However, a recent study found that some states had more favorable business environments for women-owned firms than others. California, Colorado, and New York were among those leading the way.

According to metrics like the percentage of women-owned small businesses, women-to-men pay ratios, female unemployment rates, the number of women-owned businesses per 10,000 residents in each state, and the number of women-owned businesses that generate $1 million or more in annual revenue, the study from boutique lending firm Clarify Capital ranked the best U.S. states for women-owned businesses.

According to their rankings, the top five states for women-owned businesses are as follows:

California
Colorado
New York
Florida
Vermont

California’s position at the top of this list is rather expected: It is where Silicon Valley is located. California has more women-owned firms than any other state with annual revenue of over $1 million. It also has the fifth-smallest gender pay gap out of all 50 states.

The pay disparity statistic is noteworthy. California has made a significant effort in recent years to close the gender pay gap in the state. In January, the state signed the Equal Pay Pledge. This aims to improve pay parity among the state’s government employees. According to data from the U.S. Census Bureau, women in the state currently make up about 88% of what males do in terms of pay. This is compared to 81% nationally.

According to a recent Citigroup analysis, narrowing the gender gap could add up to $2 trillion to the global GDP. It would also produce up to 433 million new jobs.

According to data from PitchBook, female entrepreneurs have received an average of $10.2 million per deal in recent years. This makes California one of the top states in the nation for funding female-founded firms. This is second only to Massachusetts’ $13 million average.  According to Pitchbook, only 2.1 percent of venture capital funding in the U.S. went to firms created by women in 2021.

According to Clarify Capital, Colorado is in second position, with a 52 percent increase in women-owned firms since 2002. The state also has the most female-owned enterprises per 10,000 inhabitants. Third place goes to New York, which has the second best women-to-men pay ratio (85%). It also has the third-highest proportion of women-owned enterprises with at least $1 million in annual revenue.

The states at the bottom of the list, on the other hand, have greater rates of female unemployment and pay ratios for women that are lower than the national average.

According to Clarify Capital, these are the worst states for women-owned businesses:

North Carolina
Mississippi
Alabama
Arkansas
Kentucky

West Virginia came in the bottom place. Partly due to the state ranking 50th in both the percentage of women-owned enterprises per 10,000 population and the female unemployment rate. Mississippi came in at number 49 overall. A particularly bad showing in terms of the gender pay gap: Women in the state earn just 77% of what males do, which is much less than the national average. The same is true in Alabama, which came in 48th overall and has a 75 percent women-to-men pay ratio, per the Census Bureau.

The post Best and worst states for women-owned businesses appeared first on hotchickswithbigbrains.com.

• Women own 42 percent of all U.S.-based businesses;
• Women own 4 out of 10 firms;
• Annual revenue from women-owned business is $1.9 trillion;
• Black women-owned business expanded by 50% between 2014 and 2019, the fastest growth rate of any group based on women;
• Businesses owned by Native Hawaiian/Pacific Islanders (41 percent), Latinas/Hispanics (40 percent), Asian Americans (37 percent), and Native Americans/Alaska Natives (26 percent) grew more quickly than both women-owned businesses and businesses in general but less quickly than women of color as a whole.

Working to take advantage of this tremendous development and encourage female entrepreneurs and women in business is the Bank of America Institute for Women’s Entrepreneurship at Cornell University.

The Institute’s online certificate program has attracted 50,000 women to date. The Bank of America has just provided funding for 50,000 additional slots. The fact that 90% of the participants are women of color is particularly striking. The certificate program is the only online entrepreneurship course at an Ivy League school. It is available to everyone in the world (regardless of gender).

Raquel Solomon, the owner of Ceremonies by Raquel, is a participant in the show. As a 52-year-old single mother, she never believed she would graduate from Cornell. She signed up for the women’s entrepreneurship program in the hopes that it would give her more credibility as an entrepreneur. Although she believed she possessed the necessary credentials to launch her business, she couldn’t pass up the opportunity to attend an Ivy League institution at no expense in an area that supported her aspirations. She had no doubt that this program would propel her company to new heights, and it accomplished exactly that.

Solomon was anxious after learning she had been accepted into the program. She quickly clarified, though, that she was surrounded by women who shared her commitment to growing their businesses. She added that there was a great support system and that the colleagues are all very passionate. The teachers also are very committed to the program.

Although there is no tuition fee for the program, the expectations and level of instruction are on par with those of a school for which students pay a lot of money.

Solomon benefited much from the program as a student, gaining skills to help her firm advance as well as a great deal of confidence. What’s more, the program offered her a clear vision of her potential and how to get there; that is something many entrepreneurs struggle with. Students are tested on how to handle business disputes and other things to look out for not just as a woman but as a modern business owner. Solomon is a full-time government employee now, but she intends to retire in a few years. After which she will start providing full-service life and wedding planning services.

The Cornell University program for women entrepreneurs is financially supported by the Bank of America. Pam Seagle is the Global Manager for Women’s Programs at Bank of America. She believes that it is within the scope of the institution’s mission to support the economic growth of its communities. This is particularly true for women and underrepresented groups at Bank of America. Their  $1.25 billion commitment addresses racial equality and economic opportunity. It also includes initiatives expressly aimed at aiding small companies.  She also understands that structural, long-term deficiencies exist. To fix this major change is necessary for both immediate and long-term improvement.

The academic collaborator on this project is Cornell University. The Ivy League university offers top-notch instruction as part of the curriculum and has a strong female faculty.

This program gives world-class teaching from Cornell experts to any interested entrepreneurs and women in business at no cost to them.

The initiative is significant to Cornell because it offers 100,000 students access to education, networking events, and connections. The social impact of this program is not only in line with what Cornell aspires to achieve as an institution but is also in line with what the world currently needs as we exit a two-year period that has highlighted specific challenges facing so many professional women, and more specifically, women of color.

Bank of America and Cornell did not plan for such a high proportion of women of color when they started their pilot program in 2018. However, following a Forbes piece, information about the program quickly became widely known. The article was circulated in groups that encourage Black and African American women entrepreneurs and on social media. Speaking about the impact of social media, Bank of America’s Seagle stated that there is an extraordinarily strong community of dedicated women business owners.

Within the first week of launch, they exceeded their initial plan for participants. Within the first week of launch, they exceeded their initial plan for participants. 

Women entrepreneurs now suggest one another to the program, share their success stories, and publish their certificates on the same online networks, which promotes the program.

Every participant in the online credential program is embarking on a different adventure. Some of them are already business owners. This training helps them fill in some of the gaps so they can run their businesses more successfully. Some students already operate a side business, and this class aids them in sorting out the specifics of starting a full-time enterprise. Some students are going through a transition in their lives. This may include retiring from a long-term job, moving, leaving the military, or taking care of young children or elderly relatives. This program helps them choose whether going into business for themselves is the best course of action. The educational part of the program delivers value to the students irrespective of where they are on their career path.

The post Empowering Women Entrepreneurs in Business appeared first on hotchickswithbigbrains.com.

More than half of the organizations questioned did not even consider any female applicants. This is according to a 2020 research from Development Dimensions International (DDI). According to a 2019 S&P Global report, businesses headed by women often have higher profitability than those run by men. So why aren’t women considered for CEOs more often than 50% of the time?

A company’s financial stability is often used to gauge its performance. However, there are important variables that contribute to its success that are never acknowledged. Incorporating more women into the C-suite would be advantageous for businesses for the following five reasons:

The majority of consumers are women.

75% of discretionary expenditure will be in the hands of women by 2028. This makes them the biggest influencers in the world as per a 2020 Nielsen study. According to the Bureau of Labor Statistics 2021 American Time Use Study, women spent 2.38 hours on average per week in 2020 buying consumer goods compared to men’s 1.47 hours per week. Many organizations are probably not achieving their full potential as a result of the gender gap at the C-level. Particularly those whose products are largely purchased by women.

Companies with women CEOs frequently provide superior results.

According to the S&P Global report noted earlier, companies with women CEOs and CFOs often outperform the market average in terms of stock price performance. Additionally, the stock prices of the companies led by female CEOs increased by 20% within 24 months of their appointment.

This demonstrates how the lack of women in prominent leadership roles directly lowers the value of Fortune 500 stocks.

On several important leadership attributes, women surpass men.

According to a 2019 Harvard Business Review study, women outperformed men in 17 out of 19 leadership qualities. These included taking the initiative, inspiring and motivating others, and resilience. All of which are excellent skills for any leader to possess.

Having the management and leadership qualities that women often possess can help retain great employees. It also helps build long-lasting professional partnerships in a variety of enterprises, roles, and industries.

Women-owned businesses frequently offer unique workplace benefits.

In a Harris Poll survey from 2018, 50% of participants said they preferred to work for a female-led business. 46 percent of those who felt this way were men. The causes? Women-led businesses are regarded as being more caring, mission-driven, and able to offer childcare. Having childcare choices can help many working parents achieve a better work-life balance. It can be the turning point for many women to reenter or leave the workforce.

Pay equity is a big issue at some businesses. However, without concentrating the wealth largely at the top, everyone can be fairly compensated at or above industry standards.

The creativity of a corporation is impacted by women executives.

The findings of a study conducted in April 2021 and published in the Harvard Business Review demonstrated that organizations become more open to change when women are in the C-suite. It can place more emphasis on expanded research and development and less on risky decisions. Overall, the researchers concluded that having women in senior roles was sufficient to change company culture. It emphasises knowledge-building as opposed to merely buying or purchasing.

How can you find the kind of female leadership you have to have? Consider hiring from inside by taking a look at those who have already demonstrated their dedication to the job you’re doing. From your current talent pool, develop your next CEO. There are also professional networks, word-of-mouth recommendations, networking with female-led businesses, and corporate boards if that is not a practical alternative. 

The post Why we need women CEOs appeared first on hotchickswithbigbrains.com.

Own and embrace your individuality. 

You may not have completely acknowledged the biases that exist in your career. Or how your gender could affect you at work. Gender affects how other people perceive you. This can be via reading and listening to thought leaders in the sector, personal experiences and conversations with colleagues. 

Companies need the viewpoints of women. According to 85% of CEOs whose companies have a diversity and inclusion policy, both customer happiness and business performance improvement.

Being an empathic leader gives you the ability to recognize some of the more subtle effects of your actions. You may have a high level of emotional intelligence or are intuitive. This gives you the capacity to discern what is actually bothering a client or influencing a colleague’s behavior.

It also makes it more difficult for someone to forget you since you’re the only woman in the room. That distinction will make it simpler for you to network, establish relationships, and schedule follow-up talks.

Keep an open mind, take chances, and master the art of saying no.

Being inquisitive, constantly trying to pick up new abilities, and putting yourself out there for opportunities to develop those skills are all sound career advice. However, women might need to be more deliberate about it.

Women should raise their hands when opportunities arise that will enhance their careers and personal and professional goals. It is important to be able to feel free to decline other requests.

Women are more likely to say “yes” to projects when requested since they often feel obligated to. Research supports this. The average female employee will spend 200 more hours a year on non-promotable work than her male peers, regardless of level.

Women can frequently experience the sense they have to take on more responsibility or act as a representative for all female partners at the firm.

Women should consider the following three factors before accepting a project or extracurricular activity.

Will this help me achieve my professional or personal goals?
Does this align with a goal or priority for the company?
Can I do this assignment without it affecting my other obligations?

Although accepting just one leadership development opportunity won’t significantly enhance your career, it may unintentionally start a snowball effect.

Build on the legacies of other female leaders.

While there are advantages to being the only woman in the room, it’s wrong that it can so often be the case.  Businesses, whether they are startups or established companies, have shown to be more successful when there is a greater variety of gender, race/ethnicity, and/or ability.

All types of women must be present in the room where choices are made. Businesses won’t get the outcomes they need and anticipate without these crucial viewpoints.

The post Being the only woman in the room appeared first on hotchickswithbigbrains.com.

“If you look at how we’ve been using our money in our client acquisition costs relative to the value of the consumer, we obsess about that” Howe stated in an interview with CNBC after New York State started mobile sports betting in January. “We want to make sure that we’re addressing the correct demographic and the biggest possible audience, but we’re doing that in a way that is financially reasonable.”

The CEO of the multinational gaming company Entain, Jette Nygaard-Andersen, is similarly outspoken. She is unhappy about what she views as excessive spending. This was regarding sums spent on advertising, marketing, and promotions in the American online gambling sector.

Nygaard-Andersen and Howe, two women gaming CEOs appointed last year have revolutionised the sportsbook and online gambling sectors. Both of which have always been dominated by men. From a corporate and cultural standpoint, both recognize the significance of their respective responsibilities in the wider context.

“I just don’t define myself as a female CEO,” Nygaard-Andersen said. She wants to alter the industry; both in terms of the work she does on the product side and most definitely in terms of how it’s viewed from a diversity and inclusion viewpoint.

She and Howe are also pressuring the industry to consider its financial practices.

The CEOs’ cost-related worries are valid, and they brought investors’ nagging concern to the fore. How much can you spend on client acquisition for gaming?

In an effort to win clients, sports betting organizations frequently provide customers with substantial promotions. These include sign-up bonuses or risk-free initial bets. However, those advertisements reduce earnings. In areas, like New York, businesses must pay taxes on these campaigns as gaming income rather than marketing expenses.

The main American rival of FanDuel, DraftKings, is under pressure to determine how to become profitable. Jason Robins is the company’s founder and CEO. In earnings calls, analysts urge Robins to discuss marketing budgets and customer acquisition costs. In August 2021, Caesars CEO Tom Reeg unveiled the Caesars Sportsbook app with an attention-grabbing $1 billion marketing expenditure. He went on to provide projections for a return on that investment by 2023; which is a common goal for profitability among American sports betting sites.

Nygaard-Andersen has advocated for several methods of customer pickup. She cites a tactic that makes use of the attractiveness of the leisurely features of gaming entertainment; such as free-to-play games. It’s paying off, according to Nygaard-Andersen, who recently spoke with CNBC.  Entain had double-digit growth in 2019 and a 25% increase in its global client database in 2018.

“That really aligns us with other businesses that are customer-focused disruptors with rapid growth, like Netflix and Google” she said. “And like them, we continually consider how we might say, evolve our product. How we might innovate on behalf of the clients, using our technology.”

According to MGM Resorts, Entain and MGM Resorts who jointly run BetMGM, have seized market leadership in the states where it conducts business for online gambling and casino games (more infos on casinosjungle.com). They are also vying for second place in sports betting.

Fresh possibilities

Entain recently announced that it will invest GBP100 million in an innovation lab called Ennovate. It aims to promote cutting-edge technology from all over the world and plans to collaborate with nonprofits to adapt those advancements for environmental or societal benefits. Ennovate will be part of Entain’s global innovation network.

Given the emphasis on using technology to entertain and even inspire clients, Nygaard-Andersen believes it is critical that the technology itself is devoid of biases in programming sets of data and the AI that runs the platforms. The underserved groups are the focus. It definitely applies to women and young girls.

When Nygaard-Andersen mentions Entain’s commitment in Girls Who Code, a group devoted to eliminating the gender gap in technology, she becomes animated. “You can start early if girls become interested in tech. Girls can become superstars the moment they realize this”, she added.

Howe is as passionate about extending opportunity as Nygaard-Andersen is. She expresses her excitement over FanDuel’s parent company, Flutter, publicly announcing an ambitious aim to have 40% of the firm’s executive roles filled by women by 2026.

“Women make up 50% of sports fans, right? But barely 15 or 20% of women partake in sports gambling,” Howe says.

Supporting female athletes, promoting women’s sports, and “targeting women gambling fans in a very authentic way” are priorities, according to her.

Howe also makes it a habit to support, guide, and connect with other women. Numerous women at the most recent MIT Sloan Sports Analytics Conference gave Howe credit for hiring, promoting, or linking them to high-level positions in sports.

One FanDuel worker reportedly said, “She’s not my boss so I don’t answer to her but she is THE BOSS.”

Howe reiterated her dedication to an inclusiveness strategy, which she thinks will benefit the business for many years to come. “It motivates me to be a better leader if I know I’m in a position I can give back to others”, she said. “I firmly believe that over time, it will help our business and our sector succeed.”

Supporting female athletes, promoting women’s sports, and “targeting women gambling fans in a very authentic way” are priorities, according to her.

Howe also makes it a habit to support, guide, and connect with other women. Numerous women at the most recent MIT Sloan Sports Analytics Conference gave Howe credit for hiring, promoting, or linking them to high-level positions in sports.

One FanDuel worker reportedly said, “She’s not my boss so I don’t answer to her but she is THE BOSS.”

Howe reiterated her dedication to an inclusiveness strategy, which she thinks will benefit the business for many years to come. “It motivates me to be a better leader, if I know I’m in a position I can give back to others”, she said. “I firmly believe that over time, it will help our business and our sector succeed.”

The post The women shaking up the gambling industry appeared first on hotchickswithbigbrains.com.

A number of studies have asked people with recruiting experience to assess overqualified job candidates. Many companies don’t consistently record the reasons they choose not to promote an employee or hire a job applicant. Even fewer would voluntarily provide academics access to that data. 

Gender is a significant factor, and findings indicate that individuals are more likely to hire women than men for positions they are overqualified for. The underlying cause is gender-biased presumptions about how difficult it will be to keep them.

Expectations Concerning Who Will Stay in a Company

Men are said to put loyalty to a single company below their motivation to progress in their careers. If they had excellent qualifications they were perceived as 19% more likely than men with ordinary but adequate qualifications to leave their current position for the next, better opportunity. Men with exceptional qualifications are seen as flight risks. They aren’t expected to be loyal to one company when they could leave to go elsewhere.

People don’t see the sense in hiring someone they believe will merely be utilizing the company as a stepping stone for their future career. Acquiring and training personnel requires time and resources. These presumptions have an impact on employment choices and continue to undervalue women. Female job applicants who are overqualified are, on average, 25% less likely to get hired than men who have fewer but still acceptable qualifications.

Women, meanwhile, experience the opposite: No one worries about them leaving a company for greater chances. It’s not that they doubt the dedication of remarkable women to making progress in their careers. In fact, we discovered that having superior qualifications is viewed as an indication of a woman’s commitment to her job. It’s more likely that people have different preconceptions about what is important to great women. It is expected that outstanding men will switch jobs in order to advance. Whereas exceptional women are said to appreciate their ties with coworkers and remain loyal to their company.

People continue to undervalue great women. There is a belief that they will opt to stay even in the face of superior, outside employment prospects. The belief that women value these connections is so strong. Our findings indicate that when compared to men with comparable exceptional qualifications, exceptional women are perceived as 20 percent less likely to leave the company and 26 percent more likely to get employed.

How businesses undervalue women

The findings show how companies can take advantage of exceptional female employees. This is due to gendered assumptions about who poses a flight risk and who doesn’t. Furthermore, these gendered factors undoubtedly contribute to the glass ceiling and the pay discrepancy between men and women. Companies won’t make proactive retention measures like bonuses, increases, promotions, or additional responsibility like they would for males. They believe women will prioritize staying loyal to the company above developing in their careers through outside options.

Certainly, people can speak up for themselves when they want possibilities for growth in their employment. But there is growing evidence that women hold back from asking for pay hikes, more authority, or incentives for their work. They have a legitimate fear that they will be branded as bossy or haughty if they do. These labels have an impact because women experience more impediments to career advancement when they are perceived as being unlikeable.

How to Dispel Retention Assumptions

With this knowledge, women can assess if they might be qualified for a higher-ranking or higher-paying position by comparing their skills and experience to those of their male counterparts. Additionally, women might use outside offers as leverage to increase their benefits and pay.

But it shouldn’t be just the responsibility of women to address this inequality. It isn’t fair or sustainable to place all the responsibility for solving this issue on women. They have to work harder than males to obtain the same positions with the same pay.

Getting outside offers that fairly reflect their value is harder for women than it is for men because of gender prejudices in the recruiting process. What is worse is that individuals believe they are doing good deeds by giving extremely skilled women positions that are somewhat lower on the employment ladder. In contrast to males, people believe women might apply for a position for which they are overqualified in order to leave a company where there is a glass ceiling or where gender bias prevents them from moving forward. Offering women lower-ranking posts, in the eyes of these decision-makers, gives them a path out of those institutions that are restricting them. However, if the “assistance” or “way out” offered actually lowers women’s salaries and slows down their career paths, it’s not a good thing.

Changing policies

Company executives should carefully examine their retention policies. They are often non-standardized and left to the judgement of specific managers. Managers are required to make decisions in these types of informal evaluation processes. But without having all the information they may need or want about a potential employee or job prospect. For instance, managers frequently have knowledge of a worker’s credentials and past performance. But not necessarily of their objectives, driving forces, or dedication to the company. As a result, managers frequently base their judgments on what they do know about these unknowns. Problematically, gender biases can creep into decision-making processes through these presumptions.

The post Businesses continue to undervalue exceptional women appeared first on hotchickswithbigbrains.com.