June '22

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G R A PH I C S - PR O.C O M 2 0 2 2 J U N E G R A P H I C S P R O 6 9 EARNINGS GAP Another issue women starting businesses may face is the perception of what their work is worth and a reluctance to challenge that supposition or to stand rm when their idea of what their work and knowl- edge are worth is challenged. In 2020, women, in general, earned 84% of what men did. For female- owned businesses, the gap in earnings persisted, with businesses owned by women earning, on average, 28% less than businesses owned by men. In a study done by Freshbooks and cited in Inc. Magazine, it was shown that discrimination in the workplace also extends to female business owners. One fth of respondents to the survey said they had to charge less than their male counterparts to attract custom- ers. Women still face discrimination and must ght to be taken seriously even when they're the ones running the show. Another reason for women making less money is that they may be expected to be the "oce mom" and do housekeep- ing or other tasks unpaid. Many women, socialized to be nurturers and to caretake others, may give away information or do tasks for which they should be compen- sated because they feel they "should" do those things. Other women may be reluc- tant to promote their own skills or suc- cesses. Female business owners are much more likely to say "we" than they are to say "I" when discussing their accomplish- ments. Praise and recognition will be di- rected to the team. is sort of behavior makes it more dicult to make a case for higher prices or the value of a woman's unique and specic knowledge or skill set. MENTORS & THE BACKLASH EFFECT Lack of role models can also be a barrier for women who are looking to start a business. is can especially be an issue for women of color. As we know, seeing someone who is like you doing whatever it is you want to do can be a great motivator and rein- force your belief that what you want to do is possible. While there are, and have been, female business owners for a long time, they often weren't visible and other women who were looking for models to emulate may not have known they existed. is is, to be sure, chang- ing, as more and more women start businesses and become visible, and as the culture starts to change and values female entrepreneurship more. Young women looking to start businesses in 2022 have more role models and more patterns for business types to emulate than any previous generation and it's likely this trend will continue. Lastly, we should look at the idea that more women don't start businesses because they don't have con- dence in themselves. Referred to as the "condence gap" this is the idea that women are more reluctant to promote themselves and that they're, in general, less condent in their abilities than men, and thus less RESOURCES FOR FEMALE BUSINESS OWNERS NATIONAL ASSOCIATION OF WOMEN BUSINESS OWNERS: WOMEN IMPACTING PUBLIC POLICY: SBA WOMEN'S BUSINESS CENTERS: PROMOKITCHEN MENTORSHIP PROGRAM: WOMEN IN GARMENT DECORATION: THE AMBER GRANT: LADIES WHO LAUNCH: continued on page 94 Another issue women starting businesses may face time, they often weren't visible and other women who were looking for models to emulate may not WONDERING HOW YOU CAN SUPPORT WOMEN IN BUSINESS? VISIT FOR A LESSON ON UNCON- SCIOUS BIAS AND WAYS TO UPLIFT WOMEN.

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