝐮 𝐚𝐬 𝐚 𝐥𝐞𝐚𝐝𝐞𝐫? 𝐀𝐧𝐝 𝐩𝐥𝐞𝐚𝐬𝐞 𝐬𝐡𝐚𝐫𝐞 𝐨𝐧𝐞 𝐞𝐱𝐚𝐦𝐩𝐥𝐞 𝐭𝐡𝐚𝐭 𝐝𝐞𝐦𝐨𝐧𝐬𝐭𝐫𝐚𝐭𝐞𝐬 𝐡𝐨𝐰 𝐭𝐡𝐞 𝐀𝐋𝐅 𝐥𝐞𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐚𝐧𝐝 𝐞𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐡𝐚𝐬 𝐡𝐞𝐥𝐩𝐞𝐝 𝐲𝐨𝐮 𝐚𝐬 𝐚 𝐥𝐞𝐚𝐝𝐞𝐫.
I have a deeper awareness on how my "coding" has influenced my emotions, decisions, actions and how I show up in the community.

I love the concept of being in "productive disequilibrium" and "raising the heat" to the level where the discomfort of not dealing with the issue could be higher than the consequences of not addressing.

𝐀𝐬 𝐲𝐨𝐮 𝐫𝐞𝐟𝐥𝐞𝐜𝐭 𝐭𝐡𝐢𝐬 𝐦𝐨𝐧𝐭𝐡 𝐨𝐧 𝐲𝐨𝐮𝐫 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐞𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞, 𝐰𝐡𝐚𝐭 𝐭𝐡𝐨𝐮𝐠𝐡𝐭𝐬 𝐰𝐨𝐮𝐥𝐝 𝐲𝐨𝐮 𝐥𝐢𝐤𝐞 𝐭𝐨 𝐬𝐡𝐚𝐫𝐞 𝐚𝐛𝐨𝐮𝐭 "𝐫𝐚𝐝𝐢𝐜𝐚𝐥 𝐜𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐨𝐧𝐬" 𝐰𝐢𝐭𝐡 𝐨𝐭𝐡𝐞𝐫 𝐰𝐨𝐦𝐞𝐧 𝐚𝐧𝐝 𝐭𝐡𝐨𝐬𝐞 𝐫𝐞𝐥𝐚𝐭𝐢𝐨𝐧𝐬𝐡𝐢𝐩𝐬 𝐡𝐚𝐯𝐞 𝐢𝐦𝐩𝐚𝐜𝐭𝐞𝐝 𝐲𝐨𝐮 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐲𝐨𝐮 𝐬𝐞𝐫𝐯𝐞?
The power of connections is crucial because it opens the door to vulnerability and transformation. I have developed deep friendships and a sense of belonging, which is key to long lasting impact and evolution. ALF has been an amazing experience for me!