Women and Entrepreneurship

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Presentation to Nashville CABLE organization on Women and Entrepreneurship - Addressing the issues and challenges women face in starting businesses.

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Women and Entrepreneurship

  1. 1. RECOGNIZING YOUR Dr. Michael Burcham President & CEO The Nashville Entrepreneur Center m@ec.co ENTREPRENEURIAL SPIRIT
  2. 2. LARGE CITIES RANKINGS - 2014 BEST CITIES FOR JOB GROWTH
  3. 3. Why?
  4. 4. Source: Business Dynamics Statistics | Tim Kane Startups Create Most New Net Jobs in the United States
  5. 5. Women are becoming entrepreneurs at a record rate, launching 1,288 new businesses per day double the rate from 2011.
  6. 6. Approximate Number of WOMEN-OWNED U.S. Businesses 9.1 MILLION REVENUE Generated By Those Businesses $1.4 TRILLION 7.9 MILLION PEOPLE Employed By Those Businesses Source: American Express Survey of Entrepreneurship, 2014
  7. 7. WOMEN-OWNED FIRMS Account for Nearly Of All New Businesses 30%
  8. 8. Of Women-Owned Businesses Have No Employees Other Than THE BUSINESS OWNER 90%
  9. 9. Of Women-Owned Businesses Have 10 or MORE EMPLOYEES 2%
  10. 10. Of EQUITY INVESTMENTS go to Women-Owned Businesses 5%
  11. 11. So, I decided to ask a few local women entrepreneurs & CEOs about the issue … here’s what they had to say
  12. 12. Why do you think more women do not choose to start a business?
  13. 13. Question 1 | Why Don’t More Women Start Businesses? “In general, I believe women have less confidence that they can actually do it vs. men (even though women are just as qualified) – so we take fewer risks or are less bold in thinking about our dreams.” Beth Chase CEO, C3
  14. 14. Question 1 | Why Don’t More Women Start Businesses? “…Women tend to have a perception that their “ideas” are not credible or have value for funding. We think investors would not find us interesting or worth investing.” Cordia Harrington CEO, Tennessee Bun Company
  15. 15. Question 1 | Why Don’t More Women Start Businesses? “…We think we have to be “Super Woman” all the time – the amazing career, our families, the house is perfect, volunteering – constant self pressure. We become our own worst critic.” Jessica Harthcock CEO, Utilize Health
  16. 16. What do you wish more women knew about the entrepreneurial journey?
  17. 17. Question 2 | What Do You Wish More Women Knew About the Journey? “…It is a roller coaster ride and I love the adrenaline rush when you are at the peak of a hill. I find every day exciting.” Suzanne Sevier Rowland CEO, Sevier Skirts
  18. 18. Question 2 | What Do You Wish More Women Knew About the Journey? “…The greatest thrill is to have your business create opportunities for other people. I find that the most rewarding part of having my own business.” Dhru Upender CEO, d-Visit
  19. 19. Question 2 | What Do You Wish More Women Knew About the Journey? “…Having your children grow up witnessing you being responsible for your business and your employees is an incredible life lesson for them.” Nancy Leach CEO, Facility Planners
  20. 20. Question 2 | What Do You Wish More Women Knew About the Journey? “…The sense of absolute freedom, accomplishment and personal satisfaction you get from entrepreneurship is better than sex.  Sherry Stewart Deutschmann CEO, Letter Logic Almost.”
  21. 21. Why did YOU do it?
  22. 22. Question 3 | Why Did You Do It? “…At first, I did it for survival.   I was a divorced mother of an infant and wasn’t paid enough to support and raise a child.  I knew I could make more money on my own. It’s been a love affair ever since.” Paula Lovell CEO, Lovell Communications
  23. 23. Question 3 | Why Did You Do It? “…I did it for ME! I needed to prove to myself that I was worthy and my ideas were valid. I had something to prove to ME.” Mignon Francois CEO, The Cupcake Collection
  24. 24. Question 3 | Why Did You Do It? “…I knew I had something unique to offer the marketplace – so I am taking control of my own destiny and creating the business I always dreamed of. It is an amazing blessing.” Gretchen Geagan CEO, Life-Links
  25. 25. Question 3 | Why Did You Do It? “…I was tired of giving my all to employers and then having no voice.  Control.” Sherry Stewart Deutschmann CEO, Letter Logic
  26. 26. What are the Core Issues? … and how to we help one another in this entrepreneurial journey?
  27. 27. THE CAREER ESCALATOR DREAM We finished college, got on the corporate escalator, gained experience, whisked our way up the organizational chart, clearing room for ambitious young graduates to follow. We moved steadily up the escalator till time to step off and retire, making room for the next level of folks to take our place.! ! For most of us – the Escalator Never Existed!
  28. 28. CULTIVATING AN ENTREPRENEURIAL MINDSET Whether you work for a 10-person company, a giant multinational corporation, a not-for-profit, government agency or any type of organization in between In order to seize the new opportunities and ! meet the challenges of today’s market ! ! we need to think and act like Entrepreneurs! ! ! !
  29. 29. THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET "Develop your own competitive advantage by combining 3 puzzle pieces:! ! Your     Assets   Your     Aspira-ons   The   Market   Reali-es   1.
  30. 30. THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET "Plan to Adapt. Use the ABZ method so that you can adapt based on feedback and lessons learned.! 2.
  31. 31. THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET "Build real, lasting relationships and deploy these into a powerful professional network built on trust.! 3.
  32. 32. THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET "Find opportunities for yourself and for your organization by tapping networks, being resourceful and staying in motion.! 4.
  33. 33. THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET "Accurately appraise and take on intelligent risk as you pursue opportunities for yourself and the organization! 5.
  34. 34. This Present Moment used to be the Unimaginable Future Stewart Brand The Clock of the Long Now
  35. 35. ISSUES | 1. IT STARTS WITH GOALS Research shows that the only statistically significant predictor of business growth is not the industry, size of business or length of time in business. It is the entrepreneur's goal for growth.
  36. 36. ISSUES | 2. ACCESS TO CAPITAL Women often come to entrepreneurship with fewer resources available to them than men. The result is that they are more likely to go into industries such as retail or personal services where the cost of entry is low—but so is the growth potential.
  37. 37. ISSUES | 3. ACCESS TO MARKETS In the lucrative corporate- purchasing programs, many women business owners believe they do not have the capacity to perform. Data confirm that women- owned businesses do not win a representative share.
  38. 38. ISSUES | ACCESS TO NETWORKS Networks are a vital source of business and industry knowledge, leads on contracts, and access to decision makers in finance, purchasing and the community. Many women lack the connections for credible introductions into key networks.
  39. 39. WHAT WILL LIKELY DETERMINE NASHVILLE’S FUTURE SUCCESS? TECHNOLOGY Research, Coding, Idea Driven TALENT Attractive City for Knowledge Worker TOLERANCE Embracing & Celebrating Diversity 1 2 3 Economic Growth is Largely Driven by People. Simply Stated | Tolerance attracts Talent; and Talent attracts Technology-driven growth.

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