Editor’s Note, from Elizabeth:
The long profound decline in the financing system for new and small companies is a slow-burn issue that doesn’t get a lot of attention but could destroy our economy from within. This week, I’m really proud of a story by Lori Ioannou on rising bank fees and shrinking lines of credit for small businesses. Four banks, JPMorgan Chase, Bank of America, Wells Fargo and Citi, now control nearly half of all US banking deposits in the United States. Big banks market themselves as friends to small businesses – but, as Lori discovered, there’s nobody really watching out to see if what they say is true.
The news cycle moves so fast these days. On Monday, I planned to write this editor’s note about paid leave, and why the United States has the highest maternal death rate in the world among developed nations. The United States’ ruling white patriarchal culture is deeply misogynistic. (That sentence was probably an oxymoron).
This week, we cover a report from the Global Entrepreneurship Monitor about women entrepreneurs worldwide. The stats show that in countries in the developed world – aka the United States and Europe — there’s a sizable wealth ambition gap between men and women.
Patterns of inequality are a sign that change is necessary. We’ve been trying to change the world so that women aspire to wealth, because we tie wealth and power so tightly together in our Western culture. Maybe the change required is different: untying the concepts of wealth and power.
On a practical note, I wish the current conversation in the media about women at work included the possibility of self-employment and entrepreneurship for women, whether they aspire to rule the world or make a living. Entrepreneurship is how I’ve been able to (imperfectly) balance work and family, and I highly recommend it. I offered some concrete advice for other women in this piece.
Of course, by Wednesday, the conversation about women in the workplace had faded. It never lasts long. Questions of conflict, from Palestine to Belarus, now dominate the headlines.
Times of Entrepreneurship Stories of the Week
Small Businesses Up in Arms as Big Banks Raise Fees, Tighten Credit
Big banks have taken an increasing market share in recent decades, but the pandemic is causing some small business owners to rethink. “It’s terrible how small business clients are being treated. I am thinking of closing all my accounts and shifting to a credit union,” says Chris Johansen, president of Johansen Enterprises Inc., a furniture wholesaler. “The banks are flush with cash and are supposed to be catering to small business owners during this pandemic. Instead, they are looking to just make more money.”
Read the Story »
Commentary: To Get More Capital to Communities of Color, White Men in Finance Need to Cede Power
State Street’s diversity goals should be lauded, not scapegoated, says Nate Wong. “Inevitably, white men will fid themselves in more fierce competition with those who have not historically been deemed their peers. Hence the defensive reaction we’re seeing in the media.”
Read the Story »
GEM Report uncovers possible ambition gap in women entrepreneurs
More men are driven by the desire to create wealth, a sweeping global study finds. But here’s a twist: the gap between men and women is much greater in developed countries.
Read the Story »
Mastercard Report: 20% of the World’s Businesses Closed for Good During the Pandemic
Companies with an online presence or location in a residential marketplace fared best.
Read the Story »
Problem Solved: A Free Small Business Tool to Help Your Company Get to Net Zero Emissions
EU-based Normative is using funding from Google to offer a deal: Pledge to reduce emissions and get free access.
Read the Story »
You may have missed:
How Michigan Grew Its Startup Ecosystem and Became the State with the Fastest Growing Venture Capital A look at how the financial crisis of 2008 and 2009 sparked Detroit and Ann Arbor’s startup scene. Read it here.
The Expensive Choice That Landed This Flower Founder A Martha Stewart Contract As his company was bleeding cash, Juan Palacio decided to increase costs by 20%. Read it here.
Is A Farm – Maybe a Llama Farm – the Ideal Retirement Business? After a career as a professional model and beauty salon owner, Pamela Campbell decided to stay receptive to the next chapter of her life. Now she owns more than 35 llamas and alpacas. Read it here.
Huckleberry Labs’ Jessica Toh Has Insight for Sleepless Parents—and Women Founders With 1.2 million downloads of her app, a data scientist may have cracked the nut of how to get babies to sleep. Read it here.
Women Need Sponsors, Not Mentors Entrepreneur and YPOer Debbie Carreau encourages women to “own the confidence piece” so they don’t fall prey to the myths that still hold them back. Read it here.
Living the dream💭
Best Practices: Women- and minority-led hedge funds had higher returns in both the short-term and long term, according to the Bloomberg Hedge Fund Chartbook. We’d like to see more research on what they’re doing differently.
Buzzworthy: What if everything you’ve been told about business is wrong? Although the myth of the white male tech founder dominates our mindshare, most new businesses are started by people who are Black, Brown, female and older. Many are immigrants and people left out of the narrative. Times of E editor Elizabeth MacBride and venture capitalist Seth Levine take a close look at a trend that is transforming the American economy in The New Builders.
Rathskeller🍻
The 4.5 hour workweek: A productivity hack
Want your team to be more productive? Find ways to give them more autonomy. Research shows that when people feel they have a choice in how they carry out their work, their engagement, commitment and productivity rise, as Fast Company details.
Wanderlust : a restaurant or activity from our Top Ecosystems list
Who says food court fare has to be same-old, same old? If you’re near Peachtree Mall in Atlanta, make a quick stop at Aviva by Kameel, where you can sample the popular Lebanese fare at this family business. Don’t miss the salmon ($16.95) and rosemary chicken ($13.25).
Made in the USA
Consider the delicate bathing petal flower soap ($39) from A’marie’s Flower Shop, a boutique in Brandon, Mississippi.
Opportunities⭐
To list an opportunity in our newsletter, check out our rates here. We cover the emerging economy of diverse founders:
🔗Link: https://bit.ly/TimesofEOpportunities
1. Veteran Pitch Competition
The Founder Institute is hosting its first-ever Veteran Pitch Competition in honor of Veterans Day, and it’s completely virtual. Register for networking opportunities and a chance at a $100,000 investment.
📅 Date: November 17, 2021
🏢 Location: Virtual
🔗Link: https://fi.co/event/the-100-000-veteran-pitch-competition-online-event-silicon-valley-virtual-2022?utm_medium=email&_hsmi=180752013&_hsenc=p2ANqtz-9xYHhfhl6xswThNKnfw044s1I_BhV1BIg92goi6Gd4GSz_vzxs24xi54_U2FgFnjtHRxErxcbYQ_m8D6UCKj–F6Iu5w&utm_content=180752013&utm_source=hs_email
2. Key Advantages of Women Founders
In this interview hosted by New York Women in Business, entrepreneur Petia Abdur-Razzaaq interviews Times of E founder Elizabeth MacBride about the book she co-authored, The New Builders.
📅 Date: Listen at your leisure
🏢 Location: Virtual
🔗Link: https://score.zoom.us/rec/share/xi2b_6qjH4mK4ErLfLg7tiyfSkzyUiM4wAivkhZnQnIesP8Fv7dcNWjNUv3hYMjL.WzWndaCXqezsytqC?startTime=1636488115000
3. Entrepreneurship Development Certification
The International Economic Development Council has added two new courses to its Entrepreneurship Development Professional course lineup. Developed with support from the Kauffman Foundation and the U.S. Economic Development Administration and in partnership with SourceLink, the courses—Entrepreneurship and Small Business Development Strategies (starts Feb. 8) and Introduction to Entrepreneurship-Led Economic Development (starts March 8)—are designed for professionals who work with small businesses and entrepreneurs.
📅 Date: Early registration is by December 29 for the first course and January 26 for the second
🏢 Location: Virtual
🔗Link: https://www.iedconline.org/index.php?submenu=EntrepreneurshipDevelopmentProfessional&src=pages&ref=entrepreneurship-development-professional
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This story and others on Times of E are made possible by a sponsorship from the Ewing Marion Kauffman Foundation. The Ewing Marion Kauffman Foundation is a private, nonpartisan foundation that provides access to opportunities that help people achieve financial stability, upward mobility, and economic prosperity – regardless of race, gender, or geography. The Kansas City, Mo.-based foundation uses its grantmaking, research, programs, and initiatives to support the start and growth of new businesses, a more prepared workforce, and stronger communities. For more information, visit www.kauffman.org and connect with www.twitter.com/kauffmanfdn and www.facebook.com/kauffmanfdn.
