Leading Fearlessly: Women-owned businesses on the rise despite continued obstacles
NAWBO Iowa honors exemplary local women business owners at 2024 Celebration of Excellence
One day last month, I had a typical day of meetings and errands: I had a coffee meeting at a local establishment; popped into a neighborhood salon to get a gift certificate to give to a friend; talked to my financial adviser; and met with our company chairperson. It was only later that I realized all of these were women-owned businesses.
While women are still outnumbered by men in public company C-suite roles, our economy is increasingly fueled by women leaders who are running their own enterprises.
There are over 14 million women-owned small businesses in the U.S., according to the 2023 Women’s Small Business Ownership and Entrepreneurship Report released by the U.S. Senate Committee on Small Business and Entrepreneurship. These women-owned small businesses account for nearly 40% of all businesses in the country.
Women-owned businesses have a tremendous economic impact. The 2024 Wells Fargo Impact of Women-Owned Business Report shows that women-owned businesses represent $2.7 trillion in annual revenue and employ almost 12.2 million people. That report, done in partnership with Ventureneer, CoreWoman and Women Impacting Public Policy, also reveals that the number of women-owned businesses between 2019 and 2023 increased at nearly double the rate of those owned by men.
Despite this progress, women business owners still face significant obstacles. While all business owners have challenges, the Wells Fargo report asserts that women entrepreneurs lack access to capital, particularly to venture capital; affordable and accessible child care; and mentoring opportunities.
In Iowa, women continue to start and own small businesses. According to the Small Business Administration Office of Advocacy’s 2022 Small Business Profile, women owned 43.1% of businesses in the state. Like our national counterparts, women in business overall in Iowa also face obstacles to success; responses to a 2024 questionnaire published by Fearless cited discrimination and stereotypes, child care challenges, and juggling family and professional responsibilities, among others.
On Nov. 7, the National Association of Women Business Owners (NAWBO) Iowa honored three women from our state for their exemplary small-business careers and advocacy at their 2024 Celebration of Excellence Awards. I asked these honorees about barriers they faced in their business journeys and for advice on how women business owners can prevail in the face of challenges.
Kendra Erkamaa, financial adviser and president, Triangle Financial Services Inc.
The barriers I have faced included coming from a family of origin who were not business owners, going into a largely male dominated financial advising industry as a 27-year-old woman of color and then undergoing the Great Recession one year after purchasing the book of business. My circumstance did not offer me many privileges to own a wealth management and financial advising business. Outside of these barriers, I had my own personal internal barriers to overcome, such as lack of sense of worthiness and a serious scarcity mindset. Fortunately, there is a part of me that is a fierce warrior who enjoys tackling challenges for the greater good.
My relentless commitment is to do what is best for my clients and the business with genuine interest and care. Feeding my inner warrior meant always investing in my personal growth and continuously learning and always looking for ways to improve, such as surrounding myself with a community of uplifting fellow warriors at NAWBO from the start of my journey, joining a coaching group and having a business coach to grow. Having the grace to move through challenging times and keeping the faith that these experiences make us better. Most of all, remaining focused on my journey (not anyone else’s), aligning with clear vision and staying true to being the change I want to see in the world.
Molly Lopez, chief operating officer, Iowa Economic Development Authority and Iowa Finance Authority
I bought a company at age 33 from a man who had owned it for decades. This was a great opportunity and a huge challenge. I was raised by parents who were entrepreneurs; my dad passed away shortly before I bought the company. When my business loan fell through, my mom did everything she could to help me secure it. In a male-dominated industry, many assumed I had inherited my business. I had to prove myself constantly. With no mentors who were women business owners, I joined professional associations, hired an executive coach, and surrounded myself with smart people. It was daunting to secure new clients, retain existing ones and meet payroll. To me, “fearless” meant “fear less.” After 12 years, I sold the business, and the new owners hired me to run it; this was an answered prayer. We elevated high performers, built culture and continued to grow. I left Amplify Association Management in good hands in 2020 and today the company still thrives. My career journey remains remarkable and I’m grateful to continue making an impact. My advice: Trust God and never give up; this too shall pass.
Tricia Rivas, founder and chief purpose officer, Trixie’s Salon & Spa; customer relations coordinator, Small Business Development Center; and founder, Heart of a Hairdresser
One barrier I’ve faced, and many women in business do, is finding harmony between personal and professional life, especially when you’re passionate about both. Imposter syndrome is another common challenge — questioning if you’re good enough or deserve your success. There are also the financial pressures that come with running a business. My advice is to believe in yourself, ask for help when needed, and don’t be afraid to adapt or evolve. It takes a village — surround yourself with a supportive community, stay true to your vision, and keep pushing forward, no matter the obstacles. Resilience is key.
