Women at the Top
Today’s Business Week Online contained an intriguing article entitled, “This Time It’s Mine: Why high-powered women are leaving Corporate America to become entrepreneurs.” The article cites research from Catalyst stating that although women represent 46% of the nation’s workforce (and growing), they only hold about 6% of the highest-paying positions. Frustration has led many high powered women to leave the rungs of corporate ladders to build their own future. This exodus from the Fortune 500 is not primarily based on financial motivations. Instead, they are driven by the idea of “doing it my way” by exercising complete or nearly complete control over either newly created enterprises or smaller existing organizations.
For those seeking venture funding for their new initiatives, shocking findings by Chicago marketing firm re:invention and their study partner Growthink Research show that of the $19 billion in venture capital in 2003, only 4.2% was for women-led firms. To assist with these and other barriers to entry, the United States Small Business Administration has created a destination site called the Office of Women’s Business Ownership. Director Wilma Goldstein, an advocate for women business owners in both the public and private sector, leads this center. Director Goldstein also governs the Women’s Network for Entrepreneurial Training, which facilitates interaction between successful women CEOs and small business owners.
Perhaps I should not be surprised by the lack of diversity at the top of most organizations, yet I continue to observe unfounded social stigmas associated with minority leaders. And the irony was not lost on anyone when Harvard announced their first female President following the ridiculous statements of her predecessor.
Here’s to hoping that opportunity and equal access are granted to all eligible leaders. A promise which - if kept, adopted and socially embraced - will stop warranting front-page news.
Let’s keep the conversation going.