International Business Women’s Day 2023

22nd September is marked as International Business Women’s Day. The day is remarkable to all women who have defied preconceptions and are still pursuing their entrepreneurial endeavors.

“International Business Women’s Day is about honoring the increasing role that women have to play in the world of business today.”-  Days of the Year

Whether it is a small or large business or startup it is essential to respect all women’s businesses. This helps to motivate them to work hard with appreciation. 

Why Celebrate this Business Women’s Day

According to Forbes 2023, women lead more than 10% of Fortune 500 companies, including one company in the top 10. Women today desire to become an entrepreneur to build their own enterprises. 

The reason behind celebrating the day is to recognize all the women’s achievements in their respective fields. In fact, women in business have a positive impact on society. So, any businesswoman needs to be valued. This is to demand change and to honor the bravery and tenacity of everyday women who have made tremendous contributions to their societies.

There are many businesswomen who are running successful ventures all over the world. They are all breaking the stereotypes of working women. Modern society has unbeatable and unforgettable businesswomen as role models.  

Examples of Successful Women in Businesses

In most developed countries female entrepreneurs are taking the lead, whereas in developing countries it is slowly rising. According to the World Bank, there are about 8 million to 10 million formal small and medium enterprises (SMEs) with at least one female owner in developing countries. The business women promote the situation of their households, and communities by contributing equally to their countries. 

There are many women leaders who have set an example and inspired all of us. Some of the biggest names are mentioned here:

Whitney Wolfe Herd

Whitney Wolfe Herd is a co-founder and CEO of Bumble Inc. which is engaged in running two online dating applications, Bumble and Badoo which were launched in 2014. She is the youngest female billionaire in the world.

Ursula Burns

Ursula Burns originates from a moderate family. She began working at Xerox, a multinational corporation with more than 35,000 people worldwide, as an intern. Her diligence and hard work opened the door to more achievement. Later, she rose to the position of Chief Executive Officer at Xerox. It has been tremendously motivating to watch her rise from an intern to the CEO of Xerox. Her accomplishments as a successful female business leader are highlighted by her employment in key roles with VEON and Uber.

Michelle Mone

Michelle Mone belongs to a working-class family in Glasgow, Scotland. She had to work to support her father’s paralysis after losing her sibling at a young age. Mone was a distributor of papers before switching to work in a fruit store. She had to start working a second job to pay her bills. At the age of 17, she began working for the Labatt Brewing Company, eventually rising to the position of head of the sales section. She later rose to prominence as a female corporate executive and was chosen to serve in the House of Lords in 2015.

Mary Barra

Mary Barra, CEO of General Motors since 2014 and the first woman to lead a Big Three automaker in the U.S., has been a trailblazer in the industry. She’s driven GM’s transformation by investing in electric vehicles, self-driving cars, and ride-sharing via Maven. In 2020, she pivoted GM’s production to help Ventec Life Systems produce ventilators during the pandemic. Barra’s commitment to gender equity is evident as GM consistently ranks highly in reports, boasting no gender pay gap in 2018, highlighting her dedication to diversity and inclusion.

Karen Lynch

Karen Lynch took the helm of a major healthcare company with 300,000 employees in February 2021. She joined CVS as an executive vice president following its $70 billion acquisition of Aetna in 2018. Lynch played a pivotal role in CVS’s response to the COVID-19 pandemic, managing the largest network of independently-run COVID-testing sites in the U.S. She’s an active member of the Business Roundtable, the World Economic Forum Global Coalition for Value in Healthcare Executive Board, and the Boston College Women’s Council. Lynch’s career began at Ernst & Young as a certified public accountant, reflecting her remarkable journey in the business and healthcare sectors.

Rihanna

Rihanna is the youngest successful business person whose majority of the $1.7 billion fortune comes from Fenty Beauty, the cosmetics company she co-owns with LVMH. She also shares ownership of the lingerie business, Savage X Fenty, with investors. 25 Forbes’ 2020 America’s Richest Self-Made Women list includes Rihanna.

Women now are financially stable. They are responsible for their own financial management. They act as a superhero as some of the women handles both their home and their work with great passion. These traits need to be appreciated to cheer them up. Sometimes a strong person needs the most care so, motivating them is crucial to make them competent. Women need to be more involved in business because it will help in the growth of the GDPs of the nations and also it is important for the sustainable growth of the family and the society. 

Women need to be given a platform to come to do business because they are the Game-changers. Women genetically have the power to tackle the situation with grace. They have the power to build sound relationships with others. While doing business, one needs to deal with the clients, stakeholders, partners, and employees which women can handle in a sophisticated way. 

Key to improving women’s businesses

Despite all the successful journeys and traits women still face challenges while doing business. Some of the vital constraints that act as a barrier are mentioned below: 

Education: There are many women running small businesses without any access to education, especially in rural areas. They are especially involved in handicrafts, retail and services,  agriculture, and other local businesses. But with education, it would have been much more convenient for them to run a business. Not only the academic education is essential but also other vocational education needs to be taught. 

Capital: Many times, women fail to implement their business ideas due to a lack of money. Money actually brings plans into action be it to commence the businesses, or pay the staff, money does play an inevitable role. 

There are various funding programs that fund aspiring female entrepreneurs. These are the women-centric initiative programs that encourage women entrepreneurs by offering funding support. Check National Women’s Small Business Month

Leadership: Leadership skill is vital to running a business. Women who demean themselves can be the biggest blunders to run a company successfully. To avoid these, they should be outspoken and have the capacity to stay in charge to take the lead. They should be able to make quick decisions and tackle the situation professionally. 

Gender issues: Although gender equality has been talked about all over the world since the ancient era, still inequality prevails in many of our societies. Sometimes, women leaders are not given equal platforms to share their voices, and they are compelled to live behind. 

These are the few constraints that women have to face in doing business. I can assure all ordinary women can succeed even more in the upcoming times if work on these hurdles. There is no need to get scared to raise a voice against discrimination and the consequences. Even the World Bank has published a report on Women, Business, and Law in 2023. Read below.

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International Business Women’s Day can be celebrated by all genders. You can connect with each other and exchange ideas to generate creativity. One can also mentor each other with the accessible knowledge that they have. 

On the other hand, women also need to attend various entrepreneurial events and conferences that can boost their confidence and knowledge. This way, each one of us can encourage and offer a suitable environment for any woman to run a business. 

Also read: SheTrades Initiative