Did you know that March is Women’s History Month? Now is the perfect time to highlight, observe, and celebrate the contributions of women to events in history and society.
This year, the National Women’s History Alliance named the theme “Moving Forward Together! Women Educating and Inspiring Generations.” It’s a reminder to recognize the achievements and work women have done throughout history to advance us in everything from technology to medicine, activism, and business.
Because of these brave and determined women, future generations have been awarded more opportunities. Their contributions have improved the world for everyone and can inspire all small business owners to grow their companies and support others.
Entrepreneurs Worth Celebrating
How can you move forward together in your small business? By learning from incredible female entrepreneurs. Here are just five leading women and the lessons they can teach us.
Doris Fisher co-founded The Gap with her husband in 1969, when women didn’t commonly hold executive positions. Doris and her husband Don were equal partners in leading Gap, which has carried through to Gap paying male and female employees equal pay today. Under their leadership, Gap grew into a $16 billion business. Doris served as Gap’s merchandiser for more than 30 years and has donated more than $15 million to education.
What she taught us: Never settle for less than you deserve. Advocating for equal pay in the workplace is worth the time and effort, and the future female employees of your company will thank you.
Known as the queen of media, Oprah Winfrey overcame a childhood of poverty and went on to host her own talk show and create a network and media empire. Her influence has spread to nearly every industry, transforming how women lead and view themselves. Oprah shows that everyone, regardless of their background, has the potential for success.
What she taught us: Great leaders can come from all backgrounds. Don’t discount an employee or partner because of where they came from; what matters most is their drive, passion, and creativity.
Janice Bryant Howroyd is the first African American woman to build and own a billion-dollar company. She launched her company, The ActOne Group, with just $1,000 and has grown it to a conglomerate of multiple companies. Janice didn't have a straight path to success and often faced racism and sexism, but she fought through challenges bravely.
What she taught us: The road to success is bumpy and often includes facing biases that are outside of your control. Stay focused on your vision, and don’t let the negativity stop your progress.
A child of immigrants, Marian Iltich founded Little Caesars Pizza with her husband in 1959, quickly expanding it with franchises across the country. As Little Caesars grew, Marian expanded her reach into other industries, including being the first woman to own a casino. Throughout her career, Marian has prioritized helping others and has donated millions to nonprofit organizations.
What she taught us: Pay attention to upcoming trends and industry changes so you can be ahead of the curve. Don’t limit yourself, even to areas that are dominated by men.
Pleasant Rowland started her career as a teacher before founding Pleasant Company, the company behind American Girl. Her brand inspired generations of children to learn about history and imaginative play. She sold her company to Mattel for $700 million. Pleasant has been a long-time supporter of reading initiatives and the restoration of historic locations for future visitors.
What she taught us: Creativity and innovation lead to success. The best solution may require experimentation or thinking outside the box.
Encouraging the Next Generation
Honoring and learning from the past also means supporting the future. Here are four ways small business owners can support other female entrepreneurs:
- Funding. Every entrepreneur knows the importance of securing funding, but raising money is significantly more difficult for women. Female-founded startups receive less than 3% of venture capital-backed funding. To overcome these challenges, small business owners can contribute to investment groups that specifically back female entrepreneurs and connect women with potential investors.
- Mentoring. Who better to teach female entrepreneurs than people who have been in their shoes? By mentoring female entrepreneurs, you can share your experiences and act as a sounding board for their business decisions. Find a mentoring program through a local or industry group, join the board of a local organization, or connect with female entrepreneurs online.
- Networking opportunities. One of the biggest challenges for entrepreneurs is networking, usually because of the time it takes to build and maintain a strong network. Women also tend to have a harder time building strong networks than men. You can help female entrepreneurs overcome these challenges and biases by fostering networking opportunities and connecting individuals who may be able to conduct business with one another.
- Partnerships. As a small business owner, you can partner with female entrepreneurs and highlight their businesses. Is there an entrepreneur whose business aligns with yours? Someone in your area who targets similar customers? Partnering can look like collaborating on products, offering bundled deals, or giving space in your store to share other products.
As we encourage, honor, and support female entrepreneurs, we can move forward together and create a supportive and equal future for small business owners.
Disclaimer: Fundbox and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
