Bizzell’s XcelHERate Program Promotes Women Entrepreneurship
By Editorial Staff
In reflecting on the contributions of women to the work we do at Bizzell, we are highlighting the work of our global initiatives to bring equity and innovation to the small business industry. In the bustling entrepreneurial landscape of Kenya, a groundbreaking initiative has been established to change the game for women-owned businesses. The Bizzell-SNDBX XcelHERate Entrepreneurship Challenge (XcelHERate) is poised to uplift and celebrate the entrepreneurial prowess of women, providing them with the tools and support needed to thrive in the business world and positively impact their communities.
According to Forbes, women entrepreneurs encounter numerous challenges while navigating the business landscape[1]8 Major Challenges Women Face In Business https://www.forbes.com/sites/margueritacheng/2018/10/31/8-major-challenges-women-face-in-business/?sh=11d89c816461. One major challenge is the limited access to funding, with many women-owned businesses struggling to secure financial support due to gender biases and if they are minority business owners, also facing racial barriers.
Balancing responsibilities between business and family life often poses a significant challenge in the lives of successful women entrepreneurs, as women often find themselves torn between professional commitments and personal obligations. The fear of failure is a looming threat for many women entrepreneurs, often stemming from skepticism, imposter syndrome, and a lack of confidence or opportunity. Women also face other hurdles in business, such as inadequate support systems, gender inequality, microaggressions, and consistent prejudice surrounding skills and knowledge in business. Though there are few programs specifically tailored for women in business, the expectations and pressure to know more than their male counterparts is high. Women who are more timid or soft-spoken may face different challenges than women with more dominant personalities, and vice versa. Despite all these factors, in 2022, 47% of new business owners were women[2]The Rise of Women Entrepreneurs
https://gusto.com/company-news/the-rise-of-women-entrepreneurs. Bizzell believes empowering all women to believe in themselves and own their success is critical to overcoming these challenges and thriving in entrepreneurship.
In honor of Women’s History Month, we are highlighting the work of our global initiatives to bring equity and innovation to the small business industry. In the bustling entrepreneurial landscape of Kenya, a groundbreaking initiative has been established to change the game for women-owned businesses. The Bizzell-SNDBX XcelHERate Entrepreneurship Challenge (XcelHERate) is poised to uplift and celebrate the entrepreneurial prowess of women, providing them with the tools and support needed to thrive in the business world and positively impact their communities.
The XcelHERate initiative is designed to support young women entrepreneurs aged 18-35 with existing businesses that have demonstrated resilience and innovation. It seeks out businesses that challenge the status quo and offer unique, scalable products or services with a clear social impact. By empowering these women, XcelHERate aims to drive economic development and foster a culture of entrepreneurship in Kenya.
The importance of women’s entrepreneurship cannot be overstated. Women-owned businesses contribute significantly to economic growth, job creation, and poverty reduction in communities worldwide. By supporting women entrepreneurs, we can unlock new sources of innovation, creativity, and productivity, driving overall economic development. Women entrepreneurs often also bring unique perspectives and solutions to the table, addressing the needs of underserved markets and driving social change. They are critical in advancing gender equality and empowering other women to pursue their entrepreneurial dreams.
Through the XcelHERate Challenge, women entrepreneurs in Kenya can access capital, build their skills, expand their networks, and gain business exposure. Investing in women entrepreneurs can help unlock their full potential and create a more inclusive and prosperous society.
The XcelHERate initiative promises to be a transformative experience for women entrepreneurs, empowering them to realize their full potential and become leaders in their respective industries. With the support of Bizzell, SNDBX, and the entire entrepreneurial ecosystem, these women are poised to make a lasting impact and create a brighter future for themselves and their communities.
References
[1] 8 Major Challenges Women Face In Business https://www.forbes.com/sites/margueritacheng/2018/10/31/8-major-challenges-women-face-in-business/?sh=11d89c816461
[2] The Rise of Women Entrepreneurs https://gusto.com/company-news/the-rise-of-women-entrepreneurs
