I remember seeing women, many with babies hanging at their hips or suckling at their breasts, at the corners of sandy streets back home in Senegal, selling one product or another under the hot sun, from crackling roasted peanuts to fresh sorrel juice. At the time, I did not even know what the concept of entrepreneurship was. I just instinctively knew the important role these women were playing in the fabric of our society. I knew behind many of their yellowed smiles and inviting and astute banter, hid countless economic and social hardships that the meager revenue from their sporadic sales barely alleviated. These were the first women entrepreneurs I was ever exposed to. Every time I think about entrepreneurship, these are the women I think about…
Yet when I started my own entrepreneurial journey, as an immigrant and a career woman side hustling my way into business, I somehow forgot about these women…I drowned, consciously or not, into the noise of the world around me, giving into salesy gimmicks and marketing hoaxes. So do so many of us out there…Until I’ve had a wakeup call lately, and remembered the women of my childhood, selling at the corners of sandy streets and alleyways, heartily bantering, authentically sharing from the heart to feed their families…Every time I have to get back to business, literally and figuratively, I intentionally pause and remember these women. I remember their hearts, their art, their determination, their drive. I remember their signature marketing anchored in relentless humanity, away from marketing gimmicks and sales ploys…
According to the 2021/2022 Global Entrepreneurship Monitor (GEM) Women’s Entrepreneurship Report, women constitute two out of every five early-stage entrepreneurs active on a global scale. Women are also one in three high-growth entrepreneurs, and one in three innovation entrepreneurs focusing on national and international markets. In general, women in lower-income countries tend to report intentions to start a business at higher rates than women in high-income countries, with the Dominican Republic showing the highest startup rate for women (43.7% vs.41.7% for men). They are also found to exit businesses at lower rates than their male counterparts (3.6% for women vs. 4.4% for men), but this may also be impacted by their lower rates of business entry.
Unfortunately, the pandemic altered these statistics, with women’s entrepreneurial intentions decreasing from 19.1% to 16.7% in 2021 mostly in low-income countries. Women also unfortunately suffered an increase in business exit rates during the COVID-19 pandemic (from 2.9% to 3.6%), while men observed higher rates (from 3.5% to 4.4%). Despite this, almost half of women entrepreneurs at the early stage recognized new business opportunities created by the pandemic, demonstrating a similar alertness to new opportunities and ability to pivot as their male counterparts.
Overall, on a global scale, women entrepreneurs show a high level of activity in growth and high innovation businesses with a focus on national and international markets. While there are few gender-related differences in education and age, women entrepreneurs are generally less affluent than their male counterparts, except in low income countries. Most of the notable differences between men and women entrepreneurs are industry and business size-related, with fewer women with businesses in Information, Computer and Technology (2.7% of women vs. 4.7% of men) and with employees. In terms of stereotypical gendered perceptions around entrepreneurship, the largest gender divide was observed around access to investments, mostly in low income countries.
As a woman and/or mom, if you’re thinking of reconnecting with your entrepreneurial self, whether you’re getting back to your business or side hustle, or are looking for more ownership in your career, this is also your reminder, and encouragement, to do so:
Identify needs and problems
Women and moms have long been attuned to the needs and issues around them, which is a crucial factor in entrepreneurship. It is this attunement to the needs and issues around them, from their own financial needs and those of their families and communities, to gaps in the society around them, that fuels their aspirations to start businesses.
In the same way, identifying the needs and problems around you, whether it’s at work or in your own business or side hustle, is essential to reconnecting with the entrepreneur in you.
What are the needs in your team at work? In the classroom you teach? What are the problems you are experiencing in your life?
As lower business exit rates show the resiliency of women entrepreneurs, it also outlines one of the most crucial elements of women’s entrepreneurship. It’s the ability to stick it out despite obstacles, including lack of funding, damaging stereotypes and scarce support, that keeps women’s businesses afloat and thriving.
For me, the beautiful, resilient and creative women selling roasted peanuts, fresh sorrel juice and so many other products at the corners of sandy streets and alleyways in my hometown of Dakar, Senegal, will always be the picture of entrepreneurship. Their ability to identify problems and needs, to recognize new opportunities in the midst of crisis, and to stick it out in unwelcoming environments lacking the resources they need, will always exemplify the essence of what it means to be an entrepreneur. As a woman and mom, these are the values that help me reconnect with the entrepreneur in me, in my career and business. I hope these are also the values you use to reconnect to your own entrepreneurial side, at work and in business.
In this episode of the podcast, I am discussing recovering financially after the often financially taxing days of summer, as working women and moms. In the episode, I share 3 main steps to recover financially after the summer.
It also cites the paper entitled “ The Summer Drop in Female Employment”, researchers and authors Melanie Wasserman and Brendan Price assert women’s earnings drop by 3.3 percent on a weekly basis during the summer, which represents about five times the drop experienced by their male counterparts.
Tools mentioned in this episode include Mint, YNAB (You Need A Budget), and PocketGuard.
which provide a range of courses suitable for various skill levels.
Listen in!
Thanks for Listening!
Thanks so much for tuning in and listening to this week’s episode! If you enjoyed this week’s episode, please share it by using the social media at the bottom of this post!
Also, leave me a review for the TCS podcast on Apple Podcasts !
I don’t know about you, but the end of the summer is always a bit of a bittersweet moment for me. The (somewhat) sweet and lazy days of summer, peppered with kids’ chaos, traveling snafus and fridges emptying at the speed of the light, quickly give room to bitter and busier days, along with more intense work, business and school schedules. What it also spells for many, if not most working women and moms, is a serious financial wake-up call.
As a result, most working women and moms find themselves running on empty at the end of the summer, needing to financially recover for the last three months of pay cuts, expensive vacations and outrageous childcare and camp options. Here are a few tips and strategies that may help in the process, and lay the foundation for future financial balance and success:
Pause to reflect and realign financially
Reflect and Reevaluate Your Financial Goals
Before going into panic mode or jumping into financial recovery mode, pause and take some time for reflection and realignment around your summer spending and financial goals:
What were the financial goals you set at the beginning of the year, if any?
Did your summer spending get out of control during your vacation?
Or did you manage to stick to your budget?
What is your financial vision going forward?
Assessing your finances against your goals will not only help you understand where you are financially; it will also help you understand your spending habits and identify areas for improvement.
2.Realign Your Budget for Success
Now that you’ve reflected on your spending and your goals, it’s time to get into financial realignment mode:
What discretionary expenses can be trimmed down?
Can the reduced expenses be allocated towards your financial goals, to build an emergency fund, pay off debt, or investing?
Building a budget will help guide your recovery journey and realign yourself financially. Tools like Mint, YNAB (You Need A Budget), and PocketGuard empower you to track your expenses, set financial goals, and monitor your progress. These apps sync with your bank accounts, categorize your spending, and provide insights into areas where you can cut back. This approach allows you to regain control of your finances and allocate funds towards recovery.
3. Navigate Work-Life Integration during the back-to-school season
Effectively integrating your career and family life is crucial for both your family and personal well-being and your financial well-being. This is where the back-to-school season is a great opportunity to create a structured routine that allows you to manage your work commitments, be present with your family and reduce your expenses through better planning and time management.
Take financial action!
4. Strategically tackle your debt!
TransUnion’s 2023 Spring and Summer 2023 Travel Report shows 57% of survey respondents planned to use credit card debt to travel. If you’re among those who accumulated debt over the summer, it’s time to take action:
Prioritize paying off high-interest debt to save money in the long run.
Consider consolidating your debt!
Negotiate with creditors to make your debt more manageable.
Freeing yourself from debt is one of the most important steps you can take towards thriving financially.
5. Explore New Income Streams!
It’s one thing to tackle your debt and cut expenses as part of realigning your budget. It’s also about increasing your income through diversifying your income streams. As a working woman and mom, tapping into your formal and informal skills is invaluable, from freelancing, consulting, or starting a side hustle.
6. Revamp Your Savings Strategy
As summer fades, it’s an ideal time to revisit your savings strategy:
Have a clear purpose for your savings so you can motivate to continue setting money aside.
Consider setting up automatic transfers to your savings accounts to make saving a habit.
Create specific savings goals, whether it’s for a family vacation, education funds, or retirement.
Grow forward!
7. Invest in Your Financial Education
Financial education will not only allow you to get out of the summer financial pit you may be in. It will also help you empower yourself to grow your financial wealth:
Take advantage of resources such as online courses, books, and workshops to enhance your financial literacy. Websites like Udemy, Coursera, and LinkedIn Learning provide a range of courses suitable for various skill levels. Equipping yourself with the knowledge and tools to make informed financial decisions is an integral part of post-summer financial recovery.
Learn about investments, savings vehicles, and tax strategies will help you make informed decisions that align with your long-term goals.
8. Cultivate mindfulness and self-care.
Financial recovery can be a journey of ups and downs. Practicing mindfulness and self-care is essential to maintaining a positive mindset throughout the process. Engage in activities that bring you joy and reduce stress, whether it’s yoga, meditation, or spending quality time with loved ones.
9. Network and Support
Connect with other working women and moms who are also on the path to financial thriving. Join online communities, attend networking events, and share your experiences. The support and insights you gain from like-minded individuals can be invaluable in staying motivated and accountable.
All in all, transitioning from vacation vibes to financial thrive might seem intimidating and impossible to achieve. However, with the right strategies and mindset, you can make significant strides towards your financial goals. Remember, post-summer financial recovery is a journey, and each step you take brings you closer to a more secure and empowered future as a successful working woman and mom.
Now your turn, what strategies are you using to recover financially from the summer months?
In this episode, I discuss the rampamt anxiety working moms experience before and during the back-to-season, and share a back-to-school system to help alleviate the pressure.
Listen in for tips and tricks to beat the back-to-school guilt and exhaustion, and replace these with a more or less peaceful transition!
Thanks for Listening!
Thanks so much for tuning in and listening to this week’s episode! If you enjoyed this week’s episode, please share it by using the social media at the bottom of this post!
Also, leave me a review for the TCS podcast on Apple Podcasts !
For many, if not most working women and moms, back-to-school is quite the stressful time. New schedules to coordinate, childcare to secure, administrative duties to take care of, all the while juggling the rest of their commitments because life doesn’t stop because school is back in session. If anything, the intense post-summer rhythm ends up taking a toll on working women and moms, affecting their mental and physical well-being, as well as their careers and even personal relationships…This is especially more acute when working women and moms do not have the necessary support to handle all the related changes, from infrastructure to community support. Not to mention the financial toll that comes with the heightened school-related expenses for parents…
It’s no wonder then that, many working moms and parents in general, dread the back-to-school period. An Indeed survey reveals 84% of mothers and 85% of dads are taken by surprise by the back-to-school challenges. A majority of moms (94%) tend to feel that the chores and childcare are their responsibility, which also puts a strain on marriages and partnerships. In addition, moms also tend to deal with managing the desire to be present during daytime activities at school, welcome the kids home, and take advantage of social opportunities with fellow parents, along with the societal pressure that accompany these. Considering the number of dual-earning households where both parents have to work, this can pose serious problems in terms of coordinating schedules, leading successful careers and having harmony at home.
For many, if not most moms, these pressures directly conflict with getting back to a more intense work and family pace for the last months of the year. This adds itself to the pressure to finish the year well, and successfully meet deadlines and deliverables before the end of the year. While the COVID-19 pandemic may have opened a wider door to remote and flexible work arrangements, increasing the number of women in the workforce, it’s also created increased childcare issues and is burdening women with handling both the home and work front simultaneously.
As such, developing a back-to-school system that works best for each working mom can go a long way towards lessening the frustration, guilt, and even home and work issues that often arise at the end of the summer months. Here are three steps to consider:
Developing a vision and plan for the back-to-school season:
As mentioned earlier, the back-to-school season takes many parents by surprise. The sheer amount of tasks and coordination involved leaves many a working mom especially frazzled and stressed out. One of the main reasons for this is, as many tend to not give thought to it earlier in the summer, they underestimate the breadth of what is involved. If we add to it current childcare shortages, increasing inflation and other societal, political, and economic pressures, the whole thing can end up turning into the perfect parental and family storm.
Hence the need to develop a vision and plan beforehand. This involves starting at least a couple of weeks earlier, considering all individuals involved, including parents and children, but also the communities around, the schools and workplaces involved as well. How do we want the back-to-school season to feel? What errors and mistakes do we want to avoid?
Putting together all the schedules of all individuals and places involved allows to spot and fill in the blanks, that is all those times, commitments and duties that may require assistance and support, and find ways to approach these.
Set up a communication plan:
Very often, especially as working moms, we fail to communicate our needs and expectations, especially during harsh seasons. Being so accustomed to literally doing it all, or doing most of it, has robbed many of the skill to ask for help. As a result, overwhelm, frustration, even burnout ensue, unfortunately leaving us depleted and drained. This is where setting up an effective communication plan is crucial.
This entails communicating personal and professional needs and expectations, as related to scheduling, administrative tasks, school and family events as well as finances to the units that make up our communities, including home, work, schools, and the villages we operate in. Some examples include asking for remote and flexible work arrangements, coordinating schedules with partners and family support, or asking for teachers’ assistance.
Take action!
Last but not least, the last part of this system is to take consistent and dedicated action towards making this back-to-school system work. Change requires preparation and consistent action, and back-to-school changes are no exception. This is where implementing small modifications to personal, professional and family habits come in handy, such as progressively modifying bedtimes and wake-up times or slowly reinforcing daily study habits. Stacking habits, whereby new habits are built upon already existing ones, such as scheduling study time right after breakfast, can also help.
Most importantly, maintain the consistency of small changes over time makes all the difference. Involving the whole family, setting up a rewards system, or regularly motivating everyone can go a long way to keep at it!
All in all, back-to-school, while being a busy time for working moms and working parents/families as a whole, doesn’t need to be a time of struggle, frustration and anxiety. Setting up a solid system based on a strong vision and plan, adequate communication and consistent action can help transform a usually dreaded time of year, into one of successful transition.
What are your tips for a successful back-to-school season?
