Valuable Resources Accelerating Women Entrepreneurship
October marks National Women’s Small Business Month—31 days to celebrate the power and impact of women entrepreneurs in the marketplace. The trajectory of women-owned small businesses has been remarkable, if not long overdue. Women entrepreneurs went from owning 4.6% of all businesses in the U.S. in 1972 to now owning more than 40%, all while generating more than $1.9 trillion in revenue.
Even with this success story, the challenges for women entrepreneurs are real. Access to the right amount of funding, networking and support can still be a struggle for many. As we celebrate National Women’s Small Business Month, here is a list of resources to help women entrepreneurs achieve their dreams.
Funding resources
In addition to grants, loans and funds devoted to small businesses in general, there are many financial resources devoted specifically to unlocking capital for women entrepreneurs. A quick Google search will uncover dozens, if not hundreds, of opportunities such as the three listed below.
Female Founders Fund
Founded in 2014, this group’s mission is to bridge the gap between the fact that women-led businesses perform 63% better than their male peers but only get a small fraction of the venture capital dollars spent on incubating small businesses.
Amber Grants
Named after a young woman who died before she could fulfill her business dreams, this grant awards $10,000 per month, plus a $25,000 end-of-year grant, to women entrepreneurs.
New Voices Foundation
Women of color represent the fastest growing segment of all entrepreneurs in the U.S., and yet their access to capital has not kept up with their economic potential. Helping to fuel their growth and right that wrong, the New Voices Foundation has invested more than $1.4 million to these entrepreneurs.
Support resources
As women entrepreneurs grow their small businesses while also balancing their outside lives (and potentially their families, too), all those demands can add up rather quickly. The right mentors and advisers can help support this community with advice and counsel that recognize the unique challenges women in business face.
SCORE for Women Entrepreneurs
SCORE has the largest network of free volunteer mentors for small businesses in the U.S. Their database of mentors and workshops for women entrepreneurs is both vast and specifically tailored to the unique needs of women who own small businesses.
National Association of Women Business Owners
More than 10 million women entrepreneurs are proud members of NAWBO. Various levels of membership will give you access to networking opportunities, webinars, and valuable discounts from partners to help you grow your bottom line.
You
That’s not a typo. You have the power to propel women-owned small businesses by supporting them. What does that support look like? It can range from being a mentor, an investor, a social media supporter, a contact connector and lastly, and maybe most importantly, a devoted customer.
Inspiring words
This year’s winner of The UPS Store® Small Biz Challenge is Dr. Kimberly McGlonn, a woman entrepreneur in Philadelphia who also has a Ph.D. in education. Her small business, Grant Blvd, is a testament to the scope and vision of a Black woman-owned enterprise, as it seeks to fuse fashion, inclusion, and sustainable practices. Here are some tips, compiled from interviews with Dr. McGlonn, on what it takes to succeed in the world of small business.
“Really nimble decision-making” is key. Sometimes the best laid plans, especially amid the pandemic, give way to unexpected outcomes that you need to face with new perspectives and a sense of optimism that you can survive.
It takes more than hard work. People think that small business success “just kind of happens and you run a sprint and build something that is bold and beautiful.” But it takes not only hard work, but also persistence, which is hard work overtime.