This Barbie has her own business! The modern woman is bossing up, and we’re here to discuss the inspiring rise of the lady entrepreneur. 

*picture sourced from unsplash.com (courtesy of Christina @ wocintechchat.com )*

From Madam C.J. Walker to Robyn Fenty, women have made remarkable strides in the realm of entrepreneurship. August 26th was the 52nd celebration of Women’s Equality Day. This national holiday is in place to commemorate the 19th Amendment, the proclamation that provided women the right to vote nationally in 1920. In terms of women’s suffrage, the 19th Amendment was one of the first strides in attacking sex discrimination. It is now 113 years later, and the sky has become the limit for the modern woman socially, professionally, and personally. While once dominated by men, entrepreneurship has now become a landscape where women are seemingly excelling. It’s true – the girls are more than capable of eating with the boys, but we’re not surprised. Along with Women’s Equality Day, we’re also wrapping up Black Business Month! To honor the two, let’s take a deep dive into the recent growth of the SHE-EO.

Working More and Worrying Less

The number of female-led startups is on the rise, and we love to see it. Shout out to the boss girls that are achieving more these days! This take isn’t just anecdotal; it's backed by concrete statistics. In addition to 40 percent of all entrepreneurs being women, The Women’s Entrepreneurship Report found that one in three innovation-driven entrepreneurs is female. Our grandmothers and great-grandmothers could have only dreamt of the improved access to education and skill development that exists for us in 2023. By leveraging networking opportunities and really taking reign of the digital age and its resources, women have now become more likely to start a business than men. We’re elated to see women show face and make a difference in nearly every industry! To make things even sweeter, the money is speaking for itself. 59 percent of women businesses are profitable, per SCORE. The rise of e-commerce and online platforms has made it easier for women to start and scale their businesses without the need for extensive capital or physical storefronts. In turn, we are seeing a massive $1.8 trillion in revenues from woman-owned businesses. Someone tell Beyonce “it should cost a trillion to look this good!”

Many factors contribute to the rise in success for the lady CEO. Women are being motivated by the freedom that comes with being your own boss. More people are focused on finding their purpose, and the idea of pursuing a passion project is looking better and better every day. Ornami is a true testament of this! As inflation continues to run rampant in our country and price-gouging takes over the shelves, you have many aspiring entrepreneurs also looking for an additional source of income. To truly set up future generations and live the life of luxury they’ve been dreaming of, women are taking control of their financial future. American history has shown how economic uncertainty leads to the creation of new businesses, and the COVID-19 pandemic was just an extension of this recurring theme. For three years in a row, women were the creators of about half of new businesses in the US. We all had quite some time on our hands, and quarantine was the perfect moment for creatives and innovators to devote extra energy to those lingering business ideas.

Unique Challenges Still Ahead

While girl bosses all around the country have been flourishing, we can’t ignore the obstacles that still exist for women within entrepreneurship. Of course, a disparity that remains is gender biases. It isn’t uncommon for women entrepreneurs to have to work harder than their male counterparts to prove themselves. From earning respect to overcoming negative self-talk, women are working endlessly to be taken seriously in this field. Struggling with imposter syndrome? You’re not alone. Many leaders cope with a fear of failure and have a hard time owning their accomplishments. 

Additionally, raising capital can still be difficult for women entrepreneurs – especially those of color. Women are relying on credit cards and personal savings to financially support their businesses due to not obtaining loans. In fact, female entrepreneurs received a smaller proportion of total venture capital funding compared to all-male and mixed teams (Credit Suisse). It is also important to note that women are applying to venture capital funding at smaller rates. With 70% of women-owned small and medium sized enterprises lacking proper financial resources, it’s no surprise that many aspiring entrepreneurs keep their full-time and corporate jobs. However, this then can create issues of finding work-life balance. Balancing business responsibilities with family life can be challenging. Women entrepreneurs often juggle multiple roles, necessitating strong organizational skills and support systems. These challenges are just the beginning, and we admire the resilience that lies in these leaders as they work to ensure their businesses stand the test of time.

Words From Our CEO

As aforementioned, we’re wrapping up Black Business Month and Women’s Equality Day. Ornami is the perfect representation of the intersectionality that exists in the modern day entrepreneur. Black woman-owned and founded, we’ve seen it all since we first began providing the world with our clean beauty. The best insight comes from those that do, so let’s get into some much-needed perspective from our CEO, Yewande Masi.

• Q: What are some challenges you think you’ve faced being a woman entrepreneur?
• A: Some challenges I’ve faced being a woman entrepreneur, specifically a black woman entrepreneur has been raising capital and being placed in a box. At times it feels like there aren’t as many funding opportunities for CPG companies as there are for tech.  As a result I have to work extremely hard to prove my business and to challenge assumptions of what people think I’m doing and who people think I am serving.
• Q: How do you seek inspiration for your brand?
• A: I like doing pop up shops and in person events. Most of the time I get inspiration in those moments. Just connecting with customers and really listening to their concerns. A few times I’ve had customers request a specific product that I ended up creating.  Our body scrub was a customer request and it’s one of our best sellers. I am an audible fan and listen to books while I’m driving. And of course like most people I love perusing social media, my favorites being Twitter and Tiktok.
• Q: How do you ensure your brand shows up as a representation of you?
• A: I have been fortunate to have a small but mighty team who believes in the vision and holds me accountable to what I want Ornami to represent. I made sure we documented the vision, mission and values as a company to serve as a guidepost in order to keep things steady regardless of what is happening externally. In addition to having these guides, we check to make sure it aligns with what Ornami stands for before making moves.
• Q: What is a piece of advice you can give to other women looking to make that leap into starting their own business?
• A: I would say the first thing is to try and validate the market/ your customer base as soon as possible with the smallest amount of energy and resources you can invest. You want to connect with customers and hear what they think without making any assumptions. A lot of times as an entrepreneur you have this great idea that you swear everyone will love and no one may end up really wanting it and they actually want something else that you have, so you have to be open to the fact that what you thought your business was going to be can change along the way. But really the biggest thing is to get started and don’t be afraid to ask for help. You would be surprised how many people want to support you. What I’ve found is that oftentimes you’d be surprised how many people outside of your inner circle want to help you along the way.

Final Thoughts

As they continue to break barriers, shatter stereotypes, and pave the way for future generations, women entrepreneurs are not only driving economic growth but also inspiring change on a global scale. It is the determination, resilience, and creativity of women around the world that keeps things moving! We don’t know what business owner needs to hear this, but you’re doing amazing. To those interested in finally starting their own brand: Don’t be afraid to get started! It’s the perfect time to be on the right side of history, so how are you choosing to leave your mark on the world?