WOMEN IN BUSINESS 2022

in

Business

A Rock Valley Publishing LLC publication 2022

Business Women’s Clubs • Women, Wine & Wealth International Women’s Day

Empowered, successful and leading the way

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2022 WOMEN IN BUSINESS

Are there gender differences between men and women entrepreneurs?

It’s a popular stereotype that successful entrepreneurs are competitive, outgoing and assertive risk-takers – and they’re almost always portrayed as men. This leads to a common misconception that female entrepreneurs are inherently different than their male peers: mild-mannered, risk-averse and therefore not built for the world of business the way men are.

But women are launching successful businesses and contributing more to the economy than ever before, despite facing systemic challenges when it comes to funding and launching their businesses.

A few studies have looked at the motivations and characteristics of men and women entrepreneurs to see how they differ and what they have in common.

They found that women are just as willing to take big risks in the name of growing their companies, with the confidence to pursue business ideas they believe in.

What motivates female and male entrepreneurs?

Men and women share many of the same motivations for starting their own businesses. A study by the Ewing Marion Kauffman Foundation found that both men and women listed the same five most important factors driving them to become entrepreneurs (though they ranked them in different orders). The list includes: * Wanting to build wealth * A desire to pursue a business idea they have * Finding the startup culture appealing * A long-time wish to run their own company * Not wanting to work for someone else Another important motivating factor for women, which was less significant for men, was the encouragement of a mentor. A study by KPMG found that 67 percent of women believed mentorship was extremely or very important

STOCK PHOTO Women in Business

in motivating them to pursue entrepreneurship.

What do men and women entrepreneurs have in common?

It turns out both men and women are open to taking risks to help their businesses grow, and they’re both capable of being strong leaders who can manage and motivate employees. Here are some of the top traits women believe helped them succeed in business, according to the study by KPMG: * A drive to work hard * Perseverance through tough times * A willingness to take risks * Hiring and managing good people Many of these overlap with the characteristics male entrepreneurs are often given credit for: determination, risk-taking, and strong leadership skills.

How do men and women entrepreneurs differ?

There are a few important differences between men and women when it comes to entrepreneurship. And

those differences can often have a significant effect on the success of a business. Here are some of the key ways men and women differ: * Women are less likely to start a business in the first place: Men are twice as likely as women to launch a business * This may in part be because of the funding challenges and harmful stereotypes women face. * But they’re also less likely to quit the businesses they start: When women do launch new businesses, they’re more likely to stick with it; men are 14 percent more likely to leave a business they’ve founded. * Lenders are less likely to fund women-owned businesses: As we mentioned above, women have more trouble securing business loans than men do.

They receive 31 percent less funding on average than male-owned businesses * Previous work experience is more important to women: Women believe that prior work and management experience is more important for founding a successful business than men do.

Researchers speculated this could be because workplace stereotypes lower women’s self-confidence * The key differences between men and women entrepreneurs have less to do with special traits or skills, and more to do with access to opportunities and the different ways men and women are perceived in business. Luckily, in boardrooms and government offices, work is being done to address the systemic challenges women face as entrepreneurs.

As the U.S. Senate Committee on Small Business & Entrepreneurship recently concluded “Women – and the ideas they pursue – are the next frontier for American entrepreneurship, which is why the nation’s leaders must understand their challenges and foster a society that supports their successes.”

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Illinois Federation of Business Women’s Clubs: Established in 1921

By Hazel Kirchhoefer STATE HISTORIAN 1999

Two hundred and twelve women met in St. Louis in July 1919 to organize the National Federation of Business and Professional Women’s Clubs. There was a plaque in the wall of the old Gateway Hotel in St. Louis to commemorate that event.

Article of Incorporation was submitted to the state of Illinois on December 24, 1919. Joanna Downes as President, Anna Ranes as Executive Secretary and Mary Gallagher as Vice President.

The Illinois Federation was organized in Elgin in 1921 as a result of the inspiration Mrs. Beatrice Cowlin of Elgin received when she attended that meeting. Miss Ida Patterson, Rockford, served as the first president of the Illinois Federation. It is interesting to note that the President of the Illinois Federation during the 50th Anniversary year was the late Doris Marks from Rockford, and the President during the 60th anniversary year was Colleen Forry, also from Rockford.

Of the seven local organizations at the 1921 organizational meeting, Aurora, East St. Louis, Elgin and Springfield still belong to the Illinois Federation.

The first annual convention of the Illinois Federation was held in the Senate Chambers of the State House in Springfield April 14 and 15, 1922. There

were 10 clubs with a membership of 775 at that time. The peak number of clubs was 170 in 1968-69. The peak number of members was 11,232 in 1967-68.

Mrs. Vera Huber, State President in 1930, headed the Illinois delegation, which joined other members of the National Federation to organize the International Federation in Geneva, Switzerland.

In 1947, the first statewide Leadership Conference was held in Bloomington.

Since that time, conferences are held each year to train or instruct officers, chairpersons, etc., in the responsibilities of their positions. The state officers and standing committee chairpersons usually conduct workshops or round table discussions, and frequently there is a motivational speaker.

Perhaps one of the most outstanding achievements of the Illinois Federation occurred in 1948 with the institution of a Fellowship to train qualified women for policy-making posts in government and diplomatic fields. The Fellowship, a first on the national level, was named in honor of Celia M. Howard, tenth President of the Illinois Federation. It originated as a $1,000 scholarship and was changed in 1949 to a Fellowship with a goal of $100,000 Trust Fund. The Fletcher School of law and Diplomacy was selected as the school for training the awardees, but the American Graduate School of International

Management, Southern Illinois University, and the University of Illinois have been added. Selections are made on the basis of need as well as previous graduate study or practical experience in business, government, economics and history. In the very beginning, each member contributed two cents at each meeting to finance the Celia M. Howard program, but now the interest from investments pays for the awards.

The Illinois Federation continues to support the national Foundation - our largest contribution was $19,707.48 in 1981-82.

At the 1967 State Convention a project was adopted for the purpose of raising funds for a State Headquarters. A reserve fund of $150,000 was to be established to finance a permanent headquarters in Springfield. A State headquarters was established in 1969-70 and a secretary employed. The $150,000 goal was reached in 1973, and in 1983 the headquarters moved to a larger facility at 528 South Fifth Street where it remains today, a well equipped modern business office.

Action to share the Federation objectives through the media of television, radio, and cassettes was initiated in 1976.

Members appeared on radio and television, represented Illinois in the Soviet Union as a part of the people to people program, had information booths at the Illinois Center

in Chicago for national Women’s History Week, and at the Illinois State Fair.

Illinois members participated in the passage of the Illinois Spousal Health Insurance Rights Act (SHIRA) through presentation of the bill at a Legislative Conference and by lobbying General Assembly members.

Illinois took an active part in working to finance the renovation of the national Headquarters. A skylight window was purchased to honor Past National President Jean McCarrey.

Illinois has supported BPW/PAC by contributing to funding for candidates who support issues of concern to BPW. They also continue to work for the passage of the ERA. Bylaws was established as a State Standing Committee in 1990-91. The Choices Project, women helping girls with choices, was adopted that year, too.

Illinois continues to provide the national Federation women to serve in many capacities. Jean L. McCarrey was National President 1973-74. Dr. Frances Whitehead and Mary Lou Koonce each served as National Recording Secretary.

In addition, many members have served as committee chairpersons or as committee members.

Though the membership of the Illinois Federation has declined in recent years, the Federation is still a strong organization.

This historic photo was taken at the National American Women Suffrage Convention in St. Louis in 1919.

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Illinois Federation of Business Women’s Clubs: Empowering women since 1919 The Illinois Federation of Business Women’s Clubs, Inc. (IFBWC) is a statewide organization that strives to make a difference in the lives of working women in Illinois. Here are some reasons why women join our great organization.

Networking with movers, shakers Create and sustain mutually beneficial relationships with a diverse group of women throughout the local community and state. Establish relationships, share ideas, contacts and resources to further your personal and professional goals.

Visibility Increase your visibility in your community through involvement in IFBWC events -- locally and statewide.

Meetings, newsletters, websites, and social media provide opportunities to showcase and promote you and your business.

Education/career enhancement Participate in local and statewide

programs that are designed to provide personal and professional development, growth and opportunities. Through workshops, seminars and noted experts, our members are given opportunities to gain the skills they need to succeed and be successful.

Advocacy Through our Legislative Committee you will stay informed of legislation bills at the state and national levels and participate in lobby day and equal pay rallies.

Leadership Develop leadership skills at the local and state levels with mentors to help you along the way. Take advantage of the career building opportunities that our IFBWC membershipprovides by participating in volunteer opportunities that match your professional goals or strengthen your existing skills. Become a recognized leader by getting involved in programs that benefit your local community.

Friendship Being a part of IFBWC has a variety of rewards but one of the most valuable rewards is the lasting and meaningful friendships that are formed. While engaging in the many activities and programs, you will develop supportive friendships as well as significant business relationships.

As a leading advocate for working women, IFBWC proudly includes women

and men in all careers and professions.

We also welcome student members still attending college. There are clubs specifically tailored to college age women and high school girls. These groups are mentored by seasoned professional women members in local groups nearby.

For more information about membership go to our “IFBWC Membership” page. Contact us with any questions or email us at webmistress@ ifbwc.org.

Women in Business A publication of Rock Valley Publishing LLC 1102 Ann St., Delavan, WI 53115 Editor in Chief: Ed Nadolski • Section Editor: Melanie Bradley Page Design: Jen DeGroot • Creative Director: Heather Ruenz Advertising Director: Vicki Vanderwerff

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2022 WOMEN IN BUSINESS

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Area women invited to ‘Women, Wine, & Wealth’

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Over the past few generations, women have made impressive social strides and are more educated, earn higher income, and assume a more powerful role both in the workplace and with decisions at home.

But life is busy, and a lot of things get in the way of taking the time needed to plan for retirement, wills/estate planning, and insurance. These things aren’t necessarily fun to think about, plus there is so much information out there that it can be difficult to figure out where to start.

RNPW members Danielle Burza-Smith of Estate Law Partners, LLC, and Ashly Lantz of Medicare 411 will be panelists in this discussion, joined by Lea Evers of Edward Jones and Colleen Frentzel of American Family Insurance.

These four women are giving you an easy way to get a couple hours of me time while drinking a glass of wine and hearing from other women about these important topics.

You will receive the tools and information you need to feel more confident about these topics and know where to start or where to go when you’re ready.

Plan on joining the discussion on Wednesday, June 22, from 6 to 8 p.m. This event will be held at the Beloit Club, 2327 S. Riverside Dr., in Beloit. The event is free to attend and will include heavy appetizers and two beverage tickets. To RSVP, please visit: https://www.eventbrite. com/e/women-wine-and-wealth-tickets-297472737967

Vella (right) joins Event Floral owner Erin Stoffregen (left) in putting together a floral arrangement.

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Vella visits women-owned businesses, encourages residents to shop local As part of efforts to recognize Women’s History Month, state Rep. Dave Vella, D-Rockford, met with women entrepreneurs and encouraging residents to shop local and support women-owned businesses in the Rockford region.

“Our area is home to many passionate, incredibly talented women who have chosen to invest in our community,” Vella said. “These visits are always a great opportunity to talk one-on-one with shop owners, and discuss ways that the state can support business and help create jobs.”

This week Vella visited the following businesses and met with owners: - Thayer Energy Solutions Inc. in Loves Park (owned

by Patti Thayer); - Infinite Soul Vibrations in Rockford (owned by

Gambino Realtor Pam Cunningham Rockford resident Pamela Cunningham is a real estate agent with Gambino Realty. She has over 20 years of sales and marketing experience and a Bachelor’s degree in sales and marketing. She’s received numerous awards including the American Marketing Assoc. She specializes in residential real estate in Winnebago, Boone, Ogle, McHenry, and Stephenson counties including previously owned homes, new construction, horse properties, land and lots. Pamela can be reached 815-289-6323, PCunningham@GoGambino.com SUBMITTED PHOTO Women in Business

Tamika Brown); - Sisters Thai Café in Rockford (owned by Chintana Sengchannavong); - Event Floral in Loves Park (owned by Erin Stoffregen); - EK Bakery LLC in Belvidere (owned by Erica Simmons; and - Tad More Tailoring and Alterations in Rockford (owned by Sarene Alsharif).

“I strongly encourage residents, if they have not done so already, to check out these great businesses and support our local job creators,” Vella said. “Particularly as we continue to recover economically from the pandemic, it’s important that we support our region’s diverse selection of businesses.”

Starting a business? Website trends to consider Starting a business? One of the first things you’ll need to do is build a website. Today a website is not only your brand, but it also provides the tools you need to operate your business, and is the central point for you to communicate with your customers.

Web development platform Wix recently took a look at website creation data for the U.S. in 2019 and found some interesting facts. One significant statistic found is that 38 percent of visitors stop engaging on a site with poor design. That means that if you decide to start a business, it’s important to do it right.

A key website feature to keep in mind when building your site is live chat. Almost half of sites implement a live chat feature to communicate with current customers and attract potential new customers. In any business, it’s important from the beginning to be responsive to customers, and doing so can be a key differentiator in growing your business.

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2022 WOMEN IN BUSINESS

How does gender affect funding for businesses?

Women-owned businesses are fueling economic growth more than ever before.

According to the U.S. Department of Labor, businesses owned by women make up 36 percent of all U.S. companies, accounting for 8.4 million jobs and driving $2.5 trillion in sales. But while women are launching more ventures and employing more workers than ever before, they still face more funding obstacles than their male counterparts. And those obstacles can limit how much their businesses grow and can even prevent some companies from ever getting off the ground.

Women frequently apply for funding, but several studies have found they are less likely to be approved for business loans than men, and when they do get funding, they receive less money than men do. An article published by CNBC noted that the average loan size for women-owned businesses was 31 percent less than for male-owned businesses in 2018.

There are serious funding biases that limit investment opportunities for women-owned businesses, but understanding and addressing

these barriers could help spark new growth in female entrepreneurship.

“If women-owned businesses are a smart investment, why aren’t investors jumping at the chance to back them?”

The gender funding gap in startups Startups owned by women face more funding barriers than male-owned enterprises. Recent studies have tried to better understand just how challenging it can be for women to secure funding. Research

by Boston Consulting Group found that women who pitched their business ideas to investors received much smaller investments than men – less than half, on average. And that figure becomes even more shocking when you consider that startups founded by women actually tend to perform better over time, generating 10 percent more revenue than startups founded by men, according to the same BCG study.

If women-owned businesses are a smart investment, why aren’t investors jumping at the chance to back them? Recent research by the Harvard Business Review offers some insight into why women entrepreneurs receive less funding

– only 2 percent of all venture capital (VC) funding in the U.S. The researchers listened in on interviews between investors and entrepreneurs. They found that investors asked completely different questions of men and women.

The investors they listened to asked men more questions about their potential for gains (called promotion questions), whereas they asked women more about their potential for losses (prevention questions).

These different question styles have a big impact on a startup’s investment prospects.

The same Harvard study found that for every prevention question an entrepreneur was asked, they raised $3.8 million less in funding, on average. That puts a big dent in the growth potential of women-owned startups.

It matters who’s making funding decisions An important factor that affects how much investment women-owned startups receive is a lack of female venture capitalists.

The VC world is still largely seen as an old boys’ club, with women making up only 7 percent of partners at top VC firms, according to research by

TechCrunch.

A lack of women making investment decisions can have a particularly negative effect on businesses with products or services that are meant to serve female customers. Male VCs don’t necessarily have the personal knowledge and experience to judge the potential of startups serving women, which can lead to biases when it comes to investments.

The outlook for women-owned businesses Despite the funding challenges they face, women report having a positive outlook for the future of their businesses. According to research from CoxBlue, nearly three-quarters of women entrepreneurs are optimistic about the future of their businesses, which is higher than the percentage of men who are optimistic about their future revenue, growth and hiring prospects.

Women are confident in their abilities to build and expand their businesses, even with the financial hurdles they face. And with more research and concern being focused on the gender funding gap, credit providers may consider a change in strategy to better support women entrepreneurs.

Rockton Professional’s celebrate International Women’s Day REPORTER

Partnering with other businesses is nothing new to Rockton businesses. Within the village a total of nearly 30 businesses are female owned and operated.

In celebration of International Women’s Day various business owners in Rockton came together to honor each other on March 8.

Jill Golden of Jill Rae Finally Art and Emily Daneilson of Hi Beautiful Bridal organized this first time gathering.

Daneilson was responsible for assuring that a photo shoot captured the respect that these ladies have for other business owners; some even share special bonds.

Golden shares, “Kim Johnson from the Natural Land Institute, Jennifer Kuroda of the Sinnissippi Audubon Society and the Village of Rockton have all been an inspiration to her.

“I really enjoy working with this group of women, and I learn a lot from them. Together we try to make downtown Rockton the kind of place you’d like to spend the afternoon in,” Rae-Golden says of fellow business owners.

Whitney Frost of Frosted Farmhouse credits Ruth at Pick-A- Dilly Antiques for

helping her and in being a strong champion when she first opened. “She was a great resource and allowed me to ask her a million questions,” Frost said. She adds, “We have an amazing group of strong women who own shops in Rockton; we all help and encourage each other. It is great to have a sense of community within our community to be able to lean on.”

Throughout any given year events are organized; some that honor women such as Galentines Day which this year coincided with Yeti Fest.

“My favorite event is the Vintage Shop Hop. Although it is a larger, more spread out event it draws a lot of new shoppers into the Rockton area; all of the vintage shops collaborate to create a punch card; drawing shoppers to explore all of the local shops. ” Frost said.

Jodi May, Owner of Sugar Britches has teamed up with Connie Kieffer from After the Vine pairing chocolates with wines. On April 1 After the Vine hosted “No Fooling Around on Hawick Street.”

Different businesses are teaming up to bring this fun event to life. Free wine tasting, live music, chair massages, specialty coffee drinks, shopping options and door prizes just tap the surface of what

some great businesses women that strive to succeed and who run awesome businesses!

Shelly Schweigart has been the manager at the Gem Shop & Diamond Source for the past seven years; working there one year prior.

Schweigart credits Nancy Ajruloski from Ray’s Restaurant, Rena Lindstrom of Pokie’s and Shannon Wright of Rookies Pub & Grill for being friends and for developing close ties.

In the stateline self-employed entrepreneurs; CEO’s of large corporations and managers of different types of business are women with strong skill sets and unique backgrounds.

Business styles range from hair stylists, insurance agents, small shops or stores, specialty shops, and art studios.

Sometime this spring Mickey Grin will be joining women in Rockton business at About Face Tattoo.

A number of woman business owners serve on various boards, and or volunteer covering different sectors of the community.

The entire month of March was dedicated to Women’s History. Women in Rockton continue to create a new history every day; one that future generations of women would be wise to follow.

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Rae Golden and Andrea Van Briesen of the Image Gallery team up to organize Pelican Fest. This year’s event is happening on Saturday, May 21 from 10 a.m. Until 3 p.m. An early bird walk is taking place at 7:30 a.m. That day.

Erica Smith of Rockton Sanctuary Spa and the owner of Hi Beautiful Bridal have worked together on different projects.

Their collaboration melds perfectly as local brides receive the best in services from both.

Smith echoes sentiments of Rae-Golden and Frost sharing, “It is amazing the impact a group of like minded people can make on each other and in their community. I myself take great joy in mentoring local high school students and in inspiring learning from my fellow businesses women.”

Diana Weiser of DeeDees Coffee Shop has a nice circle of friends including Cynthia Yeiser with “Say It With Chalk.”

“Cynthia has supported me and my dream since day one, she has been the most consistent in coming in to the shop,” Weiser said.

“All in all I live in a fantastic town with

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Three ways women can build, maintain professional networks Established professionals often tout the importance of building strong networks. In fact, a global survey from LinkedIn found that nearly 80 percent of professionals consider professional networking to be important to their career success.

Professionals may see networking as a great way to land their next job, but establishing strong networks can pay dividends even for those people who have no immediate plans to leave their current companies. Small Business BC, a resource that caters to entrepreneurs in British Columbia, notes that successful networking can lead to referrals and new partnerships and raise the profiles of professionals and the companies they work for. The LinkedIn survey supports that notion, noting that one-quarter of professionals across the globe have established new business partnerships through LinkedIn Messaging. Of course, networking often helps people find new jobs as well, as the LinkedIn survey also found that 70 percent of people hired in 2016 found work at companies where they had existing connections.

Women can employ various strategies to build strong networks and maintain those networks once connections are established.

through their participation in these groups. That’s an important benefit, as the LinkedIn survey found that 38 percent of professionals admitted they find it hard to stay in touch with their network.

2. Offer help as much as you seek it.

The LinkedIn survey found that only 48 percent of professionals keep in touch with their networks when things are going well in their career. By reaching out to a network when things are going well, women are showing a willingness to offer help as much as seek it. That can lead to stronger, more easily maintained networks.

3. Schedule networking each week.

The value of networking is undeniable. Women can take various steps to build strong networks and maintain those relationships for years to come.

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1. Join professional organizations.

Professional organizations provide great networking opportunities, serving as avenues to begin new business

relationships. Many such organizations host annual conferences, and attending these conferences can help women maintain the relationships they develop

Build networking into your weekly schedule. Even the busiest professionals can find time each week to email someone in their network to see how things are going or share updates on previous collaborations. That’s a quick and easy way to maintain connections.

The value of networking is undeniable.

Women can take various steps to build strong networks and maintain those relationships for years to come.

Tips for women running businesses, households in the age of remote work The question of where worklife ends and homelife begins took on new meaning when COVID-19 forced many women to work from home while simultaneously caring for children whose schools and daycare centers shut down.

But as women struggle to balance work and home, they may find there are more similarities between the two than they realized, says Marsha Friedman, an entrepreneur, wife, mother of four, and founder and president of News & Experts (www.newsandexperts.com), a national PR firm.

“I’ve always felt that running a business and running a household have a lot in common,” says Friedman, who is also the ForbesBooks author of Gaining the Publicity Edge: An Entrepreneur’s Guide to Growing Your Brand Through National Media Coverage.

“It’s become even more apparent now that we are running our businesses from our households. In both situations you have budgeting, planning, and one-on-one sessions to discuss challenges you are facing.”

Friedman says being willing to rethink roles is important for working couples raising families under the current situation where the home temporarily has become the office.

“Suddenly, women are managing both their work and their personal life in ways they did not have to before,” she says.

Friedman says one way for women to bring better balance to their lives is to apply some workplace strategies to the home, both during this crisis, and once it’s over. She suggests: * Consider your division of labor. In a business, people are assigned specific jobs and responsibilities based on the company’s needs. The same is true in the household, Friedman says. Jobs around the house need to be delegated, just as they are in a business. Prioritize what tasks must be done, she says, and decide who is most suited to take on each responsibility, whether it’s the mom, the dad or the children. * Be thoughtful about the way you delegate those jobs. “In business, my philosophy is matching up the interests

and skills of the person to the needs of the company,” Friedman says. “You can do the same with household chores.” Consider whether one person is better skilled at a certain task or brings more passion to it. * Understand and appreciate each person’s role. In business, you interact with other employees and attend team meetings, which gives you insight into the scope of other people’s jobs and an appreciation for what they do. That can happen at home as well. “Even these days, in many families the spouse at work in an office doesn’t always see everything that’s involved in running a household,” Friedman says.

“This stay-at-home period has allowed them to see what happens at home when they are away. This can add a lot to the quality of the relationship.”

Eventually, most women who suddenly became remote workers will ease back into some form of their old life, where once again there’s physical separation between work and home. When that happens, don’t forfeit the progress you made improving that worklife-homelife balance, Friedman says.

“If you made this work during the pandemic,” she says, “you don’t want to lose the ground you gained.”

About Marsha Friedman Marsha Friedman, the ForbesBooks author of Gaining the Publicity Edge: An Entrepreneur’s Guide to Growing Your Brand Through National Media Coverage, is a businesswoman and public relations expert with nearly 30 years’ experience developing publicity strategies for celebrities, corporations and professionals in the field of business, health and finance.

Using the proprietary system she created as founder and President of News & Experts (www.newsandexperts.com), an award-winning national public relations agency, she secures thousands of top-tier media placements annually for her clients.

The former senior vice president for marketing at the American Economic Council, Marsha is a sought-after advisor on PR issues and strategies, who shares her knowledge both as a popular speaker around the country and in her Amazon best-selling book, Celebritize Yourself.

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