Changing Executive Opportunities: Starting Their Own Businesses

While women have made significant strides in breaking through barriers and advancing into executive positions in the corporate world, some are opting to take a different path by starting their own businesses. With Women's History Month underway, it's important to recognize the impact that women entrepreneurs are having on the economy and the executive landscape.

According to a report by American Express, there are now more than 13 million women-owned businesses in the United States, representing 42% of all businesses. These businesses generate more than $1.9 trillion in revenue and employ 9.4 million people.

Not only are women-owned businesses a significant contributor to the economy, but they are also changing the executive landscape. Women entrepreneurs are creating their own paths to success and breaking through barriers that may exist in the corporate world. Here are a few ways that women entrepreneurs are changing executive opportunities:

Creating their own opportunities

1 One of the biggest barriers that women face in the corporate world is the lack of opportunities for advancement. Women may face unconscious bias, difficulty balancing work and family responsibilities, and other obstacles that can make it challenging to move up the corporate ladder. However, by starting their own businesses, women are creating their own opportunities for success.

Women entrepreneurs can choose to start businesses in industries where there may be few women in executive positions, such as technology or finance. They can also create their own businesses in industries that they are passionate about, allowing them to fully utilize their skills and experience. By creating their own opportunities, women entrepreneurs are able to break through barriers and succeed on their own terms.

Challenging stereotypes

2 Another way that women entrepreneurs are changing executive opportunities is by challenging stereotypes about women in business. Women may face biases and stereotypes in the corporate world, such as the belief that women are not as competent or ambitious as men. However, by starting their own businesses, women entrepreneurs are challenging these stereotypes and proving that they can succeed in any industry.

Women entrepreneurs are also changing the way that people think about leadership. Women may be more likely to lead with empathy, collaboration, and inclusivity, which can lead to more successful and sustainable businesses. By challenging stereotypes and demonstrating their leadership abilities, women entrepreneurs are creating more opportunities for other women to succeed in executive positions.

Providing mentorship and sponsorship

3 Women entrepreneurs are also changing executive opportunities by providing mentorship and sponsorship to other women. By sharing their experiences and knowledge, women entrepreneurs can help other women navigate the challenges of starting and growing a business. Additionally, by advocating for other women and providing opportunities for them to succeed, women entrepreneurs are helping to create a more diverse and inclusive executive landscape.

Here are some statistics that highlight the impact that women entrepreneurs are having:

• Women-owned businesses are growing at a rate of 58% compared to the overall rate of 12% (American Express)

• Women of color are starting businesses at a faster rate than any other demographic group (Center for American Progress)

• Women-owned businesses generate $1.9 trillion in revenue and employ 9.4 million people (American Express)

While women entrepreneurs are making significant progress, there are still barriers that they face, such as difficulty accessing capital and resources. Additionally, women entrepreneurs may face biases and stereotypes that can make it challenging to succeed. However, by continuing to create their own opportunities, challenge stereotypes, and provide mentorship and sponsorship to other women, women entrepreneurs are changing the executive landscape and paving the way for future generations.

WHAT TIP WOULD YOU SHARE WITH SOMEONE THAT IS ON THE SAME JOURNEY?

Understand and actively work on building your Brand – good or bad, it will follow you. During my career, I focused on building my technical and business acumen. Through employee resource groups I was paired with a mentor. We had good discussions, but they were more tactical. As I moved into planning assignments, I needed to increase my strategic capabilities. As I asked around, one name continued to surface. I reached out to them and asked for support. However, he stood me up twice. Needless to say, I felt some kind of way about it. My feeling said forget it. My desire to succeed said suck it up and get over it. We eventually did connect, and I was able to get the insights I needed. I did not think highly of him as a person, but his strategic thinking was invaluable. I learned mentors are not a one size fit all. Some will be spot mentors, and some may last a lifetime. I have spiritual mentors, financial mentors, and mentors who help me develop my leadership skills. Mentors will give you want you need when you need it, or they will help you find it. You can share the good, the bad and the ugly. Do not confuse mentors and sponsors. You need them both, but they are different. Sponsors are the ones that will speak up on your behalf when you are not in the room.

They are willing to put their personal and political capital at risk. Sponsors focus on the good stuff and your potential. Many times, you will not know who your Sponsor is. So, remember there are not neutral exchanges. Every interaction you have will make an impact. People will feel that they are better because of it or worse. They will hardly ever be neutral.

DO YOU HAVE OR IN THE PROCESS OF WRITING A BOOK? IF SO, SHARE DETAILS.

I have had the opportunity to contribute to a book written by Dr. Valeria Edmonds. The book is entitled “The 9% Black Women Leaders Tell It Like It Is.” The book is the guide for inspiring Black women leaders who want to break through the concrete ceiling and take their place in the C-suite. The book provides insights into the lived experiences of 14 Black women leaders across various professional fields. This is a compelling work for those developing strategies to improve diversity within their organizations. My contribution is entitled “Grace, Grit and Grind.” My passion and coaching is focused on leadership development. My next book will be entitled “You Can’t Pour from and Empty Cup” followed by “Shatter or Shine.”

WHEN DID YOU KNOW THIS WAS A CAREER YOU WANTED TO PURSUE? Easily age 9-10. My Dad (former Xerox Sales & Marketing Executive turned Entrepreneur) seemed to have a cool gig! What I saw on the outside was dinners, lavish parties, events, vacations and a pretty comfortable lifestyle. What I didn't see was the hard work and the losses woven in between the wins. Much later in my life I realized my Mom's career (Registered Nurse) had a significant impact on me too. The ability to diagnose problems and show compassion clearly came through her. Growing up as 'the shyest girl in the room" I am inspired to show up for those that may not see the light at the end of the tunnel - they may not even have a tunnel yet!

WHAT TIP WOULD YOU SHARE WITH SOMEONE THAT IS ON THE SAME JOURNEY?

Be true to yourself. Early in my sales career I developed the morals and values I would go forward with. They haven't changed significantly. I would also suggest developing your curriculum by being very intentional about the moves you make to reach your destination. Your curriculum will serve you but more importantly should serve your buyers and help them reach their goals.

WHAT IS YOUR FAVORITE AFFIRMATION?

Be Your Excellent Best - It's an affirmation I started with in sales and I am back to using as an entrepreneur in year 3 of my journey. What the affirmation means to me is do the best you can with what you have. On a daily basis you good will become better and your better will become the best you have to offer.

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