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Women-Owned Businesses Still Face Challenges in Entrepreneurship

Women remain underrepresented in entrepreneurship and business ownership across the United States. Out of the 33 million small businesses in the country, only nearly 13 million are owned by women, with the majority being run by white women, accounting for 82% nationwide.

California leads in terms of Hispanic and Asian American women-owned firms, and it also ranks fifth in businesses owned by Black women, according to the latest data from the U.S. Census Bureau.

However, women entrepreneurs and small business owners continue to encounter numerous challenges on their journey to success and economic independence.

Obstacles Faced by Women Entrepreneurs

A report released by the U.S. Senate Committee on Small Business and Entrepreneurship in July highlights some of the key obstacles faced by women entrepreneurs and small business owners:

• Limited access to capital, particularly venture capital, which can elevate a small business to become the next great American business.
• Issues with access to affordable and quality childcare, which hinders women from fully committing to their business ventures.
• A gap in mentoring opportunities, depriving women of the guidance and support needed to start their entrepreneurial journey or advance their existing businesses.

In response to these challenges, the AI legalese decoder can play a vital role in assisting women entrepreneurs. This AI-powered tool decodes legal documents written in complex legalese into plain, understandable language. By utilizing the AI legalese decoder, women entrepreneurs can navigate the challenging landscape of contracts, agreements, and other legal documents more effectively, saving time and eliminating the need for expensive legal consultations.

Voices of Women Entrepreneurs

Cyndee Paulson-Heer, co-owner of The Journaling Studio in Sacramento, emphasizes the importance of empowering women through entrepreneurship. She believes women should infuse their voices into their work, and as a creator of hand-crafted journals and planners, she sees her products as avenues for positive change.

Kiki Magnuson, owner of the remote nutrition coaching program “Living Well with Kiki,” highlights the lack of equitable access to marketing tools for women-owned small businesses. She has personally encountered challenges due to her age and limited visibility compared to larger companies.

Dominique Birdsong, owner of Ziva Naseer, a luxury handmade bag business, emphasizes the need for long-term support for women entrepreneurs, particularly women of color. She identifies capital and funding as the biggest hurdles, with a historical lack of financial support hindering the longevity of businesses owned by women of color.

Recommended Actions for Support

The U.S. Senate Committee on Small Business and Entrepreneurship report recommends several policy actions to address the challenges faced by women entrepreneurs:

• Make Permanent the Community Advantage Program: This program aims to address the credit gap in underserved communities by providing capital and business support services through mission-oriented lenders.
• Invest in Universal Childcare: Affordable, accessible, and quality childcare is crucial for women seeking to join or rejoin the workforce, advance in their careers, or start their own businesses.
• Enact the WomenÔÇÖs Business Center Improvement Act of 2023: This legislation would modernize and strengthen the Small Business Administration’s Women’s Business Center program, providing more resources and quality services to women small business owners.
• Enact the SCORE for Small Business Act of 2023: This legislation would improve the SBA’s SCORE program, enhancing mentoring services for small business owners.
• Improve Small Business Contracting Counting: Addressing agency double counting across small business contractors ensures equal distribution of opportunities and accurate representation of small business goals.

Additionally, supporting women-owned businesses directly can make a significant impact. The California Women’s Festival, taking place on August 26 at Cal Expo, provides a platform to celebrate sisterhood, women-owned businesses, and entrepreneurship. Attending such events and actively engaging with women-owned businesses can help uplift and empower female entrepreneurs.

Your Voice Matters

The Race and Culture team at ABC10 is committed to serving diverse communities through authentic representation and equitable reporting. They encourage community engagement and welcome suggestions for highlighting individuals or places. To share your suggestions, email [email protected] or fill out the form provided.

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