In the March Issue:

Not long after the pandemic began, it became clear that it would disproportionately impact women, girls, and gender-diverse people. According to studies, it was reported women’s unemployment increased by 2.9% more than men’s. 

For women entrepreneurs, a survey by PARO Centre for Women’s Enterprise, women entrepreneurs from a wide range of sectors and from across Canada, the many challenges they faced was further exacerbated by the pandemic. 

Women entrepreneurs flagged access to financing as a major concern. The “gender financing gap” turned also into the “gender grant gap” was acutely felt throughout the pandemic. Women-owned businesses - which are more often home-based, micro-businesses or sole proprietorships - were not eligible for the government and other programs offering subsidies, loans and grants typically offered to incorporated small to medium enterprises. 

This is especially concerning considering that according to WEKH (Women Entrepreneurship Knowledge Hub), women make up 37 per cent of all self-employed, but are the majority owners of only around 15 percent of small and medium sized enterprises with employees. 

The government's shift to prioritizing tech or larger scale businesses have left women to fend for themselves. This, coupled with increasing demands of their non-work and familial responsibilities placed onto them during the pandemic, women were likely to feel increasing mental and physical pressure. 

Navigating these aforementioned challenges can often feel isolating for women entrepreneurs. Mentorship has proven to be a valuable solution for the unique challenges faced by women throughout, and following, the pandemic. 

According to a UPS survey, 70% of small businesses that received mentoring survived more than five years – double the survival rate of non-mentored businesses. As a founder of a growing business myself, I’ve learned that more than ever, mentorship amongst women entrepreneurs can offer support through a multitude of ways, but 3 in particular:

PROFESSIONAL SUPPORT

There is no dispute that when it comes to entrepreneurship, experience matters. One of the leading reasons for failures, when it comes to startups, is often lack of experience. Research shows that founders with at least one previous entrepreneurial success have a 50% higher chance to succeed in a new venture compared to first-time founders. Mentorship allows entrepreneurs to receive advice specifically tailored for their business. Women are able to gain insight from others who have previously been in their shoes and had to navigate these challenges. 

Experienced founders can be a sounding board for ideas and provide support in any nuanced or technical areas of your business that you may not be familiar with. Rather than doing it all yourself, your mentor can provide you with proven solutions and guidance, point you in the right direction, or refer you to an expert. 

According to founder and academic director of the Diversity Institute, Wendy Culkier, “Entrepreneurs who get this support report improvements in their management knowledge and skills, vision for their business venture and ability to identify new opportunities”.

EMOTIONAL SUPPORT

Mentorship can help entrepreneurs with what we refer to as “beneath the iceberg stuff”: self-confidence, self-esteem and self-worth, which we all may struggle with at many points in our life.

During the pandemic, women entrepreneurs also cited reduced emotional and mental well-being, and a lack of support for mental health. The juggling of multiple responsibilities have many women reporting feeling “burn out”. Feeling burnt out can often sow seeds of doubt, impact self-confidence, and thereby hinder your entrepreneurial journey. Mentors can help provide moments of pause, inspire reflection, promote vulnerability and champion the work for your “inner self”. For women in particular I believe this is one of the most compelling reasons to find a mentor and build a relationship that uplifts you. As one of my mentors shared a long time ago, “surround yourself with people that improve your life - you are the sum of the 10 people you hang out with most”. What would that tell me about you? 

Mentorship can also provide a sense of connection and inclusion within the entrepreneurial community - particularly if your business is in a field where women are still under-represented. Racialized women often seek out those of similar backgrounds to them for support, positive reinforcement, and/or camaraderie. For entrepreneurs this may look like someone who has a sphere of influence in your industry, or a broader network than you, ‘sponsoring’ your introduction or connection to new people and/or opportunities. Mentorship, when paired with sponsorship, can be a powerful tool to elevate women and minorities within the workforce and propel you forward in your entrepreneurial journey.

NETWORKING & COMMUNITY

For women entrepreneurs, especially those who are newcomers or immigrants, mentorship helps support the navigation of an unfamiliar environment and facilitate connections within industry. The strength of your mentor’s reputation can help build your credibility within these relevant communities. 

Mentorship within communities can help subvert deeply ingrained social and cultural barriers to networking and entrepreneurship. The help of a mentor can inspire entrepreneurial aspirations, foster diversity in thought, create industry connections, provide insight into business options, and open doors to opportunities that may not have been accessible historically. Entering these spaces can prove to be especially invaluable, as it unlocks new learning and growth opportunities.

With collaboration from all, mentorship can be a great vehicle to strengthen and build an inclusive and diverse women’s entrepreneurial community.

I know that in 2023 and beyond, mentorship will continue to be a critical solution that prevails for women entrepreneurs. Using mentorship as a tool, it’s our responsibility as women to ensure there is access for everyone to be able to engage in meaningful and passion driven entrepreneurship, hold and create space for diversity and inclusion within the community and enable the pursuit of success for other women. 

Let’s build together - there is enough wealth and opportunity for all to succeed. I encourage you to seek out ways you can be part of mentorship, not just for yourself, but also in support of another female founder.

MEET CHANTAL BRINE

CEO OF ENPOINT

Chantal Brine is a builder — of people and businesses. As founder and CEO of EnPoint, Chantal and her team help clients create and maintain effective mentorship programs.

A sought-after speaker, she often talks about the importance of living an authentic life, and on the impact of mentorship in advancing one's career.

Connect with Chantal HERE!