The saying, "It takes a village to raise a child," reflects the idea that a community's collective efforts are essential for nurturing and supporting the growth of an individual. Similarly, when it comes to women starting businesses, a supportive network can make all the difference. In recent years, there has been a growing trend of women entrepreneurs banding together to create a strong local ecosystem that empowers, encourages, and uplifts one another. In my experience growing businesses from the ground up, initial success is contingent on the strength of these support chains.
One of the most significant advantages of a local support network is the wealth of shared knowledge and experience. Coming from a small business background, this sharing culture fosters an environment of continuous learning and personal growth, propelling businesses to new heights. Whether it's mentorship, workshops, or informal gatherings, the support network provides invaluable resources that empower women to navigate the business world effectively. We also see growth in this area, According to the Australian Bureau of Statistics and the Australian Small Business and Family Enterprise Ombudsman, the proportion of female owned or managed business in Australia grew from 31 per cent in 2015 to 35 per cent in 2019.
Local support networks play a crucial role in promoting women-owned businesses within the community. Recently, my new business venture launched an open day. Much preliminary work was done to connect with local female lead businesses. The amount of care and support that I witnessed from afar to support a newcomer into a local shopping village was heart warming. The connections made I am sure will be lifelong.
The traditional business landscape often perpetuates a competitive environment where the success of one seems to come at the expense of another. However, in a local ecosystem built on support, women emphasize collaboration over competition. When women entrepreneurs unite to create partnerships and joint ventures, they leverage each other's strengths and amplify their collective impact. This cooperative mindset not only strengthens individual businesses but also contributes to the overall growth of the local economy.
Despite the challenges involved, women start their own businesses for a range of reasons, but a few stand out. Research by Marie Claire and Salesforce revealed the main factors for taking the leap into business ownership in Australia. According to the study:
- 56 per cent of women started a business to gain more flexibility
- 49 per cent wanted better work-life balance
- 46 per cent wanted to be their own boss
- 34 per cent wanted greater financial independence
- 31 per cent want to make more money
- 30 per cent had an opportunity came up
- 29 per cent wanted to do more meaningful work.
So, in a world where entrepreneurship is a pathway to empowerment, it is heartening to witness women coming together in a local way to uplift each other, as I witnessed last weekend. Through shared knowledge, encouragement, collaboration, and advocacy, these support networks are transforming the business landscape and paving the way for a more equitable and prosperous future. As women continue to harness the power of community support, it is evident that it takes a village to build a thriving and inclusive business ecosystem.
Kylie Harding is an Investment Adviser who believes in free access to information about building financial literacy at every stage in life has the potential to empower women and inspire economies.
Contact Kylie today on [email protected] or 02 9998 4206.
