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As we approach Women’s History Month, it’s important to honor, celebrate and recognize the impact that women entrepreneurs have across the business world. Women’s business Her leaders play an important role in their communities, economies, and the world at large. They serve as a vital part of the world’s economic engine, empowering the next generation of women to achieve their entrepreneurial goals.
Women took steps towards equality and rose to prominence in business in 1988. women business owner law was beyond This law, supported by the National Association of Women Business Owners (NAWBO), was created to address the needs of women by eliminating the practice of bank lending. This makes owning a business more difficult for women than for men.
This year marks the 35th anniversary ofth On Women’s Business Ownership Act Remembrance Day and Women’s History Month, it’s important to honor, acknowledge our history, and recognize our impact on the present. A path to success for future generations of women leaders and entrepreneurs There is still work to be done to open the .
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A look back at 35 years of female entrepreneurship
Over 30 years ago, the process of starting a business changed for the better of women. The Women’s Business Ownership Act was passed, allowing women entrepreneurs across the country to pursue their business goals. Prior to the passage of this bill, a female business owner needed a related male as a co-signer on her loan to the business. The law helped reduce discrimination based on gender and allowed women to access capital to start new businesses or fund existing ones.
Since that milestone, there has been a significant increase in women-owned businesses. A few years after the bill passed, in 1992, the number of women-owned businesses in the United States reached her 6.4 million. US CensusAs of 2019, the number of women-owned businesses has doubled to nearly 13 million 42% A 2022 study found that over the past three years, the number of female entrepreneurs has increased by 48% increase Year-over-year, they outperformed men by 22%.
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Change the future of female entrepreneurs
Over the past 35 years, we have made great strides, but women continue to face greater challenges than men.According to Bank of America’s 2022 Women and Minority Business Owners Spotlight, almost one third of female business owners do not believe women will have equal access to capital, and even when they do, believe it will take an average of nine years to achieve equal access. Clearly, much progress remains to be achieved.
To overcome disparities in access to capital, women need support and resources to navigate their capital situation and identify potential sources of funding such as equity, debt and grants. Banks have a responsibility to provide accessible capital solutions. Today, there are many resources that many women entrepreneurs are unaware of.For example, in 2021 Bank of America will Access to Capital Directory for Women Entrepreneurs It helps connect women to organizations that fund women-owned businesses.Additionally, Bank of America Cornell University Women’s Entrepreneurship Institute Provides opportunities for women to earn a business certificate from an Ivy League university.Banks have also recently started publishing market To support and showcase women-owned businesses that participate in programs that promote women’s entrepreneurship.
Mentorship can also make a big difference in your professional growth. Over the years, as both a mentor and a mentee, I have learned the importance and value of this and how much more can be accomplished when you pay it forward and help lift other women up. This can be done by offering programs and materials, serving as a best friend to their peers, and encouraging women to explore new educational resources.
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Education remains important as women work to achieve full equality in business. Whether learning about business tactics or how to apply for grants, women should use all available resources to enhance their knowledge and reach as they launch their business endeavors. Through collaboration with fellow women and business partners, you can increase efficiency, enhance your financial knowledge, and unleash your creativity to take your business to new levels of unseen success.
Many women entrepreneurs face challenges every day, but as we have observed over the past 35 years, they continue to overcome adversity and remain committed. I have seen this specifically in my personal and professional life. We have a lot to celebrate, but we are even more excited to see what we can achieve in the next 35 years.
