Jamar Cobb-Dennard: Championing Women in Business
Jamar Cobb-Dennard is not just an attorney and business broker; he is a passionate advocate for women entrepreneurs. His work reflects a deep understanding of the challenges and opportunities that women face in the business landscape. As we explore the evolution of women-owned businesses in the United States, it becomes clear that the journey has been marked by significant milestones, policy changes, and the unwavering support of leaders like Cobb-Dennard.
The Historical Context of Women-Owned Businesses
In 1972, the landscape for women entrepreneurs was starkly different. The Small Business Administration (SBA) reported just over 400,000 women-owned businesses in the U.S. Fast forward to 1988, when the Women’s Business Ownership Act was enacted, providing crucial access to capital and resources for women. This landmark legislation acted as a catalyst, propelling the number of women-owned businesses to a staggering 42% of all businesses in the U.S. within two decades.
By 2019, the impact of these policies was evident: 13 million women business owners generated an impressive $1.9 trillion in revenue. This growth, while taking half a century, represented a remarkable 114% increase in women business ownership over the last 20 years. The concerted efforts of government and non-profit organizations ensured that women had a prominent seat at the entrepreneurial table.
The Role of Current Entrepreneurs
While the past decades have seen significant advancements, the current generation of successful women entrepreneurs has a vital role to play. They are tasked with guiding and supporting the next wave of women business owners, particularly those from Gen-Y and Millennial backgrounds. This mentorship is crucial for fostering a new generation of leaders who can navigate the complexities of entrepreneurship.
Mentorship: A Key to Success
One of the most effective ways to support young women in business is through mentorship. According to the Small Firms Enterprise Development Initiative, 70% of businesses with mentors survive for five years or longer. In contrast, the U.S. Chamber of Commerce reports that 50% of businesses fail within their first five years. By identifying a young entrepreneur to mentor, established businesswomen can make a significant impact. Regular meetings, assignments, and introductions to the community can help these budding entrepreneurs thrive and avoid common pitfalls.
The Importance of Accountability Partners
In addition to mentorship, having accountability partners can be invaluable for new business owners. Entrepreneurs often find themselves isolated, lacking the insightful support they need from family or employees. By connecting with peers at a similar stage in their entrepreneurial journey, women can share experiences, set goals, and hold each other accountable. This camaraderie not only fosters personal and professional growth but also provides a much-needed support system.
Building a Personal Board of Advisors
Successful entrepreneurs often recruit a personal board of advisors to guide them. This board should consist of women who embody the success the entrepreneur aspires to achieve, as well as industry leaders and professional advisors. Regular meetings with this board can help entrepreneurs review their goals, address challenges, and celebrate victories. The diverse perspectives and experiences of board members can provide invaluable insights and strategies for growth.
Leveraging Women Business Enterprise (WBE) Projects
For women in industries conducive to government contracting, registering as a Women Business Enterprise (WBE) can open doors to significant opportunities. Many government contracts require prime contractors to engage minority subcontractors, which means that being a registered WBE can lead to immediate business. However, it’s essential to approach this strategy with caution, as relying solely on government contracts can create customer concentration issues.
Targeted Lending Programs
Access to capital remains a critical hurdle for many women entrepreneurs. Fortunately, many banks offer targeted lending programs designed specifically for women. These programs often feature reduced interest rates, smaller down payments, and less stringent underwriting requirements. Women must advocate for themselves during the lending process, actively seeking out these programs to secure the funding they need to grow their businesses.
Supporting Entrepreneurship Equity Initiatives
Organizations such as the Central Indiana Women’s Business Center, NAWBO, and Springboard Enterprises play a crucial role in supporting women in business. Established entrepreneurs can contribute to these initiatives by offering their time and financial support. By investing in these organizations, successful women can help ensure equity and access for future generations of women entrepreneurs.
The Ongoing Journey
The progress made for women in business over the past several decades is commendable, but the journey is far from complete. It is now up to successful women entrepreneurs to take the reins, mentoring and supporting the next generation. Jamar Cobb-Dennard exemplifies this commitment, using his expertise to empower others in their entrepreneurial endeavors.
To learn more about how to buy and sell businesses, or to connect with Jamar Cobb-Dennard, you can reach out at jamar@jamarcobbdennard.com.