How Mentoring Can Help Women-Led Businesses Thrive
( StatePoint ) The financial disparities between male and female entrepreneurs are far-reaching . Women-led businesses receive lower valuations , less capital and fewer conventional small business loans than those led by men . Women entrepreneurs also pay themselves less than men and often take the brunt of balancing their family ’ s needs while growing their business . In spite of these challenges , women-led businesses of all types are thriving across the United States , thanks in part to initiatives offering tactical support and networking opportunities .
Take it from Racquel Garcia , whose substance abuse recovery and life coaching business HardBeauty had substantial outside funding but needed guidance in becoming an efficient and sustainable operation . She applied to join the Milestone Circles program offered by the Nasdaq Entrepreneurial Center and funded by Wells Fargo Foundation .
As part of Wells Fargo ’ s Connect to More program , the Nasdaq Entrepreneurial Center places women entrepreneurs from across the country into “ circles ” that receive virtual and in-person peer and professional coaching over 12 weeks , plus the support of a growing network of fellow business leaders . As of June 2022 , the program has graduated more than 540 entrepreneurs in 47 states , with an aim of graduating another 1,000 women over the next 12 months . Built by entrepreneurs for entrepreneurs , the goal is to create space for women to step away from business pressures , identify goals and support each other ’ s growth .
With the assistance of her program “ sisters ,” Garcia built two revenue streams that were less grant-dependent , growing her income by $ 200,000 in 12 weeks . But the impact of this support went beyond the business . For Garcia , who is one of the only women of color in her small Colorado town , the program was a rare opportunity to share her dreams with other women she would not have crossed paths with otherwise .
“ Many women entrepreneurs suffer from imposter syndrome . This confidence gap and the systemic financial barriers and pressures faced by women entrepreneurs are just some of the reasons I saw a need for this program ,” says Jenny Flores , head of Small
30 | HUNTSVILLE LIVING | DECEMBER 2022
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Business Growth Philanthropy at Wells Fargo .
For Terriekka Cardenas , a sixth grade teacher , engineer and owner of Perceptive Engineering , having this support is what helped her embrace the title of CEO . “ That was the first moment for me that I didn ’ t box myself in ,” she says .
Others , such as Ruby Taylor , who graduated from the first Milestone Circle in 2021 , haven ’ t stopped meeting with their peers after the initial 12 weeks . In 2020 , Taylor created a card game , LEGACY !, to teach people how to close the racial wealth gap and have fun doing it . Being able to craft a mission statement while enrolled inspired her to amplify her vision and found Financial Joy
School , which coaches Black families on building generational wealth .
“ My circle is a tight-knit group that continuously supports each other when we get stuck . We ’ re just a telephone call away when we feel discouraged ,” she said .
While founding and growing a business comes with risks , support from peers and mentors can make all the difference , say program organizers . “ When you ’ re able to show up authentically and say what you need help with -- the real things , the hard things -- and people can come around and provide support in an environment free of competition or judgment , that ’ s really game-changing ,” says Flores .