Inequities in Access to Capital Is a Problem for Entrepreneurs Black women represent one of the fastest growing segments of women starting businesses, yet access to capital is still a major obstacle. Although Black women are starting businesses at a rapid rate, they still have a higher failure rate, remain smaller, earn less revenue than their counterparts, and are usually in retail or service industries. A history of social and racial inequality means that businesses run by women of color often have less access to capital. This is due to wealth disparities and lending discrimination; less social capital, which is an important ingredient to acquire business deals; and fewer mentorship and training opportunities. The end result is a snowballing effect of inequality that plays out even among entrepreneurs. According to a report by the Georgia Budget and Policy Institute, Laying the Foundation: A Wealth-Building Agenda for Georgia Women, on average, Black women’s businesses earn just 11 percent and Hispanic women’s businesses earn just 28 percent of the revenue earned by white women-owned businesses. Despite all of the challenges, minority women are still starting and succeeding in business, which in some cases is necessary for economic survival due to the lack of employment opportunities. Antionette Ball, CEO and Founder, Women’s Entrepreneurial Opportunity Project, Inc. (WEOP)
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The Difference Empathetic Leadership Makes in Times of Uncertainty The pandemic has made the importance of kind and understanding leadership in the workplace clearer than ever before. The capacity for noticing, understanding, and being sensitive to the feelings of those around us, otherwise known as empathy, has always been a key trait of our best leaders. This is particularly true in the healthcare community, where we serve people during some of the most vulnerable times of their lives. But this past year has made clear that empathy is more than a “soft skill” or a nice-tohave. It is at the very foundation of what it means to be an effective leader. With all the challenges 2020 has brought us, the year
Laurie Cooke President & CEO, Healthcare Businesswomen’s Association (HBA) has also offered those of us in leadership positions an opportunity. That is the opportunity to step fully into empathetic leadership in a way that places listening and understanding at the core of every communication and every decision. An empathetic workplace equals an engaged workforce — and that translates to business success. This has been proven by research, including a study from Harvard Business Review that found that empathetic
companies outperform their less empathetic counterparts by 20 percent. Employees want to feel belonging and connection at work, and that relies on treating each other with kindness and understanding, which in turn enhances overall performance and improves their effectiveness. The future will continue to bring uncertainty. And it is particularly important that leaders are willing to take action. By being transparent, accessible, and vulnerable ourselves, we can help to create a more empathetic culture that builds greater trust. Trust that will serve us long after this pandemic is under control because it is trust above all else that allows for the creative and agile action needed to meet our greatest challenges. n
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