This stat gets me going, according to Global Entrepreneurship Monitor, only 6-8% of women act on a business idea they believe will work (compared to 12-14% of men that do). This gap in action is a reminder that there are systemic challenges we need to address, not only in giving women more opportunities but also in helping them feel empowered to seize those opportunities. As a woman entrepreneur myself, I can attest to the benefits of building a business that works for your family, society, and God’s will for your life.
As we celebrate National Women’s Small Business Month this October, I want to reflect on the progress we’ve made and, just as importantly, on what still needs to change to overcome the barriers that hold us back from full participation in the marketplace on our own terms.
The Challenges for Women Entrepreneurs
Women-owned businesses make up 42% of all businesses in the U.S., employing more than 10 million workers. It’s inspiring to see so many women taking the leap, but it’s also disheartening to know that 80% of women-owned businesses earn less than $100,000 annually. Why? The answer often comes down to a few critical factors: funding, confidence, and market challenges.
Funding: Women-led businesses receive just 1.9% of venture capital funding. Access to capital remains one of the biggest barriers for women entrepreneurs. Imagine the growth we’d see if more funding was made available to women with great ideas.
Self-Confidence: Confidence is another key factor. I’ve spoken on stages, on podcasts, and to audiences across the country about this after I heard it over and over at NWBC round tables I participated in across the country. Only 20% of women speak up for what they need or want, whether it’s asking for funding or negotiating a partnership. This lack of confidence keeps us from growing in the ways we want to. You’ll hear a lot about this from me this month.
Market Challenges: From timing to market saturation, external factors also play a role. These challenges require adaptability, resilience, and the support of a strong network. Throw AI into the mix, and holy monarch butterfly do we have a double-edged sword of challenges- and opportunities.
Women in Manufacturing: A Critical Role
October also brings National Manufacturing Day on October 7, and I’d like to shine a light on women in the manufacturing sector. Women make up just 30% of the manufacturing workforce, and even fewer are business owners in this field. Women-owned manufacturing businesses are still a minority, but they are critical to shaping the future of this industry. I am proud to be part of this movement and to celebrate the hardworking women driving innovation and excellence in manufacturing.
Supporting Mental Health in Entrepreneurship
October is also National Mental Health Month, and this conversation is deeply personal to me. I recently spoke at a conference where 9 out of 10 attendees shared that they felt burnt out, underappreciated, and didn’t have the resources they needed to even talk about mental health. This wasn’t surprising, but it was a sobering reminder of how much work we still must do.
Mental health matters, not just for individuals but for businesses too. I firmly believe that supporting mental health is part of the reason EarthKind was named a top place to work two years running. Creating a culture where people feel seen, heard, and supported doesn’t just make a difference in the workplace—it supports families and communities too! As women business owners, we have an opportunity to lead by example in making mental health a priority. We’ll talk about this too as most small businesses don’t have the ability to offer benefits to themselves or employees. Supporting them with our purchases will demonstrate solidarity in the worthiness of their endeavors, and in them.
Moving Forward Together
This National Women’s Small Business Month, I encourage all of us to take action—whether it’s supporting another woman-owned business, launching that idea that’s been sitting on the back burner, or simply speaking up for what we need. I’ll be sharing resources on my TikTok and LinkedIn throughout October, focusing on the lessons I’ve learned and the steps we can take together to break down the barriers women still face in business.
Let’s move forward together, supporting each other and building a future where every woman’s potential is fully realized. I look forward to hearing from you, and sharing some of the toughest lessons learned this month.
Your friend, Kari
