by Solange Lopes | Feb 28, 2018 | Career
In general, women of color face numerous challenges in business. However, while many women have and are making significant strides in the business world, they still grapple with seemingly insurmountable obstacles as entrepreneurs. This is reflected in the dismal percentage of women as angel investors (less than 20%), venture capitalists (less than 10%), and in female-led startups (less than 5%).
Although Black women entrepreneurs stand among the fastest-growing group of women-owned businesses. There are more than 1.5 million businesses owned by Black women . According to the 2016 State of Women-Owned Businesses report, eight out of every 10 businesses started since 2007 were launched by women of color.
Here are some of the harsh challenges that many, if not most, women of color entrepreneurs encounter:
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Biases in the business world
Many women of color entrepreneurs will tell you that they have, and are still facing, a double bias due to both their race and gender. This in turn creates difficulties when it comes to obtaining funding, reaching out to potential partners, and even networking.
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Lack of representation
Very often, women of color are the only ones in business meetings. These women are often striving alone in industries and businesses dominated by men. As such, they are often talked down to, and have to constantly prove their worth, qualifications and drive.
This is especially relevant for women of color who are just starting out and leaping into entrepreneurship. These often find the lack of representation intimidating and discouraging.
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Networking Challenges
Networking events attended by very few women of color, if any, can also deter their them from making the right connections. It can all seem like a boys’ club that can be hard to get into. It’s precisely the lack of access to these networks, as well as not having the right tools and resources to navigate them, that can prevent perfectly viable businesses from surviving and thriving.
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Lack of mentorship
Mentorship is a valuable resource that benefits many businesses, especially in the early stages. However, there tend to be fewer mentorship opportunities available to women entrepreneurs in general. According to Inc., forty-eight percent of female entrepreneurs lack mentors and advisors.
For women of color, the gap is even wider as a result of bias and limited networking opportunities. This is where women -focused networks such as Ellevate Network, or events like the WIN conference, can make all the difference.
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Lack of access to capital and funding
According to this recent study by Fundera, “women entrepreneurs get offered smaller loans across every product, from the same groups”. Female entrepreneurs seeking venture capital do not seem to fare any better. Research confirms that investors actually prefer entrepreneurial pitches by attractive men.
For minority women, the chances of getting traditional sources of funding such as loans can be slim to none. This may be due in large part to both conscious and unconscious bias. As a matter of fact, according to the Minority Business Development Agency (MBDA), small business owners of color are more likely to be denied credit than other small business owners. They also tend to pay higher interest rates than non-minority owned businesses. As a result, fewer women of color entrepreneurs seek to apply for loans.
What challenges do you think women of color entrepreneurs face? Share in the comments.
To Your Success,
The Corporate Sister.
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by Solange Lopes | Feb 25, 2018 | Career
Black Panther movie – Photo credit: bustle.com
There are many reasons why Black Panther is a classic, historical, boundary-breaking movie. As an African and a Black woman, seeing my children’s faces represented on the big screen as the heroes they are, showed me how important this movie is. The powerful representation of women was also a strong testimony to the importance of female leadership, especially when it comes to Black women and women of color.
One of the biggest and most impactful aspects of Black Panther was its female ensemble of women warriors and leaders. The fearless female characters played by Angela Bassett, Danai Gurira Lupita Nyong’o, and Letitia Wright demonstrated that women can not only lead, but they they can defend an empire or organization like no other. From the revolutionary spy Nakia (Lupita Nyong’o), to the army general Okoye (Danai Gurira), to Wakanda’s chief scientist and sister of the king Shuri, not to mention the Queen Mother (Angela Bassett), these women make up the very foundation of Wakanda’s society.
Most importantly, their work and undeniable leadership teach us a few precious career lessons as working women. Here are five of them I took out of the movie:
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Be dedicated to your purpose
One thing that is evident throughout the movie is the women’s passionate dedication to their purpose. Nakia, one of Wakanda’s most trusted spies, is devoted to helping oppressed people and protecting Wakanda. Okoye, the “general”, is the head of the Dora Milaje, the army of women warriors in charge of protecting King T’Challa. She is also dedicated to Wakanda, at the risk of losing her own love W’Kabi after he decides to betray King T’Challa. Shuri, the “smartest woman in the world”, is committed to fighting for Wakanda through the power of technology. These are a few examples of the power of Purpose in the lives of the women of Wakanda.
How much more effective would we be if we, as working women, were also unwavering in our purpose? Very often, society has us believe in the obstacles to achieving our career purpose, more than in our capacity to overcome them. The women of Wakanda show us that unwavering dedication ultimately wins!
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Don’t be afraid to communicate fearlessly
If there’s one thing that the women of Wakanda don’t do, is mince their words! From Shuri’s witty replies to Okoye’s authoritative commands, they don’t shy away from expressing their opinions. It is by standing by their principles and using their voices that they’re able to bring about change and victory.
What if, like them, we hesitated less when it came to sharing valuable knowledge and empowering opinions? What if we stepped into rooms traditionally reserved for men, like Okoye as the head of the army, or Shuri as a leader in STEM, with confidence and natural authority? It’s only by asking what we want that actually stand a chance of getting it.
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There is no such a thing as male-dominated fields
If you ask me, Disney should start working on a Shuri princess pronto. This witty genius in the movie is the perfect advocate for girls and women in STEM. Think of how many young girls are now dreaming of creating technological wonders like Shuri. Think of all the girls and women of color who now consider it normal to see themselves heading a laboratory and making strides in science.
What if we stopped considering certain fields or areas as reserved to men? What if we ventured into traditionally male-dominated fields and shared our expertise? The best way to break barriers is to act as if they didn’t exist in the first place.
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Intelligence and strategy beat power
From Shuri’s brilliance to the Dora Milaje’s army strategy in battle, the women of Wakanda display increadible intelligence throughout the movie. While their attractiveness is evident, it’s their mind and skill that call our attention.
As working women, it can be easy to discount our intelligence and strategic powers. We often think that the powers at play, especially in our careers or businesses, cannot be overcome. However, intelligence and strategy, skillfully used in our work, can open doors for us.
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Show up just as you are
Authenticity is the signature power of the Wakandan women. While there are many layers to their characters in Black Panther, they never fail to show up just as they are. As strong and purposeful as they are, they also don’t shy away from assuming their emotions. They’re comfortable in their skins, and not afraid to face controversy.
How many times do we, as working women, feel compelled to wear a mask at work? We often think that adopting certain behaviors or even a certain voice, can help us be more successful. What if, instead, we unapologetically and fearlessly showed up as who we are? There may be places where we may not be accepted. However, our impact would be multiplied in the right environments.
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The power of resilience is real
After T’Challa is defeated by Killmonger and is believed to be dead, it’s the women of Wakanda, including the Queen Mother, Nakia and Shuri, who seek ways to save the nation. Despite being distraught and at a loss, they decide not to quit. It is thanks to their resilience that King T’Challa is brought back to life and the nation rescued.
As working women, our professional paths can be long, winding roads filled with obstacles. We may be tempted to quit or give in to the pressure as we go. However, being persistent and resilient in our careers or businesses is what really helps us accomplish our ultimate goals.
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Organizations with women in leadership always win
Last but not least, one of the most important lessons Black Panther teaches us all is that organizations with women in leadership ultimately win. From the female elders to the Queen Mother, not to mention the general Okoye, Nakia, and Shuri, the women of Wakanda are the foundation of their society. It is thanks to them that the nation is flourishing and ultimately saved.
This goes to confirm what modern studies and statistics have clearly demonstrated. Any organization with women at the top is bound to succeed.
What do you think is the most important lesson that Black Panther teaches us as working women?
To Your Success,
The Corporate Sister.
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by Solange Lopes | Feb 25, 2018 | Career
Welcome to our weekly career, entrepreneurship, lifestyle and fashion news roundup! Think of it as your online watercooler/work gossip station/coffee break spot for now…Want to add anything to our list? Email us at corporate@thecorporatesister.com!
- Work It Daily shares 4 career lessons you can learn from Black Panther;
- Black Enterprise confirms that this study reveals that bias at work harms women of color and affects their ability to thrive;
- Recruiter confirms that in 2018, professional women are still judged by their appearance;
- The Glassdoor Blog shares over 10 work-from-home jobs that pay well;
- Ellevate Network explains why women thrive in female-focused co-working spaces;
- Forbes Woman shares three ways Black women can negotiate success in the boardroom;
- Business Insider reveals the one question you should never ask in a job interview;
- The Personal Branding Blog shares the do’s and dont’s of asking for a raise;
- Recruiting Blogs shares an introvert’s guide to getting your voice heard in a meeting;
- Ellevate Network shares 5 unorthodox networking tips;
- Corporette tips you off on how to plan a wedding while working full-time;
- WhoWhatWear lists 16 easy ways to make your look more sophisticated.
Cheers!
The Corporate Sister
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by Solange Lopes | Feb 17, 2018 | Career
Welcome to our weekly career, entrepreneurship, lifestyle and fashion news roundup! Think of it as your online watercooler/work gossip station/coffee break spot for now…Want to add anything to our list? Email us at corporate@thecorporatesister.com!
- This week, the Obamas wowed us with their official portraits, which, according to the New York Times, blend paint, politics, fact and fiction;
- In box-office news this week, we’re so excited about the Black Panther movie, as Forbes reveals its record opening night;
- Black Enterprise reveals that Ellen Johnson Sirleaf, Africa’s first female president wins a $5 million leadership prize;
- Ellevate Network lists 5 ways to know if your job is making you sick;
- The Glassdoor Blog shares 6 personal fears keeping you from your dream career;
- Corporette shares 7 tips for women on avoiding unwanted advances while on business travel;
- Want to become a CPA? The Corporate Sister shows you how to do it in less than 12 months;
- Want to detox your inbox in 2018? Ellevate Network shows you 3 ways you can do it;
- In the name of love, this couple created an app that lets you get married on the Internet;
- The Daily Muse shares this trick to read 2 books a month (and still get everything done);
Cheers!
To Your Success,
The Corporate Sister.
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by Solange Lopes | Feb 17, 2018 | Find Your Purpose, Start Your Business
For many of us, the dream career is a business to call your very own. Making the rules and doing it your way has a certain appeal to a large chunk of the population. Yet, when it comes to leaving Corporate America and creating our own path, deciding when the time is right and how to do it presents a dilemma to many.
Life in Corporate America can be a slog for the free spirits among us. Millions of people catch themselves daydreaming during their corporate jobs of a life of freedom – free of cubicles and boardrooms.
There are thousands of talented and brilliant minds working for the countless companies and firms out there. Why do so many of them stay when they hate their jobs? The answer is not so simple.
Living a life of freedom is alluring, but the realities and obligations of modern life are important, too. Leaving a cushy job with income stability and benefits is no easy task – they call it the “golden handcuffs” for a reason.
Many of us stay within the office walls to keep things stable at home. Regular income and a clear path forward through life are a comfort to most people. Being your own boss with all the responsibility and risk can be terrifying.
A career with a big company and consistently working in an office doesn’t come without risks though – downsizing, takeovers, bad bosses, and bad luck. Overall, it’s a “safer route” for most people, especially when they are afraid to break out on their own and risk failure at the helm as captain of the ship.
People are more comfortable working for an employer who lays out the path forward. Regular promotions, career plans, “progression,” and a clearer vision of the future are enticing to some. It’s all very hard to resist, and most of us never take the jump to strike out on our own.
Who’s Leaving and Why?
Thousands do leave Corporate America to become entrepreneurs every year – professionals of all incomes, career aspirations, and fields of expertise. Leaving the cubicle behind is a common thing today, especially given the opportunities in self-employment and a global online world.
Whether it’s basket-weaving, a hot new app, or a boutique firm to call your own, it is possible to follow your dreams and find success with a little luck and a lot of planning. You have to make sure you are prepared for all of the obstacles that are sure to come your way so that you can have a smooth transition into your new life.
Small and medium business ownership offers countless opportunities in America, the hub of capitalism. Modern technology offers a new way of doing business, and it’s often an advantage to be new, small, and sick of doing things the same as always.
It doesn’t matter what you do – there is an opportunity to shake things up and earn a good living in your industry or profession. The hardest part is finding the courage to jump and the right time to do it.
So You’re Inspired, But How Do You Make the Leap?
If you are serious about making a change away from Corporate America into the world of entrepreneurship and being your own boss, there are a few tips compiled below to help you along the way. Planning, timing, and execution are all important on your path out the door and onto the open road. The details make a difference.
It’s not a binary choice (like most things in life). There are many ways to make the transition from Corporate America to life on your own. Millions of Americans have two jobs including a self-owned business that operates outside of their regular nine-to-five.
You can always take it slow and do two things for a while. Once the passion project becomes a big hit, it gives you options instead of going all-or-nothing with your corporate career. It’s not always the right choice, but try not to frame the decision as two choices: stay or leave.
Conversely, if you’re really feeling inspired, then you could make the giant leap into full entrepreneurship. This is a lot more risky, but it’s also got the potential to be highly rewarding, especially if you need to get ahead with your idea.
What You Need to Start a Business
A big leap into the unknown is a scary thing for most people, but thought and planning makes all the difference. One of the most important traits in an entrepreneur is vision. You’ll need to have a path forward to get the ball rolling.
One of the most important things in any business venture is capital, or money. Seed financing, operating expenses, equipment leasing, office locations, registration, branding, licenses, inspections, and other startup costs are a regular shock to many entrepreneurs. It all takes cash to make it happen. It’s important to think about your finances early in the process.
There are a couple ways to make the finances work. The first one involves you paying out of pocket which is almost always very hard to do. Second, if you have an attractive idea, you could reach out to potential investors who are willing to contribute to your idea, though you may need to give up part of your business. Finally, small business financing from a bank or lender is the next step towards finding capital. Talk to outside professionals or find a mentor if you can. Don’t be afraid to ask stupid questions at this stage!
Needless to say, starting out as an entrepreneur is hard. After all, over 90 percent of startups fail, so you can assume that it will be hard. However, successfully starting a business is the epitome of the American dream. If you can make it as a legitimate business, then you stand to make your mark in the world.
Good luck!
Tom FIRE – Founder of FIREd Up Millenial blog
Tom Fire is a millennial Personal Finance blogger and the founder of FIRed UP Millenial blog. When he’s not working as an engineer, Tom shares his passion for financial independence on his blog. His hope is to achieve financial freedom by the age of 35.
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