—Guest: Gerri Detweiler

—Topic: Women Owned Businesses in 2020

Description:

2020 is a great time for women to start businesses!

Gerri Detweiler, the Education Director for NAV, joins the Millhouse to discuss female entrepreneurship in 2020. According to The Global Entrepreneurship Monitor (GEM) 2016-17 Women’s Report, things are getting better and better for female business owners. Gerri says that women are starting businesses more than ever before. What is exciting is that we are seeing more and more women starting innovation based businesses, as well as a growth in businesses owned by women of color.

Gerri also says now more than ever, women are starting businesses because they want to instead of because they have to. Research has shown that North American women are less likely to have confidence in starting a business than that of women in other countries, but are more likely to start innovative businesses.

Gerri emphasizes that women are more willing to test the waters and try out a business because it is relatively inexpensive to do so in today’s technological age. Seeing everything as an experiment, women are more inclined to try businesses, wether it is part time, full time, or even a side-hustle. 

Many women are willing to seek out the information they need in order to be successful and build those relationships needed. In most businesses, there is plenty of opportunity to get a slice. 

When it comes to the financial aspect of business, it is always important to keep in mind to keep a margin in your business because sometimes you won’t get paid. Gerri encourages business owners to use a small business credit card because some of those cards do not report to your personal credit. Having a small business card helps manages the high balances needed for running and business, and because the debt from a business can drag down a personal credit score.

Resources:

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