Wells Fargo recently hosted the “Purpose, Passion, and Business” showcase at the Woman Evolve Conference, shining a spotlight on women entrepreneurs and their journeys. This event was not just a celebration; it was a call to action for women in business, offering valuable insights and resources to help them succeed.
The Impact of Women-Owned Businesses
According to the Wells Fargo 2024 Impact of Women-Owned Businesses Report, women-owned enterprises are a powerhouse, comprising 39.1% of all businesses and generating a staggering $2.7 trillion in revenue. However, many women entrepreneurs still face significant challenges, from securing funding to finding mentorship.
Key Takeaways from the Showcase
As we step into National Women’s Small Business Month, this showcase featured stories from four local businesses involved in the Start.Pivot.Grow. Accelerator program. This initiative, backed by local philanthropic funding through the Wells Fargo Foundation, aims to support diverse entrepreneurs.
- Cynthia Nevels, the founder of the accelerator, identified a gap in resources for local diverse business owners. She noted, “Many six-figure businesses operate in hustle mode rather than management mode because underrepresented business owners were never taught how to manage a business for growth.”
This programme offers financial resources and guidance to help small and mid-sized businesses scale effectively.
Empowering Stories from Women Entrepreneurs
Sammi Bivens: The Digital Marketing Maven
One participant of the showcase, Sammi Bivens, founder of Digital Marketing Maven, shared her journey and the critical role of funding in her growth. She was awarded a $20,000 grant from Wells Fargo, which allowed her to expand Maven University, a platform offering affordable marketing solutions to small businesses.
Bivens emphasized, “If you are looking to grow as an entrepreneur, actively seek out opportunities that align with your business goals and vision.”
Her goal? To reach 100,000 small business owners within five years, a vision significantly bolstered by this grant.
Deana Young: Fueling Healthy Eating
Another inspiring figure is Deana Young, founder of LifePlate, a healthy meal delivery service based in Dallas. Young underscored the importance of support from the Start.Pivot.Grow. Accelerator, saying, “No matter where you are in your journey as a small business, you need the support of organizations that understand and truly care for the work you do.”
A Shared Mission of Empowerment
Alexis Snow, Vice President of Philanthropy and Community Impact for Wells Fargo, encapsulated the event’s spirit by stating, “We aim to spark transformational change and be intentional about removing barriers to economic mobility and generational wealth for underrepresented communities.”
The Role of Mentorship and Networking
For aspiring entrepreneurs, mentorship and networking are essential components for business growth. Here are some strategies to consider:
- Leverage Local Resources: Engage with community organisations that provide funding and support.
- Build Relationships: Focus on creating lasting connections that can foster collaboration and growth.
- Stay Resilient: Embrace challenges as opportunities to learn and evolve.
Bivens highlighted the importance of engaging with organisations like Wells Fargo, saying, “It’s not just about securing funding — it’s about building relationships that can help you grow long-term.”
Commitment to Diversity, Equity, and Inclusion
Wells Fargo’s efforts reflect a steadfast commitment to diversity, equity, and inclusion (DE&I). Gigi Dixon, head of external engagement for Diverse Segments, Representation, and Inclusion at Wells Fargo, stressed that “it is important that women have equitable access to financial tools that help them build a legacy of opportunity for future generations.”
Final Thoughts: The Path Forward
The “Purpose, Passion, and Business” showcase was a testament to the resilience and determination of women entrepreneurs. It underscored the importance of community support and the vital role of organisations in facilitating access to resources and mentorship.
As we celebrate the achievements of women-owned businesses, it’s crucial to continue fostering an environment where they can thrive. By sharing their stories, providing resources, and building networks, we can help pave the way for future generations of women entrepreneurs.
