Female business owners are viewing COVID-19 as an opportunity to help them improve their companies, according to new research conducted by Instapanel, LLShe by agency Berlin Cameron, Luminary and Ellevate Network.
Two in three female American business owners (63%) say the pandemic has hurt their business, with 41% cutting their regular business hours and 25% admitting they have had to make changes to their business model in order to survive.
Nonetheless, 91% see this crisis as an opportunity to make changes to their companies. Seven in 10 (70%) believe in showing support to all races and providing equal opportunities. Half strive for a business that serves employees, their communities and the planet. Four in 10 (41%) want to help marginalized communities and give back to their neighborhoods.
Seventy-two percent of women who are thinking about starting a business are now even more inspired to do so as a result of the pandemic. Yet, despite this driving ambition, they lack resources. Nearly six in 10 (58%) want more business advice, 52% want more financial advice and 47% simply need more funds.
With over half of the respondents citing this need for business and financial advice, Berlin Cameron’s LLShe and Luminary are launching “She4All: Reinvention & Resilience,” a pitch competition that aims to bring more visibility to entrepreneurs who are 40+. A panel of She4All judges will select five finalists who will compete virtually on Oct. 28 by giving business pitches in the hopes of receiving prizes to help support their businesses as they grow.
“It’s perhaps most refreshing to see the determination and drive of women entrepreneurs over 40, who often start businesses out of necessity or ageism within their industries,” says Jennifer DaSilva, President, Berlin Cameron. “Being over 40 myself and understanding the difficulties of balancing family and career,” she admits she is “so happy” to help support these “women trailblazers” and “set them on a path to success.”