With many women in business transitioning from corporate jobs to entrepreneurial ventures, risk-management entrepreneur Monica Eaton-Cardone comments on the trend and offers her insights for those aspiring to launch their own companies.
(Tampa Bay, FL) April 18, 2016 – According to the U.S. Census Bureau’s latest Survey of Business Owners (SBO), the number of women-owned businesses grew 27% from 2007 to 2012, rising from 7.8 million to 9.9 million, and now account for 36% of all U.S. firms (1). Monica Eaton-Cardone—serial entrepreneur and co-founder of Global Risk Technologies, Chargebacks911 and eConsumerServices—applauds these women entrepreneurs for blazing new trails and hopes that many more will follow in the coming years. As someone who intimately understands the challenges and opportunities for women in business, she is committed to sharing her experience and insights with those interested in starting their own firms.
Eaton-Cardone believes the rise in women entrepreneurs is due in part to the discrimination females have faced in climbing to the uppermost ranks of corporate leadership. While the proportion of women-owned businesses grew from 29% to 36% over a five-year period (1), the U.S. Bureau of Labor Statistics (BLS) reports that females represent just 26% of chief executives (2)—and that figure has remained at 1 in 4 for more than a decade. Furthermore, the women who do achieve chief executive status earn 70% of their male counterparts’ income (2).
“Women have proven themselves to be highly capable leaders and innovators, as demonstrated by the growing number of successful female business owners. Since corporate America has been slow to acknowledge their worth, they can now attain the recognition, respect and earnings they deserve through entrepreneurship,” said Eaton-Cardone. “Entrepreneurialism also gives women the flexibility to schedule work around their family life, whereas the corporate world often penalizes mothers who need time off for maternity leave or other family matters.”
But while women entrepreneurs stand to reap many rewards, they often face challenges at the outset—particularly in relation to financing. According to the Kauffman Foundation, women are one-third as likely as men to access equity financing through angel investments or venture capital, and they typically start companies with half as much capital as men (3).
To address these challenges and help get new businesses off to a successful start, Eaton-Cardone has five key pieces of advice for women entrepreneurs:
- Explore your financing options. A great place to begin is the Small Business Administration’s Office of Women’s Business Ownership, which offers training, counseling and online resources that can help women secure the capital they need to start their own business.
- Apply for certification as a woman-owned business. Many public companies and government agencies have programs to award a certain percentage of contracts to woman-owned businesses, and formal certification as a Women’s Business Enterprise (WBE) can put you in the running. National-level certification is available from the Women’s Business Enterprise National Council (WBENC) and the National Women Business Owners Corporation (NWBOC), and some states and cities offer women and minority business certification, as well.
- Do your research. The Internet is your gateway to countless resources for women in business. A quick search can point you to relevant groups, tools and training in your local area and industry. You can also find inspiration and advice through articles, videos and podcasts featuring women entrepreneurs. For example, check out Forbes’ excellent story on “Why the Force Will Be With Women Entrepreneurs in 2016” (4).
- Leverage the power of media. Find out which reporters cover your industry and local businesses, and reach out to them directly when you have timely news, launches or events to share. They can provide valuable coverage in exchange for a newsworthy story. You can also send press releases via newswires to reach an even broader audience. And don’t forget social media—it’s a great way to connect with and engage your target audience as well as fellow women entrepreneurs.
- Network with other women in business. Make an effort to forge relationships with other businesswomen and female entrepreneurs in your area through industry organizations, conferences and networking groups. They can provide much-needed support, encouragement and guidance; and you may even find a new mentor, customer or investor among them.
Monica Eaton-Cardone will be speaking on eCommerce best practices and online fraud prevention at the Airline & Travel Payment Summit in Barcelona and the 2016 CNP Expo in Orlando, and she looks forward to networking with other women entrepreneurs and business leaders at these and other upcoming events. She is also available for interviews and speaking engagements. For further information, visit http://monicaec.com.
About Monica Eaton-Cardone:
Monica Eaton-Cardone is an entrepreneur and business leader with expertise in technology, eCommerce, risk relativity and payment processing solutions. She has co-founded a number of successful companies, employing 350+ people globally. With the advent of “friendly fraud” expanding from the U.S. to other countries, Eaton-Cardone recognized the necessity to protect the global economy from illicit chargeback threats; hence, Global Risk Technologies (GRT) was established. She currently serves as the CIO of GRT, an international organization with subsidiaries in the U.S.; Chargebacks911; and eConsumerServices. She additionally continues to hold the position of COO of Chargebacks911. Eaton-Cardone has earned a reputation for creative business solutions, helping merchants and banks to achieve sustainable payment processing practices and supporting consumers in resolving transaction issues. She is a champion of women in IT, and hopes to contribute to an expanded presence of females in technical professions and leadership roles.
- S. Census Bureau. “Number of Minority- and Women-Owned Firms on the Rise”; press release issued December 15, 2015. census.gov/newsroom/press-releases/2015/cb15-209.html
- S. Bureau of Labor Statistics. Women in the Labor Force: A Databook; December 2015; page 64. bls.gov/opub/reports/cps/women-in-the-labor-force-a-databook-2015.pdf
- Ewing Marion Kauffman Foundation. Entrepreneurship Policy Digest; July 20, 2015. kauffman.org/what-we-do/resources/entrepreneurship-policy-digest/women-entrepreneurs-are-key-to-accelerating-growth
- Stengel, Geri. “Why the Force Will Be With Women Entrepreneurs in 2016”; Forbes; January 6, 2016. forbes.com/sites/geristengel/2016/01/06/why-the-force-will-be-with-women-entrepreneurs-in-2016/
Karla Jo Helms
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