By Jill Calabrese Bain, Managing Director, Small Business, Specialty Banking and Lending at Bank of America
In the dynamic landscape of entrepreneurship, courage is the hard-earned badge of honor worn by all business owners. Whether just starting out, running a mature business or thinking about what’s next, women business owners are stepping outside of their comfort zones to see their businesses not only survive, but thrive! In honor of this month’s theme of courage, let’s look at a few ways courage empowers business owners to stay confident, address setbacks and advocate for themselves and their communities.
Many of us are familiar with the children’s game “follow the leader.” A business owner’s leadership style lays the foundation for how a business will operate. If an owner is stressed, disorganized or lacks vision, employees will follow the business owner’s lead, undermining the business’ ability to operate successfully. In comparison, if a business owner lays out a plan and consistently checks in with their employees, it will likely empower employees to tackle challenges without fear of retribution. Employing these behaviors will lead to positive change and increased confidence throughout the organization.
Courage creates empowerment, especially during times of economic or personal uncertainty. You may have a thoughtful business plan in place to grow your operations, but the last few years have showed us that it takes courage to address setbacks and move forward. No matter how straightforward and detailed our plans are, obstacles and complications may occur. Acting thoughtfully and according to plan will allow your business to move forward, even when there are hiccups along the road. Remaining positive and being resilient will help you succeed.
Finally, it’s important to remember that there is strength in numbers. Courage not only entails advocating for others, but asking for help when you need it. We are not expected to know the answer to every question or problem we come across, and we must have trust in our teams, families and our NAWBO network to help us along the way.
In addition to your own personal network, you can also count on Bank of America to support you, wherever you are in your entrepreneurial journey. We are committed to investing in and empowering women in communities around the globe. Our latest partnership—the Tory Burch Foundation Business Webinars by Bank of America—targets early-stage, women-led businesses in all industries by offering free education on a range of entrepreneurial topics and a robust content library for on-demand learning.
Overall, courage is the cornerstone of success for women business owners. It can empower you to navigate obstacles, face and embrace change and lead with conviction. By harnessing courage, women entrepreneurs will not only achieve their business goals, but also pave the way for future generations—allowing for, families, communities and economies to thrive.