Jeanette Armbrust, Board Chair of the National Association of Women Business Owners
What is your best advice for Women Owned Small Businesses?
Find your support network to help you grow and learn. At the National Association of Women Business Owners, we truly believe we are stronger together. For this reason, we have not only chapters throughout the country, but we also have a virtual platform that can allow you to connect with other women business owners regardless of where you are located. We encourage you to join your local or the virtual chapter for peer to peer mentoring, educational opportunities, and networking. By building your women business owner community and joining organizations, you are opening the door to more resources for business development.
What is the #1 thing that Women Entrepreneurs that you work with struggle to achieve?
Women entrepreneurs continue to struggle to achieve parity in financing. When a woman starts a business, she normally finances it with personal credit cards never stepping foot in a bank. According to researchers, women actually fear being denied from traditional forms of financing, thus they never even entertain the option. In addition, there is still a wide gap with venture capital funding. According to Fortune, women only received 2% of VC funding in 2016. Without access to cash from the start, it puts women at a disadvantage. Women must work together to educate each other on traditional bank financing as well as share information about the Small Business Administration loan programs such as the 7(a) loan program.
What is the guide or resource that you think Women business owners should research further?
NAWBO encourages women business owners to visit the NAWBO Institute for Entrepreneurial Development at https://www.nawbo.org/nawbo-institute. Once you create a log in, you will enter the global virtual online learning platform for women business owners. Whether you are just starting your business, struggling to make it to the $1 million mark, or simply want to take your company to the next level, the tools provided inside this virtual campus will help you reach your full potential as a business owner.
