Annu Khot is the Managing Partner of Rely Services Inc.
As a founder and entrepreneur, I have experienced firsthand the hurdles women, especially women of racial and ethnic minorities like myself, face as they forge their entrepreneurial paths. The double biases of race and gender mean we must navigate a unique intersection of systemic, cultural and industry-specific challenges that can be monumental as we build and grow our businesses.
The stark reality is that women minority entrepreneurs receive a disproportionately small share of venture capital and loans. They lack access to crucial professional networks and mentorship opportunities. And they often face overt and implicit biases that make proving their worth an uphill battle in industries where representation is minimal.
Despite these challenges, women continue to break down these barriers and succeed even in traditionally exclusive spaces.
Looking forward, I see tremendous opportunities for women to create systems that build up and promote underrepresented voices. It is up to us to support each other as we pursue our ambitions, foster collaboration both within and across communities, and empower the next generation of women leaders and entrepreneurs.
Foster Collaboration, Not Competition
Being an entrepreneur means you’re constantly competing. You compete for funding, compete for customers, and compete to grow your business within your industry or market.
But this constant competition creates a mindset of scarcity. It tells us that success is limited, and that the success of my business must come at the expense of someone else’s.
In reality, it is collaboration, not competition, that helps minority women entrepreneurs thrive. By adopting a mindset of abundance, we can recognize that opportunities for success are limitless. We can support each other and celebrate one another’s achievements without the fear of losing our own advantage.
This collaboration can take many different forms. For example, two women leading competing businesses may come together to align on common objectives. They may advocate for greater equity, increased representation or expanded access to funding一shared outcomes that improve conditions for all entrepreneurs.
Similarly, women serving complementary markets can support each other through co-marketing or by cross-referring clients when their services better suit specific needs.
Within the real estate sector, I’ve seen women investors pool their resources and combine their expertise一one focusing on finance, another on operations and yet another on design一to purchase and develop properties that would have been challenging to tackle individually. These partnerships led to profitable ventures while also creating opportunities to mentor younger women interested in real estate investment.
Collaboration, in these cases, allows each business to offer greater value while maintaining distinct identities and strategies.
Build Networks And Share Ideas
Networking is crucial to professional growth. But many women find it difficult compared to their male counterparts.
Why? For one, many networking events and professional circles are still male-dominated spaces that can lead to exclusion or feelings of intimidation for women, especially women from racial and ethnic minority communities. They may struggle to gain access to these spaces, and when they do gain access they may not feel heard or validated. The fear of not fitting in or being taken seriously can deter women from fully engaging in networking opportunities.
In the spirit of collaboration, women can come together to establish networks, share ideas and support one another throughout their journey as entrepreneurs. They can create spaces where they can openly discuss their unique challenges, connect with allies and impact-driven investors who prioritize diverse business owners and learn from people outside their immediate professional circle.
Many groups are already focusing on supporting women entrepreneurs. Organizations such as iFundWomen, the Tory Burch Foundation, or the Women’s Business Enterprise National Council (WBENC) offer funding resources aimed specifically at women. Similarly, groups such as the Forbes Business Council, Lean In Circles, or industry-specific groups bring together people from diverse backgrounds and skill sets allowing for a flow of ideas and resources.
Networking events can also help women feel welcome by ensuring diverse representation among speakers and panelists, including women of color, to demonstrate that entrepreneurship is open to everyone.
At a recent conference, as an example, I partnered with women leaders to co-host panels on topics such as diversity in leadership and social equity. Not only do these collaborations elevate awareness but they also connect attendees with actionable strategies they can use in their industries.
The goal is to build inclusive ecosystems that benefit not just individuals but entire communities.
Mentor The Next Generation Of Entrepreneurs
Women, particularly those in leadership positions or male-dominated industries, tend to have fewer role models or mentors. This lack of visibility can make it feel like they are in uncharted territory, increasing uncertainty and stress.
Mentorship can lead to higher success rates for women minority entrepreneurs. Seeing a mentor who shares similar challenges serves as a powerful source of inspiration.
Mentorship is a cycle of giving and receiving. Women with different levels of experience learn from each other, creating reciprocal relationships rather than transactional ones. Mentors can offer personalized guidance, professional development and access to funding and other opportunities.
Look for mentors who align with your goals, values and industry and who understand your challenges. Leverage platforms such as SCORE, LinkedIn or your local business networks to connect with potential mentors. Don’t hesitate to reach out with a clear and respectful message explaining what you hope to learn. Actively seek constructive criticism, and implement changes where possible. Finally, surround yourself with a community of peers and share your knowledge and experiences with others who are starting out in their journey.
During the COVID-19 pandemic, I participated in a small and informal mentorship group with other women. We supported small businesses by sharing resources for grants, e-commerce platforms and digital marketing strategies. These peer-led initiatives helped women transition their businesses online and survive an extremely difficult time.
Mentorship opportunities connect women with broader networks of potential collaborators, investors or clients, and they help guide entrepreneurs as they overcome the systemic barriers that they face as minority business owners.
Empowering A Community
Today, more organizations and industries have recognized the need for diverse voices and are actively working to address the barriers that women of color face as entrepreneurs.
Empowering women requires a combination of community-driven support, innovative strategies and systemic change. The collective success of women strengthens the entire community, attracting more investments, customers and opportunities.
By fostering collaboration over competition, establishing strong support networks and mentoring the next generation of leaders, women can help create a cycle of inclusivity that benefits everyone.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
