The Power of Entrepreneurship, Importance of a Supportive Network and the Real Value of Education

Shakenna Williams '94, Babson College, learned the power of entrepreneurship.  She learned the importance of a supportive network.  She learned the real value of education.

Her parents owned a large beauty supply distribution company, supplying all of the Northeast, and as Williams and her brother grew up in Springfield, Massachusetts, they spent every summer working in the business.

The lessons of her father and the experiences that followed now impact her work as the founder of Babson’s Black Women’s Entrepreneurial Leadership (BWEL) program and as the executive director of the Center for Women’s Entrepreneurial Leadership (CWEL) at Babson College.

Read on to discover more.  To uplift your spirits.  To get inspired.

Did These 18 Women Change the World?

Who are the most successful female entrepreneurs in America? There are too many to list, but these 18 businesswoman were chosen by Small Business Trends because they forged their own entrepreneurial journey.

From an executive chairman to world-famous recording artists, these female entrepreneurs continue to make waves throughout the business world.

The question becomes:  Did these women change or revolutionize the world with ground-breaking innovations?

Find Ways to Support and Encourage Other Women Entrepreneurs

Here are 3 questions to ask yourself that the author [Tanya Dalton for Entrepreneur] hopes will prompt you to be part of the solution of helping more women entrepreneurs grow their businesses.

Answering the 3 questions allows you to find ways to support and encourage other women business owners so we can all collectively grow.

What will you do today to support another female entrepreneur?

Women Entrepreneurs Are On the Rise

International Women's Day (IWD), coming up on Tuesday, March 8, 2022, has been a time to recognize achievements made by women and to recommit to the fight for equality — socially, politically, and economically. 

There have been slow and steady gains in the workplace. But during the pandemic, it appears to be accelerating a generational mind shift for women.  Greater work-life flexibility and personal control of their career has become the No. 1 issue for today’s working women.

Here's what that means:  Out with Corporate America and in with entrepreneurship, which allows us to do what we love, generate revenue, care for and spend time with our families, and contribute to the health and well-being of our communities.

Read on about the wave of women entrepreneurs arising during the pandemic.

Ensuring Productivity Is the Key to Going Forward

Theo Paphitis, Chairman at Theo Paphitis Retail Group and Dragon from BBC's Dragons' Den, writes "Things I have Learnt in 2020," and little did he know at the time that the worst was not over yet on the global pandemic.  Still, his insights apply even more to our current times.  Paphitis emphasizes that ensuring productivity is the key to going forward – no matter where anyone is located or how the work gets done.

Another futuristic thought leader is Michelle Hayward, founder and CEO, Bluedog. In her article, "Let's not go back!," she talks about how now is the time for people to propel themselves into futures they've been too tired and stressed to imagine.  "Let's hold space for the possibility of a new future by limiting language that speaks to the prospect of reliving the past," she says.

Two entirely different thought leaders from different parts of the world yet they meet at the same point:  We can't go back and we must create a new future.

Be Interesting But Not Complicated

"My father was not a complicated man.” ~ Diane Disney Miller (daughter of Walt Disney)

Innovation is such a personal, creative endeavor, but the influence of others plays a big role in helping us succeed. 

Here I share insights from some of those who’ve inspired me when it comes to developing innovative practices in my business. Perhaps they will have the same effect on you.  At the end of each passage, there’s a lesson learned along with a big question to get a conversation going. 

If nothing else, this article will encourage you to take time out to reflect and work a little magic on the innovation front.

The Power of Networking to Build Confidence, Create Connections and Accelerate Opportunities

To understand what helps female entrepreneurs thrive at a higher level, Forbes contributor Kathy Caprino interviews Pat Hedley, investor, advisor and author of Meet 100 People: A How-To Guide to the Career and Life Edge Everyone’s Missing. After a nearly 30-year career with global growth investor General Atlantic, Hedley is now a private investor and advisor to growth companies and a passionate advocate for intentional and generous relationship building. 

Here's what she had to say, oh, and one quick snippet from when Pat was asked why networking is so important for entrepreneurs generally, but especially for female entrepreneurs.

Networking is essential for entrepreneurs because founders are highly reliant on accessing resources and information they don’t already have to start and build a business. Even if one has a great idea, executing on that idea requires an extensive network of individuals including employees, customers/clients, investors, advisors and influencers.

Read on for the full interview.

This Is the Moment: Female Founders, Quotes, Community, Stories, Funding, Side Hustles and More

If you were thinking about setting out and doing something in 2022, this is the moment.  Explore it all here.

Women Entrepreneurs Tackle BIG Ideas

Female entrepreneurs are still receiving little capital.  Wired reports:

“Startups with a woman founder raised $25 billion in the first half of 2021—more than the total amount raised by women any full year prior.”

While the incremental changes are noticeable, we aren’t close to where we need to be.

After years of witnessing these founders' struggles and limited access to capital, Dr. Silvia Mah, partner at Ad Astra Ventures, who helps women founders grow innovative startups tackling big ideas, is determined that there are certain things the VC industry can do to level the playing field.

Here are three. 

Helping Black Women Entrepreneurs Start and Expand a Business

A growing number of firms have opened their treasure chests to Black woman entrepreneurs. They, in turn, are often using the financing to help other Black women start or expand a business.

The median seed funding raised by a Black woman founder is $125,000, nowhere near the national median of $2.5 million in 2020, according to ProjectDiane. In the first half of 2021, Crunchbase data revealed that only 0.34% of capital went to businesses run by Black women.

The article for Black Enterprise Magazine goes on to say that more efforts are surfacing to provide funding to Black women, or people of color in general, such as the Goldman Sachs’ One Million Black Women initiative, Fortune reported. One firm that is seeing the capital flowing steadily is the Fearless Fund, which works to increase Black representation in venture capital and support women of color.

Learn to Love Uncertainty

What’s keeping you up at night?  That's a key question to ask a business owner or top level executive if you want to find out what's really going on with them.

Being a small business owner myself and a formally trained facilitator, I decided to take a different approach and asked 20 presidents of small businesses in marketing, interior design, insurance and a variety of other industries what’s allowing them to get a good night’s rest.

Here are the highlights of what they shared, one being "Learn to not just live with but love uncertainty."

How a Business Owner Can Sleep Like a Baby During Tough Times, by Laurel J. Delaney for American Express.

Community Development Financial Institutions (CDFIs) Provide Affordable Financing to Women

Congress created Community Development Financial Institutions (CDFIs) in 1994 to provide affordable financing to women, minority, and other underestimated entrepreneurs.

CDFIs hope, through financing, is to help women entrepreneurs rebound faster and grow stronger, healthier businesses despite the pandemic.

CDFIs are mission, not profit-driven. They have lower requirements regarding years in business, credit score (or no credit score), and collateral. Entrepreneurs still have to prove that they're creditworthy, but CDFIs work with entrepreneurs whom banks typically turn away. CDFIs have proven that financing women- and minority-business owners are NOT risky.

Think of them as first responders for women entrepreneurs.  How will you use a CDFI loan to become a healthier, stronger business in 2022?

Source:  Our esteemed colleague and friend, Geri Stengel, who contributes to Forbes on a regular basis.  She is a big supporter of women business owners.

Begin Again

©2022 Laurel J. Delaney.  All rights reserved.

"No matter how hard the past, you can always begin again." – Buddha

Season's Greetings Escape From Corporate America Friends!

"I love the excitement, the childlike spirit of innocence, and just about everything that goes along with Christmas." – Hillary Scott

Empower Microentrepreneurs This Holiday Season

Companies are donating a portion of their sales in select Whole Foods Market stores from December 1-31 to Whole Planet Foundation. 

These funds will be given to entrepreneurs in the form of microcredit loans in communities where Whole Foods Market sources products. 

Learn more about each brand and why they choose to support the mission to alleviate poverty.

3 Chicago Women Entrepreneurs: The Kombucha Brewer, Pie Baker and Toffee Maven

NBC 5’s Food Guy Steve Dolinsky shares stories about three Chicago-area female entrepreneurs who focus on homemade sweets and sophisticated sips this holiday season.

The kombucha brewer, pie baker and toffee maven are also fighting for the same things: market share, new business and most importantly: respect in their industries.

Bring on good cheer and support as many women business owners as we can this holiday season!  

These Are a Few of My (Oprah's) Favorite Things 2021

The list is here!  Discover all of Oprah's favorite things for 2021 – from sweaters, to jewelry, to kitchen items and beauty gifts.

Check it out. 

Women Entrepreneurs Are Changing the Travel Space

Entrepreneurship is a challenging road, but the number of small businesses with women leaders is growing. 

There's data to suggest that female-founded companies outperform their male counterparts, made even more impressive by the fact that women only secure 2.3% of venture capital funding. 

The travel sector is also growing with female entrepreneurs, and here are eight that are changing the industry with their businesses.

Let Pamela Slim Help You Find New Customers

Pamela Slim has a new book out that you don't want to miss: "The Widest Net – Unlock Untapped Markets and Discover New Customers Right in Front of You."  

The Widest Net is a step by step method for building a thriving business. You can pre-order now and get these bonuses:

• The Widest Net Workbook
• The Widest Net Method Ecosystem Mind Map
• An invitation to The Widest Net SUPERclass, a virtual workshop to create your 12-month marketing plan using the Widest Net Method. 

Go after those customers now!

Screenshot source:  https://pamelaslim.com/the-widest-net/

Tip of the Week: Create a Signature for PDF Documents On An iPhone

Hello on-the-go women business owners!  As more official papers are being turned into PDF documents, you may be asked to sign one electronically while you’re away from your computer.

If you’re using an iPhone, it’s actually not all that difficult; you can create a signature and reuse it by using the iPhone’s built-in Markup tool.

Ready.  Set.  Learn how to do it.