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Archive for the 'Enlighten Me!' Category

President and CEO Julie Smolyansky on “Following Your Gut”

This past Wednesday September 12th, President and CEO of Lifeway Kefir, Julie Smolyansky lead a wegg® workshop about the importance of following your gut on business and personal endeavors. Her inspiring talk covered the journey of Lifeway beginning in her parent’s basement, in the mid-eighties, when they began making Kefir, a food inspired by their home country, the former Soviet Union. It is now a $120 million publicly-traded company, thanks to Julie. She grew Lifeway to the size it is now, without a business degree, and became CEO at age 27, when her father suddenly passed away. Smolyansky shared the story of how one of her father’s friends reacted when he died and she was made CEO…

“[He said] ‘forget it, the company is done. Sell all of your stock tomorrow. There’s no way a 27 year old girl could run a company.’ This is done. Lifeway is over…I go into the office Monday morning…and everyone had sold their stock….It was devastating…[I] picked my head up and moved forward. Then, we had 70 people, today we have 320. We’ve grown our business from 12 million to 120 million…We continued to execute on the strategy we believed in, and continued to follow our gut, and worked really really hard….That man who said ‘she’s never gonna do it,’…I literally think about him every day. I say ‘thank you’, ‘thank you so much for underestimating me, for pissing me off, and making me angry…You gave me the fuel to move forward.”

Smolyansky went on to describe how being a young CEO became a strength for her. She followed her gut and made Lifeway one of the first businesses ever to have an active social media presence. She explained, “We were ahead of the game…Vogue called us ‘avant garde’ for being on social media.”

She also shared her beliefs on the importance of female entrepreneurship,

“If women were employed at the same rates as men, we know the global GDP would rise exponentially…That I think is really important. A rising tide raises all ships, and when women create jobs, an entire community is more safe and stable….Women are the key to saving the world…Entrepreneurship…can heal the world.”

Other inspiring takeaways from Smolyansky’s talk…

Keep moving ahead no matter what your challenges are in life.
Make a big impact: it only takes one person one step at a time to change the world.
Follow your gut (we should all listen to our intuition on important matters in life).

Thank you to Julie, and her team, Justine and Maria, for making our on-the-ground wegg® workshop a success. And thank you to Bank of America, Moji Eagan and Aneta Mazur, for hosting us.

If you were not able to make this wegg® workshop, we are having a wegginar® on Wednesday, October 3rd with Katie Kollhoff, CEO, NUMIX. She’ll present on “Small Startup, Big Impact.” Thanks to our sponsors, IBM, UPS, Bank of America and GlobalCare Clinical Trials, the program is no charge but you must register to attend, here.

Women Entrepreneurship in the EU: The Numbers

Published September 3, 2018 Business Development , Economic growth , Enlighten Me! , Equality , Gender challenges , Global news , global women entrepreneurs , Innovation , Inspiration , International business , Micro-enterprises , Trends , World entrepreneurship Leave a Comment
Tags: entrepreneur, european union, female entrepreneurs, resources for women, small business ownership, Small Business Trends, statistics, women around the world, women business owners, women entrepreneurs, women entrepreneurship, women in business, women in business statistics, women's issues

Screen Shot 2018-08-30 at 11.30.14 AM

On a global scale, women are less likely than men to start their own businesses. This is evident from the above graph, taken from the “Policy Brief on Women’s Entrepreneurship.” The data shows that in every EU country, from 2010-14, there were significantly less female owners of new businesses, than male.

Why is this the reality?

The OECD SME and Entrepreneurship analysis proposes that a:

“…key factor in explaining the gender gap is the social and institutional context [of the countries]. Paradoxically, national-level gender equality is negatively associated with women’s self-employment choice compared to men’s (Klyver et. al., 2013), suggesting that gender equality policies in the labour market may cause women to prefer employment over self-employment (Nielsen et. al., 2010). Similarly, more supportive work-family institutions are associated with larger gender gaps in terms of business size, growth aspirations, innovativeness and use of technology. This appears to indicate that it is important to look beyond simple proportions of women and men entrepreneurs to the motivations and quality of the business, with the hypothesis that greater gender equality may improve good quality businesses and business creation based on positive choices by women, while reducing poorer quality business creation based on lack of choice.”

One of the economic reasons that women might choose employment over the entrepreneurial self-employed path, is that self-employed women make less money than self employed men, on average. This finding is displayed in the graphic below:

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Other factors, such as lack of resources and training for women in business, are consistently cited as justification for the lack of women entrepreneurs in the global . market. This apparent neglect of a business education for women is highlighted in the graph below:

Screen Shot 2018-08-30 at 11.25.46 AM.png

As displayed by the image, at least thirteen out of the twenty-two countries in the EU showed a significant gender gap in perceived accessibility to business training. This is where wegg™ can help. Our mission is to educate, inspire and nurture women business owners and entrepreneurs worldwide on how to go global so they can run healthier businesses and create a new future for themselves, their families and their community.

We provide monthly resources for women entrepreneurs to become educated on current business strategies in order to go global. If you are interested in entering business, or growing the business you already have, wegg™ can help you. Please check out our website, to discover possibilities you did not even know existed.

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JOIN us for our morning wegg™ workshop on September 12th and hosted by Bank of America (135 S. LaSalle Street, 44th Floor). Julie Smolyansky, President and CEO, Lifeway Foods, will present “Follow Your Gut,” covering:

How global factors influence company values and mission
Why we should empower women entrepreneurs around the world
How to channel inspiration from travel experiences into marketing initiatives

Tickets $40 ($20 for students); includes Continental Breakfast. To learn more and to register, visit: https://www.eventbrite.com/e/weggtm-workshop-follow-your-gut-presented-by-julie-smolyansky-tickets-48655708534
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How Mastercard is Investing in Women Entrepreneurs in Developing Nations

Published August 27, 2018 Business Development , Capital (working) , Country specific , Culture , e-commerce , Economic growth , Education , Enlighten Me! , Equality , Gender challenges , Global news , global women entrepreneurs , Innovation , Inspiration , International business , Micro-enterprises , Strategy , World entrepreneurship Leave a Comment
Tags: Kenya, MasterCard, Nairobi, Small Biz Resource, small business ownership, small businesss credit, women, women around the world, women business owners, women entrepreneurs, women entrepreneurship, women in business, women in the workplace, women's economic status, women's empowerment, women's issues, women's rights, women-owned businesses

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In Michelle Martin’s recent Forbes article, “How Mastercard Could Close A $300 Billion Credit Gap For Women Entrepreneurs,” she reports,

“As of 2017, 70% of women-owned MSMEs [micro, small and medium-sized enterprises] in the developing world lack access to adequate financing, representing a $300 billion credit gap each year.”

This major finance inequality stems from MSMEs not having access to a digital record of transactions or the resources required by banks to obtain credit. Because of these issues, women entrepreneurs, in places such as Nairobi Kenya, are not able to gain the capital needed to purchase inventory in order to expand their enterprises. Expanding a business is critical to the success of a business, and makes it possible for the entrepreneur to potentially achieve success on a global level.

Thanks to Mastercard, this $300 billion credit breach is about to change. The corporation is launching technology, through the Mastercard Center for Inclusive Growth, to aide women owned MSMEs in these countries. Martin explains,

“In partnership with Unilever, Mastercard recently launched the Jaza Duka program in Kenya, where they created a first-of-its-kind digital lending platform. The unique platform tracks how much Unilever product a store owner has purchased over time and combines that data with an analysis by Mastercard. The results are used to provide a micro-credit eligibility recommendation to Kenya Commercial Bank, who can then provide an interest-free credit line.”

The venture is already being met with success. In one instance, a Kenyan entrepreneur named Lucy Njoki, has been able to increase her sales at her shop by twenty-percent, thanks to the Jaza Duka program.

To read Martin’s full piece, and an interview she conducted with one of the executives of this Mastercard program, Shamina Singh, click here.

This support of global women entrepreneurs is the kind of change that we here at wegg™ are proud to watch. If you or a woman entrepreneur you know is trying to “go global,” we would love to help you, too.

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How global factors influence company values and mission
Why we should empower women entrepreneurs around the world
How to channel inspiration from travel experiences into marketing initiatives

Unlocking the Full Potential of Women- led SMEs in Indonesia

Published August 20, 2018 Business Development , Country specific , Culture , Education , Enlighten Me! , Equality , Finance , Gender challenges , Global news , Global trade , global women entrepreneurs , Innovation , Inspiration , International business , Leadership , Social Entrepreneurship , Sustainability practices , World entrepreneurship Leave a Comment
Tags: global small business, indonesia, small business ownership, SME Toolkit, SMEs, women around the world, women business owners, women entrepreneurs, women entrepreneurship, women in business, women's issues, women's rights, women-led SMEs, women-owned businesses, WSMEs

In a recent East Asia Forum article, “Unleashing the capabilities of women-led SMEs in Indonesia,” author Naimah Talib reports that 43 percent of the 26 million small-to-medium enterprises (SMEs) in Indonesia are women led or women owned (WSMEs). Not only do these WSMEs make up for ten percent of the country’s GDP, they also lead to social development of the culture by empowering women economically. Besides these major benefits, support of WSMEs aids Indonesia in achieving the UN’s “Sustainable Development Goals”, specifically the tenets of ‘gender equality,’ ‘decent work and economic growth’, and ‘reduced inequality’.

The advantages of backing WSMEs are clear, but why are there limitations on the growth of these organizations? This is the question that Talib proposes. She illustrates just some of the difficulties women who head businesses face. Talib explains,

” …common difficulties for expansion [for WSMEs] include limited access to information about financial support, lack of business and entrepreneurial skills, lack of professional networks and limited government support and services at the local level. Financial support is available for WSMEs, but female entrepreneurs tend to lack information about these options. Female entrepreneurs find that information about government funding programs is often limited, difficult to access or unclear.”

One of Talib’s main arguments suggest that Indonesian policymakers fail to effectively provide WSMEs with the necessary resources to solve these issues. Talib writes of the necessary reform,

“Three areas require greater attention: increasing the accessibility of information, strengthening the institutional capacity of the Creative Economy Agency and improving government services at the local level.”

To read more about the specific solutions posed to the pressing issue of the neglect of Indonesian WSMEs, read the article here.

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How global factors influence company values and mission
Why we should empower women entrepreneurs around the world
How to channel inspiration from travel experiences into marketing initiatives

Closing the Confidence Gap is Key for Female Entrepreneurial Success

Published August 13, 2018 Business Development , Culture , Economic growth , Enlighten Me! , Equality , Gender challenges , global women entrepreneurs , Innovation , Inspiration , Miscellaneous , Risks , Social Entrepreneurship , Startup , Strategy , Trends Leave a Comment
Tags: business confidence, business risk, confidence, risk, strategies, strategy+business, women, women business owners, women entrepreneurs, women entrepreneurship, women in business, women in the workplace, women's empowerment, women's issues, women's rights, women-owned businesses

In a recent Forbes article entitled, “What It Will Take For Women Entrepreneurs To Take Over The World,” author Carrie Kerpen explores what disadvantages women entrepreneurs face in our current market. Kerpen interviews Margaret Donnell, chief marketing officer of Capital One’s Small Business Bank, on how women can subvert the obstacles in their way, in order to succeed. Kerpen’s thesis is: closing the confidence gap between men and women will be a crucial factor in trying to level the entrepreneurial playing field.

Donnell attests the gender pay gap between men and women to be one of the main reasons women business owners are less confident than their male counterparts. She reasons,

“We have pretty clear evidence around us. We’ve seen studies out in media, I certainly have, that document a wage gap between men and women. It means that women don’t always have as much money as men because of that earning power. It also means that their confidence could have been eroded over time, and so I think there’s a lot we can do to lift each other up, and men as allies can lift women up, to help them feel confident and go after getting into business.”

Lacking in confidence can be a hindering quality for any business owner. Not having faith in oneself can lead to a fear of risk. One such risk could be the venture of expanding your SME into a global business, an important move for entrepreneurs.

A potential fear of risk taking is evident in statistics. Kerpen reports,

“…despite feeling more positive about their businesses than their male counterparts, female business owners are more hesitant to take big swings and heavily invest in their companies. According to the same Capital One report, 75 percent of men are likely to hire in the next year, compared to 63 percent of women.”

How do you think women can support and encourage each other to make the bold moves necessary for success in business? How can we increase our confidence to achieve heights greater than we could have ever imagined?

Read several proposed solutions to this issue, in Kerpen’s article, linked here.

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How global factors influence company values and mission
Why we should empower women entrepreneurs around the world
How to channel inspiration from travel experiences into marketing initiatives

Oxfam Helps Woman Start Jalawla, Iraq’s First “Women’s Only” Plant Nursery

Published August 6, 2018 Business Development , Country specific , Culture , Enlighten Me! , Environmental , Equality , Gender challenges , Global news , global women entrepreneurs , Innovation , Inspiration , International business , Leadership , World entrepreneurship Leave a Comment
Tags: Iraq, Jalawla, Oxfam, Plant Nursery, women around the world, women business owners, women entrepreneurs, women entrepreneurship, women in business, women's empowerment, women's issues, women's rights, women-owned businesses, Zainab

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A recent article by Oxfam recounts the inspiring story of Zainab, the first woman in Jalawla, Iraq to sell plants at the town market.

In December 2015, Zainab opened her own plant nursery on the side of her house in Jalawla, Iraq. It was destroyed by ISIS one week later. When she returned to Iraq in 2017, her desire to have her own plant business was still within her. She then ” enrolled in an income-generation project run by Oxfam and funded by the United Nations Development Programme, which distributed $575 grants to 235 people—more than half were women—to relaunch their businesses.” Oxfam’s help has ensured the reestablishment of Zainab’s plant nursery, and it now exists as an agriculture sanctuary for “women only.” On the impact Zainab’s innovative business has had on her community and her personal well-being she says:

“I’m the first and the only woman to open a nursery in [my town]. After the women in Jalawla saw me opening my business, they were encouraged to open their own businesses…When Oxfam told me they would help me reopen my nursery, I became very happy. It wouldn’t be an exaggeration to say that Oxfam brought my dream back to me.”

Helping women entrepreneurs, like Zainab, are what organizations like Oxfam and wegg™ exist for. Read more about Zainab’s revolutionary success, and how Oxfam helped make her dreams real, here.

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Why go global? How do you start? Where can you find customers? How do you get paid? Find out these answers and learn other best-kept secrets to expanding a business globally.

JOIN us for our first weggchat™ (#weggchat) Wednesday, August 8 from 11:00 a.m. — 12:00 p.m. (noon) Central time on “Take Your Business Global!“ and facilitated by Laurel Delaney, President of WEGG and founder of GlobeTrade.com. Laurel will field questions and add insights on how to take a business global. Small business owners can join the conversation by using the hashtag #weggchat to chime in with questions and answers.

Event is free of charge but you must use tchat.io or twubs.com to follow the conversation using the hashtag #weggchat. See you there!
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WEGG Knows that Women Rule the World

Published July 7, 2018 Country specific , Enlighten Me! , Equality , Inspiration Leave a Comment
Tags: Nigeria, Nigerian airline, Sinmisola, women rule the sky, women rule the world

WEGG knows that women rule the world but did you know that in Nigeria, they also rule the sky? A Nigerian airline has taken a step to fight for women empowerment. The airline celebrated her first ever all female crew to fly one of her planes.

The airline also used the opportunity to name her first ever female captain simply identified as Sinmisola.

The fight for the empowerment of women began after it was realized that men are treated better than women and the voices of men are valued more than that of women in some parts of the world.

That’s about to change. Read more how women in Nigeria through a Nigerian airline rule the sky with their first all-female flight crew.

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What is cloud computing? As an SME, how can you benefit from it? Find out key growth lessons from more than 50 startup owners using cloud computing.

Join us for our next WEGGinar™ 7/11/18 on “Intro to Cloud Computing and How It Can Benefit You,” presented by Jayger McGough Tomasino and Carly Kizorek, Technical Evangelists at IBM. They will give you the scoop on cloud computing, convey how SMEs use it to grow, and even show a demo of IBM Watson services. Register here.

Event is free of charge but you must register in advance to attend.
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Boosting Women’s Entrepreneurship in Europe

Published June 30, 2018 Country specific , Enlighten Me! , global women entrepreneurs Leave a Comment
Tags: Europe, female researchers, Italian Chamber of Commerce, Tiziana Pompei, women's entrepreneurship

In Europe, women outnumber men but they account for only 22 percent of entrepreneurs. Why is that? According to Tiziana Pompei, Deputy Secretary-General of the Italian Chamber of Commerce:

“Women are currently focusing their (entrepreneurial) activities in sectors such as commerce, tourism, farming and personal services,” Pompei explained. “There are still too few companies owned by women but they are on the rise, especially thanks to young women investing in the digital and innovative sectors.”

To boost women’s entrepreneurship in Europe, the following is needed:

Women must push forward on their own because there is an increasing number of women in the EU who are willing to start their own business but don’t.
An increase in innovative sectors such as biotech and digital, that offer women new opportunities to go into business.
Female researchers, where women are the majority, must apply their scientific experience that they gained by working at universities to their startups.

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What is cloud computing? As an SME, how can you benefit from it? Find out key growth lessons from more than 50 startup owners using cloud computing.

Event is free of charge but you must register in advance to attend.
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Women Entrepreneurs GROW Global

Archive for the 'Enlighten Me!' Category

President and CEO Julie Smolyansky on “Following Your Gut”

Women Entrepreneurship in the EU: The Numbers

How Mastercard is Investing in Women Entrepreneurs in Developing Nations

Oxfam Helps Woman Start Jalawla, Iraq’s First “Women’s Only” Plant Nursery

WEGG Knows that Women Rule the World

Boosting Women’s Entrepreneurship in Europe

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Donate Your Gift Card to WEGG!

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World

Recent Posts

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Find an Opportunity

Honors & Awards

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