A big part of Pettigrews mission in championing female-minority entrepreneurs is through helping them create secondary sources of income to feel more optimistic in their financial independence, a stable living, and breaking free of the prevailing wage gap.

The system thats just been unfair has no power over you anymore and cant intimidate you the same way because you had something going on that was making money for you, she said. That mindset of thinking about how differently you want to walk, that energetic point of view requires people to feel safe and confident in taking care of themselves.

Even funding opportunities puts a developing business at a standstill. The average loan amount for women-owned businesses was 31 percent less than the amount generated among their male counterparts ($70,239) in 2018 according to Biz2Credit, an online business credit provider that studied 30,000 companies in more than 20 industries.

Pettigrew noted that the lending gap is more pronounced among Black and Brown women and recalls the experiences several women in the National Association of Women Business Owners shared about getting denied from their institutions.

Most people dont have money theyre sitting on to start businesses. They may be really passionate about an idea or about a concept, but quickly the business can get away from them, she said. Women just need, and brown women especially, a fair opportunity at access to the cash. They need assistance in applying for it. So there should be more vehicles for helping women get access."

Like the wage gap, access to finance for women- and minority-owned businesses still has a long way to go in order to level the playing field among entrepreneurs. Reasons such as no bankroll, lack of collateral, or a complex application process intervenes in the path towards business growth and development. The U.S. Senate kicked a breakthrough in 2019 by passing a bipartisan legislation aimed at improving the underfunding gap by increasing access.

Through all the challenges minority-female entrepreneurs endure in their careers, Pettigrews concept for Beyond Blind Spots allows women to recognize the value they have in society and support each other to achieve the freedom and flexibility they want.

I do believe that every person is born worthy, youre born worthy and deserving of your chance, your opportunity, your paths, she said. Which circles me right back to, we have to do this ourselves. Women have to support other women.

Originally posted here:

Minority Consultant Shares Thoughts on Dynamics in Entrepreneurism - The Real Chi