It is when everybody asks what they can support. Progress will come.
The International Day of Women is as many of you know March 8. Next month is also the month in which we are all concerned with luck, and today I am talking about female leaders and whether the “luck factor” is involved in people who succeed.
Over many years, the theory of how chance is a factor in success was covered. Yet as I look at my own beginning as an entrepreneur, I know that luck has only taken me to the day when I wanted to increase my company to absorb the income of my husband. That’s what I did with the luck — the resources I took and the connections I had — that’s what my business really grew.
Given the increase of women’s companies, the financial resources required to start their business are still lacking for women founders. According to MarketWatch, only 2.2% of all risk capital in the US is dedicated to women-only companies. Furthermore, after the first round, businesses with all-male founders earn approximately 35% of the funding. That figure is less than 2 per cent for firms with female founders. Just 2% of women’s companies have a turnover of $1 million — 3.5 times lower than their men.
For women and some men reading this, I thought it better to ask some thought-provoking questions instead of mentioning my suggestions on how we can solve this issue (because that was a real thing). I asked myself these questions, which I hope will lead to an answer for you. Like I say to the coaches, minor changes have significant repercussions.
How can we expand the networks of women to include all gender undertakings?
I felt like I did everything on my own without the assistance I wanted when I started my business. When I discovered female networking groups, it was a breath of fresh air. There is a possibility that your local community will be a women-only network community or mastera a stone’s throw away.
I suggest that you do your homework before spending time, energy and money. Which of the networks in your company would actually move the needle? Right now, which network is right for you? What will your company grow with you?
Ali Brown has recently discussed this subject at Glambition radio. One of my favorite female business coaches. The sad fact is that there is an issue with female networks in which many of us are held. The bulk of women’s enterprising groups are part-time and starting communities. Don’t get me wrong, for those who start out that’s great. These societies are actually quite important. But where do we not continue with those who have already founded 7-8 companies? “The women eager for more are caught here, as Brown says. They are taken laterally in a network loop instead of up. “Luckily, for existing female entrepreneurs there are some choices. Brown founded The Trust, a private women’s entrepreneur network of businesses that raise more than $1 million a year. Also, the Ellevate Network provides female entrepreneurs four different levels of membership, all the way to their executive council membership, from their new membership of as little as $100 a year.
I would like to see more such network built in the next few years— a network balance that appeals to both beginning and developing entrepreneurs up to the million dollar benchmark.
How can we provide help for the women entrepreneurs in our lives?
As I have already said, the smallest act can sometimes have the greatest effect. I consider two people who gave me a chance, Kimberly Wiley and Laura Novack Meyer, as I think about my starting up as an entrepreneur. They believed in me when I didn’t trust me and spread my new business word to their networks. No luck would have gotten my company off the ground without their support.
It does not mean support for anybody that your target is enormous. Many people assume that a support group consists of the people you know, but it can also come from strangers entirely. Here are the four forms of service you can consider when you think you should hire a buddy-large or small.
- Emotional support: The start of a company involves lots of emotions like tension, anxiety and even solitude. This kind of encouragement is for those who have the back of the woman and are her shoulder to cry.
- Instrumental support: such assistance requires the immediate and urgent treatment of one’s needs. It can be as little as taking your lunch, or as big as investing in your company. Equally important are both.
- Knowledge support: guidance, counselling or mentorship. Information support: The women and men who’ went the road,’ have a long history of success and can impart wisdom, particularly need this help.
- Support for transparency: I enjoy having my accountability partner, who will hold me to account for my goals and objectives. Can you be somebody’s that? Anyone to advance her and to achieve success?
Even if you are not a contracted contractor or your client has no relation to your business, you will possibly fill the void of any of the above types of support.
Would you find this if you have the capacity to mentor another woman?
When you wait for a younger lady to ask you to be her mentor, you should probably wait. An international study by Development Dimensions found that women do not pursue mentors proactively. An overwhelming 63% of the women surveyed reported never having a formal mentor.
The lack of female mentorship is not because they’re not able to mentor, but because they aren’t being asked for. Hundreds of women replied. Currently 54% of women reported being asked only to be a mentor many times or less, while 20% reported being never asked to be a mentor.
What do we learn from the study, knowing what we do? Let us avoid perpetuating the issue by being victims of the misconceptions of mentoring women. Stop waiting for an official invitation for the women in senior management positions. And for younger women in their professions who really need a mentor, say it!
I like this quote from Madeleine Albright that states: “Women who don’t help other women have a particular role in hell.” Let us all contribute to improving these figures and helping women to develop stronger and better businesses. Find ways to support other women entrepreneurs and inspire them to grow together. My dream is that we will not see these differences in the market in ten years ‘ time — and everything starts with these three questions.
CREDIT – Tonya Dalton