Guest Opinion: Amassing resources to boost female entrepreneurship
BY DIANE RAMSEY | CEO, Iowa Women Lead Change
Last week, a young woman approached me at a networking event. “I really want to start my own business,” she told me. “I have a business plan and have been reworking it for some time. But I don’t know where to go from here.”
I wish this were an isolated incident. It’s not. I encounter women each week who share similar stories: They have an entrepreneurial idea, they may have a business plan, and then they hit a roadblock — whether it is the lack of access to capital, the absence of a strong business mentor or fear in taking a risk.
What do these roadblocks all have in common? They are preventable and reversible.
The statistics are well-known:
- Iowa ranks last in the United States for the number of women-owned businesses. This is a staggering figure because it is proven that successful women-owned businesses are key to a state’s — and nation’s — economic well-being.
- Women-owned businesses in the United States employ 7.5 million workers, resulting in an economic impact exceeding $3 trillion. That is certainly not chump change, and it illustrates the importance of the success of female entrepreneurs.
- Women reinvest 90 percent of their earnings in family and community, leading to stronger, healthier families, schools and community organizations that support growth and development.
It is glaringly apparent that we all must be committed to growing women-owned businesses. In today’s economy, women-owned businesses are smaller and generate less revenue than their male-owned counterparts. Because they make less money, the businesses have a shorter life cycle.
All states are interested in driving economic growth, and Iowa is no different. If you know of a woman who has an idea for a business, but she doesn’t know where to turn to make that vision a reality, assure her that there are resources available within Iowa to aid her in developing her business plan and seeing it to market.
A cadre of statewide organizations — governmental, for-profit and nonprofit — exist to ensure that female startups can launch and thrive. This includes support from the state of Iowa via Lt. Governor Kim Reynolds’ STEM female mentoring effort, Million Women Mentors.
Being mentored, especially at a young and impressionable age, is crucial in helping women develop the understanding that they can succeed in science, technology and business fields.
But mentoring is also imperative in the startup phase. Iowa Women Lead Change (IWLC) is proud to support this initiative and to provide entrepreneurial support for women, along with other amazing resources, including the Iowa Economic Development Authority, Ascent Iowa, the Iowa Startup Accelerator, SquareOne in Des Moines and many economic development groups in communities throughout Iowa.
While the strategies and tactics of organizations that support women-owned businesses may differ, I believe that those committed to assisting and financing female entrepreneurs all share a few common goals. We want to:
- Help women gain access to business capital and angel investment opportunities.
- Open the door for business mentorship.
- Educate political and business leaders about the necessity and importance of female entrepreneurship.
- Encourage women to participate on corporate and virtual boards to gain business experience.
- Engage current successful business entrepreneurs to provide expertise to fledgling women-owned businesses.
I hope you will encourage a woman you know to continue on (or begin) a journey to female entrepreneurship. Our economy depends on the growth of female entrepreneurship — and it’s also the right thing to do!
Diane Ramsey is the CEO of Iowa Women Lead Change (IWLC). Under her stewardship, IWLC transitioned from a grassroots-driven once-a-year event to a statewide 501(c)(3) nonprofit organization whose mission is to advance women’s leadership development and excellence.
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She can be reached at Diane.Ramsey@IWLCLeads.org and @DianeHRamsey.
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