From Taylor Swift and her Era’s Tour to Greta Gerwig’s directing of the Barbie Blockbuster, 2023 was filled with examples of the economic power of women. You also have Claudia Goldin, who just recently at the age of 77, became the the third woman awarded the Nobel Memorial Prize in Economic Sciences for her work on women’s pay.
These women, and so many others, underscore the economic power of women as consumers, investors, entrepreneurs and academics. And it’s not just Taylor Swift, who is projected to generate $5 billion in consumer spending this year (hats off to you though, Taylor). According to a 2022 report by McKinsey Global Institute, women-owned businesses contribute $28 trillion to the global economy each year (that’s equivalent to the third largest economy in the world). Plus, the number of women-owned businesses has grown by 23% over the past five years.
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I believe deeply in the power of women to, as Beyoncé would say, ‘run the world.’ So much so that I’ve made it the core mission of my business, JPalmer Collective; a firm that specializes in investing in women-led companies. As I look back at 2023–and more specifically, the summer of 2023–I think there are some amazing lessons to be learned from women who continue to break those glass ceilings. Here are my favorites:
Be bold and take risks: Taylor Swift is constantly scrutinized…but what does she do? She shakes it off (sorry, couldn’t help it), and constantly reinvents herself and her music. Greta Gerwig, who directed this summer’s Barbie blockbuster, tackled big topics like the patriarchy and misogyny using the world’s most famous plastic doll. Entrepreneurs should be inspired by these women to take risks and not be afraid to challenge the status quo.
Build a strong community: Whether you’re a Swiftie, member of the Beyhive or a Barbie stan; Taylor Swift, Beyoncé, and Greta Gerwig have all built strong communities around their brands. That shared experience builds loyalty. Women entrepreneurs should focus on building communities around their businesses, both in terms of professional networks and consumers. The latter can be done through marketing, ambassadors and social media. You may not be filling stadiums or movie theaters, but you can create loyal groups of consumers who share their experiences in a Facebook group, or eagerly await the opportunity to be the first to try your newest product.
Don’t be afraid to be yourself: No matter what the press or critics say, Taylor Swift, Beyoncé, and Greta Gerwig are all unapologetically themselves. Being your authentic self will help connect you with your consumers and build a genuine brand. Why did you start your business, what is your story, and what experiences have you had that women may relate to? Don’t be afraid to share.
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Look both back and forward: When 19-year-old tennis phenom Coco Gauff became the youngest American to win the U.S. Open title in September, she thanked Billie Jean King “for fighting for this.” Every successful entrepreneur is building on what others did before her. As a woman in the male-dominated finance industry, I am incredibly grateful for those who came before me and I try to learn from their experiences. I also make it a point to mentor the younger women who will follow in my footsteps.
Support your girl gang: I get it…it can be easy to compare yourself to other women and their professional achievements. But time and time again, we see just how amazing the impact can be when we aren’t just proud of our own accomplishments, but continue to support our fellow women, too. Case in point–at the premiere of her Eras Tour film, Taylor Swift took to Instagram with a note of appreciation for Beyoncé’ and the way she taught her to “break rules and defy industry norms.”
Female entrepreneurs can use the lessons of summer 2023 to chart their own paths to success by tapping into the economic power of women. Even if your business is not performing in front of millions of people, it’s time to step into the spotlight, take the stage, and continue driving positive change into the world. Together, women can make the future even brighter and more equitable.
READ MORE ON HERMONEY:
- Why It Costs $300k+ More To Be A Woman Than It Does A Man
- How To Close The Gender Pay Gap Once And For All
- 5 Best Side Hustles For Women
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With 16 years of commercial finance experience, Jennifer Palmer launched JPalmer Collective, a provider of customized Asset-Based Lending solutions, to help achieve equal access to capital for women-owned/led businesses.