Women of all ages in the U.S. are starting businesses at record levels, but the National Women’s Business Council said women entrepreneurs are hampered by gender bias when it comes to accessing startup capital.
CCTV’s Mimi Chiahemen has the story.
Nely Galan, is the author of Self-Made” a New York times bestseller about financial literacy and how to make it as woman in business today.
Former president of Telemundo Entertainment, Galan is an entrepreneur who’s passionate about women’s financial freedom.
She said when it comes startup funds many women aren’t aware of all the resources available to them.
“There’s hidden money in America there’s all this money in the small business administration and the government, in the department of commerce for loans to buy the building for your business, to start a business, to do commerce around the world. We don’t apply for that money . only 5 percent of us apply for that money,” Galan said.
So she’s designing an app to show women how to source that money. It’s based on her book Self-Made.
“I would say it’s a business book, however, you can’t get to business if you don’t clean up the cobwebs in your mind. Right So I would say half the book is inner work you have to do to understand that you have limiting beliefs that you aren’t choosing yourself,” Galan said.
Princess Jenkins, featured in the book, opened the first African-American department store in New York in the 90s.
“When we talk about being self-made, I was from the Bronx, I had started a boutique in Brooklyn then I came to Harlem and I didn’t see what I wanted to see. And I was like, if it’s not here, create it. Like why can’t we make it,” said Brownstone owner Princess Jenkins.
Princess succeeded without a bank loan or venture capital. But many other women entrepreneurs need funding, but struggle to secure it.
But that’s starting to change. More women entrepreneurs here are getting the capital they need. They’re starting businesses at twice the rate of their male counterparts and outperforming them.
Janice Reals Ellig on women in leadership roles
To discuss how women cultivating a space for leadership in the startup and business world, CCTV America’s Rachelle Akuffo talked with Janice Reals Ellig, the Co-CEO of global search firm Chadick Ellig and Chair of the Women’s Forum.