How Women Can Thrive in a Fast-Moving Business World

Economies and communities thrive when women and minority entrepreneurs succeed, yet systemic barriers have blocked their access to capital and resources. Our panel of experts weighs in on how women can break through to be a dynamic force in today’s business world.

What are the top challenges facing women in business today?

It’s now well-known that, despite the advancements women in business have seen over the past several years, the COVID pandemic has set that progression back. While many of the same challenges continue (e.g., time and capital constraints, a limited voice in corporations), other challenges have been reset.  

The pandemic has caused so many women to leave the workforce. With the continued uncertainty in the economy, in the workforce, in childcare and schooling, a top challenge is how women can reenter the business world and become the driving force, the innovators and employers they once were. This is the challenge for us all.

What qualities do successful women managers, executives, and entrepreneurs have in common? 

There really is no wrong answer to this question. I’ve polled businesswomen I know. Here are some qualities that resound with them all: determination, flexibility, good listening skills, relationship building, and inclusiveness. I will add that while some of these qualities are making the news and are being highlighted again, these all are qualities that, in general, women have always embodied. 

What needs to happen now is that we need to flex and strengthen these attributes, let them shine. And it needs to come with support — from each other, from the men we work with, and from the organizations we work within.

Why do companies that create inclusive business models and invest in women’s economic empowerment see greater business success?

Over 200 recent studies concluded that inclusive cultures bring in greater profits. Why? Inclusive business models bring more diverse ideas and perspectives, inspire innovation, allow for empowerment, and subvert group think. By nature, women bring attributes to the table that any successful company needs; empathy, good listening and questioning skills, and collaboration. 

And women-centric business investing should not only be internal. Companies that reach out into their communities to provide support and empowerment to all minority businesses reap huge benefits: new like-minded clients that are willing to grow and promote each other, connections with supportive nonprofits, and even gains in marketplace reputation.

What steps do you recommend for entrepreneurs to obtain and better manage capital?

First, surround themselves with key partners and work those relationships. This should include a banker, CPA, and attorney. Allow them into your “inner sanctum.” Make these partners aware of your needs and plans so they can help reduce expenses, increase revenues, and obtain that sought-after capital. Make sure they all take a holistic look at you so your business goals align with your personal goals. 

Second, get out there and look for capital — it’s not going to find you. Search the internet for organizations that specifically help women obtain capital. It is available on local, national, and international levels.

Which resources and technologies have you seen make the biggest impact when it comes to helping advance women’s rights and economic empowerment? 

First, we agree the pandemic has shown how flexibility is essential for all businesses and employees. With proper balance and technology, we found ways to integrate our personal and work lives. 

Second, many companies now use CRM (customer relationship management) tools to create transparencies in the HR realm — are women and minorities truly getting appropriate opportunities? Are companies holding themselves accountable for their HR practices? These CRM tools allow businesses to be empowered with accurate data. 

Third, resources like associate (or employee) resource groups are becoming so valued, especially in our larger corporations. Do our female and minority employees have a voice? And are they being heard?

What are the top challenges facing women in business today?

There are now 12.3 million women-owned businesses in the United States, and women’s entrepreneurship is growing rapidly. Women small business owners are crucial to the growth of our economy, yet access to capital remains one of the key challenges women continue to face. Women entrepreneurs often lack existing financial relationships with traditional lenders, making it more difficult for them to find funding to grow and expand their businesses. 

Despite the growing number of women-owned startups, last year, companies founded solely by women garnered just 2 percent of the total capital invested in venture-backed startups in the United States. Regardless of the stage of a business, both start-ups and established women-owned businesses face challenges accessing the capital they need to grow.

What qualities do successful female managers, executives and entrepreneurs have in common?

Being a leader in business requires some level of risk appetite, including taking on challenges you haven’t faced before, as well as making critical decisions without all of the information. The traits that enable leaders to navigate these challenges, include:

1. Confidence: You won’t ever have all the answers or all the skills, but you have hopefully built a strong team and you have a lot of common sense. The combination should give you the confidence to navigate unchartered territories.
2. Persistence: Things won’t always go right the first time. Or the second. There is a difference between drive that stems from the desire to win versus the fear of failing. Focus on the former and let setbacks be educational parts of the journey; just another important step on the path to the win.
3. Customer-centric: If you lead with an unwavering focus on your customer, you should always be listening to their needs and how your solution does or doesn’t address those needs. Ensure the feedback loop is open, that you have ways to measure your customer impact, and that you are ready to adapt as needed to improve the customer experience.

Why do companies that create inclusive business models and invest in women’s economic empowerment see greater business success?

Women business owners generate nearly $1.8 trillion for the economy and employ 10.1 million workers. In short, women business owners play a key role in healthy economies. When traditional lenders and fintechs offer products and services tailored to women, they’re not just supporting individual business owners — they are making an impact in local communities, job markets, and economies. It’s a win-win. 

What steps do you recommend for entrepreneurs to obtain and better manage capital?

Research your options. Women must continue to educate themselves and understand their funding options. The universe of financial support for small businesses is growing, but access to capital continues to be fragmented and difficult to navigate. Having a greater understanding of the options available depending on your business stage and need will be paramount to accessing capital.  

Which resources and technologies have you seen make the biggest impact when it comes to helping advance women’s rights and economic empowerment?

The rise of fintech and its desire to create innovative and quick solutions to traditional processes and products in the financial services industry cannot be understated. Too often, big commercial banks tailored their offerings toward larger companies, leaving underserved markets — in particular, small businesses, especially those with women and minority owners — without access to the financial products and services needed to help them grow. 

The rise of fintechs has helped to democratize access to capital. The fintech industry’s laser focus on addressing specific customer needs and bespoke product offerings has provided women more options in how they access capital at every stage of their business lifecycle.  

What steps do you recommend for entrepreneurs to obtain and better manage capital?

Stay lean and mean, do everything you can yourself, and outsource things that you need, as opposed to hiring staff to do things. Hire smart; you don’t need a big staff, you just need good people. You don’t need a big office space — people work from home. Don’t buy inventory without orders for it or a place to sell it. Be conservative and order carefully. The key here is stay tight to your budget and don’t overspend — only spend on what you absolutely must. 

One of the greatest things for me was that I had to learn all facets of my business. I couldn’t hire on staff, I had to learn everything for myself. It made me stronger, smarter, better, and more able to really run my business in all arenas. Remember that no one will love your business like you do, so it’s best that you be the one able to be involved in and make the decisions in all areas of your business.

What qualities do successful female managers, executives, and entrepreneurs have in common?

I look at both the product and the entrepreneur — to me, they are equally important. For the product/business, I look for something that: Has broad appeal, something a lot of people would need or want; solves a problem; is unique or different to what else is on the market; and/or can be made at an affordable price.

In an entrepreneur, I look for hard-working, passionate, driven people. If I love the business and the entrepreneur is like that, it’s the perfect mix.

What are the top challenges facing women in business today?

I categorize the challenges facing women in business into four areas: personal, interpersonal, socio-cultural, and socio-economic. 

Personal challenges include lack of confidence in their abilities, imposter syndrome, pressure to be perfect, and the belief they must work twice as hard as their male counterparts to demonstrate their value. Interpersonal challenges describe conscious and unconscious biases, and microaggressions that inhibit inclusion and limit access to the circles of power and decision-making. Socio-cultural barriers are inherent gender biases, as well as the ways race, class, gender, and other individual characteristics intersect. 

We find this “intersectionality” can increase or entrench existing barriers. And socio-economic challenges include lack of infrastructure, economic support, and flexible workplace practices that enable women to be equally economically active throughout the stages of the family lifecycle from child care to elder care.

What qualities do successful female managers, executives, and entrepreneurs have in common?

Successful women are astute, business-savvy, and technically competent. They know their people, customers, business, and industry, and understand the dynamics of the space in which they operate. They’re also persistent and find opportunities to succeed where others might have given up. 

However, the key differentiator I’ve observed in women who break through is their ability, through empathy and vulnerability, to inspire, particularly among peers competing for the same opportunities. When this happens, their peers value, celebrate, and respect them, which has a multiplier effect on sponsorship, inclusion in the networks of influence, and access to opportunity. 

To be most effective in our changing post-COVID environment, I believe all successful leaders will need to flex their approach and place greater emphasis on empathy and vulnerability, and demonstrate the courage to show up when they can’t control the outcome.  

Why do companies that create inclusive business models and invest in women’s economic empowerment see greater business success?

Inclusion benefits everyone. When women step off the career ladder or leave certain industries, it’s not just an attrition challenge; it’s a brain drain. Companies that invest in women’s economic empowerment are the beneficiaries of that brain drain. Those that don’t spend unproductive hours rehiring and retraining, and find innovation hampered by the lingering effects of employee burnout and the fatigue of financial insecurity. 

The behaviors and mindset required to build an inclusive business that empowers agility, innovation, and drives sustainable business success also overlap with those that respect and value women. 

Ultimately, companies that create inclusive business models attract and retain more talent. In today’s ultra-competitive talent market, that’s a significant business advantage, because these organizations get more from their talent. Both men and women thrive because more flexible business models support better work-life integration, health, and emotional well-being. 

Which resources and technologies have you seen make the biggest impact when it comes to helping advance women’s rights and economic empowerment?

Collaborating across industries to achieve systemic change is a powerful way to advance women’s rights. Industry associations, such as the Healthcare Businesswomen’s Association, provide networks, tools, and resources to help women advance into positions of influence within the healthcare industry. 

The Gender Parity Collaborative, for example, brings together 15 companies with a collective global workforce of more than half a million people. They work together to share experience, and develop roadmaps and solutions to drive meaningful, systemic change and close inequality gaps. 

What we’ve seen is that consortium organizations have driven significant progress, often at far greater rates than other industries, by increasing women’s representation at the VP level and higher through formal sponsorships, and career development programs for women and people of color.