Caster Semenya, the Olympian, on never quitting, come what may.
It is August 2009 in Berlin, Germany, at the finals of the International Association of Athletics Federations (IAAF) World Championships.
It’s the 800 meters race; among the eight female runners is 18-year-old South African Caster Semenya, in a yellow track top and green shorts.
Thousands watch from the pavilion, loudly cheering as they await the gun to go off.
In the fourth line, Semenya waits too, blocking out all the noise in her head.
She takes in a long, deep breath and says a prayer.
“On your marks!” shouts the referee.
The women crouch.
And the race is on.
The young Semenya from Limpopo, one of South Africa’s nine provinces, runs alongside some of the world’s most famous athletes such as Mariya Savinova from Russia.
In two minutes, a winner will be crowned.
In an impressive show of might and mettle on the track, Semenya sprints ahead of the others.
With long strides, she is the clear lead.
A competitor from Kenya, Janeth Jepkosgei Busienei, then manages to run ahead of Semenya. It’s a tight race as they lead neck-to-neck.
At the sound of a bell signaling they have reached the 400-meter mark, Semenya bolts ahead of the group leaving a wide gap between her and the others.
At 1:55:45, Semenya is officially the champion.
It is a big win for the village girl from Limpopo.
“Things just went from zero to hero, so boom! Zero to hundred. It was just great,” beams Semenya when we meet her for the interview with FORBES WOMAN AFRICA.
At the end of the race, she does her signature move – the cobra – hands facing inwards and then outwards.
Holding the South African flag, she runs a few meters in a lap of honor.
Her country is proud, super-proud of its millennial daughter.
This match was the unforgettable milestone that launched the career of a simple girl from Limpopo on to the world stage.
Her name was soon going to be etched in gold.
Caster Mokgadi Semenya is the reigning Olympics and world champion in the women’s 800-meter race.
On a hot Monday morning in October, we meet Semenya in the leafy suburb of Greenside in Johannesburg, South Africa.
She arrives ahead of the appointed time with her wife Violet and her manager Becky Motumo. Her vehicle is number-plated ‘CASVIO’, an amalgamation of Semenya’s and Violet’s names.
That weekend, she had just returned from New York City, in the United States (US), where she received the Wilma Rudolph Courage Award from the Women’s Sports Foundation and from tennis icon Billie Jean King.
The ceremony was to award women who have extraordinary achievements in sport, and Semenya was one of the recipients.
As she enters the studio for our interview dressed in all-blue Nike apparel and sneakers, she greets everyone warmly.
First on the agenda for the day is makeup, something the sports star says she can never get used to.
“I like to be myself, I am true to myself. I just like myself the way I am and I don’t want anything to change in me,” says Semenya.
“With makeup, it’s the part I hate the most because I don’t like it. That’s not me, so it’s just something else. I don’t like it at all, I just do it because it is business,” she says, laughing.
Semenya opts for the natural look.
She says she loves the simple life, and has always been this way since her early years growing up in the small village of Ga-Masehlong.
As she readies, she reminisces those years.
“Growing up in Limpopo was special to me, I’m a village girl,” she says.
“When you grow up in a big family, obviously, they appreciate you for who you are and everything you do. They support you. They don’t criticize your work, they just go with the flow and they want what makes you happy.”
Her family was extremely supportive of her love for sports.
Semenya started playing soccer at the age of four, on the street with her friends, and in the bush, where they would bet on matches.
“Actually, I was the best striker in the village [when it came to] street football,” she laughs.
“Everytime I got on to the pitch, everyone wanted me, so I was that kind of a kid.”
In a few years, the young Semenya traded in the football boots for running shoes.
“Before you can kick a ball, you have to run first. Football is all about speed, it is more about agility and how you can move.”
In grade one, Semenya was introduced to athletics and immediately found her feet as a sprinter.
But due to a lack of facilities and proper coaching at the school, she decided to opt for middle-distance running, instead of sprinting.
“With middle-distance, you can run anywhere you want and you can still perform. You don’t really need to be surrounded by mentors and stuff like that,” she says.
Semenya came to realize that she enjoyed running more than football and so traveled a lot to take part in competitions.
At the age of 12, she moved from living with her mother to taking care of her grandmother who was getting older.
“She’s a great human being. I am truly blessed to walk in her footsteps,” she says about her.
“She taught me more responsibility, how to take care of myself and how to take care of others. She also taught me respect, how to appreciate and how to accept others.”
Her grandmother supported her dreams to run, unaware then of how far it would take Semenya.
In 2007, at the age of 16, Semenya ran her first international race in Botswana.
Unfortunately, she was placed fifth and returned to South Africa defeated, but hopeful.
“From there, I discovered that there are a lot of things to learn and I need to focus more and concentrate.”
Semenya worked harder and pushed herself to become better than her competitors.
It was the beginning of her international career in sports.
From ‘zero to hero’
The year 2008 was her final year in high school.
Semenya continued to compete whilst pursuing her studies.
She had qualified for the 2008 World Junior Championships held in Bydgoszcz in Poland in July that year.
She was one of two Africans competing in the 800m-race.
Unfortunately, she didn’t make it.
Three months later, her luck changed.
She competed in the 2008 Commonwealth Youth Games in Pune, India.
Semenya won her first international title with a record of 2:04, which was not bad for a 17-year-old.
It was a defining moment in Semenya’s career.
“From there, that’s when I knew this is my field. I need to be in command and I need to train hard. I need to be strong physically and mentally, and everything needs to be ready,” she says.
Since then, gold has become her color.
After the win and back to reality, Semenya went back to high school to complete her matric examinations – these were two fulfilling accomplishments for the young athlete.
2009 was a year of monumental change for Semenya.
The village girl moved to the big city.
She traveled 317km from Limpopo to Pretoria, South Africa’s capital, and enrolled at the University of Pretoria studying athletics science.
While there, she trained under Micheal Seme, preparing for more career-defining races.
Semenya dedicated her time to intense training, working on improving her running time.
She ran the 800 meters in two minutes and qualified for the 2009 IAAF World Championships, but due to lack of experience, she didn’t know much about her competitors who had been running for years.
“I knew what I wanted to achieve. It was all about running good times and back then, good times take you to winning big championships,” she says.
In July that year, at the African Junior Athletics Championships, Semenya won both the 800m and 1,500m races with the times of 1:56:72 and 4:08:01 respectively.
She had improved her 800m running time by eight seconds since winning the Commonwealth Games nine months earlier.
She was the fastest runner worldwide for the 800m races that year. She had bested the senior and junior South African records held by South African female athletes Zelda Pretorius and Zola Pieterse, popularly known as Zola Budd.
But there was no time to lose.
Semenya continued to press on training to compete in the IAAF World Championship 2009 in August in Berlin.
She went on to win as a newcomer among some of the world’s best runners.
The long run to freedom
Back home, she brought more glory to the nation.
But as South Africa cheered and celebrated her, others had different plans for the teenage athlete.
At the time, news reports surfaced about the IAAF looking into the young athlete.
The reports suggested that they were conducting gender tests on her.
In a statement published by the IAAF in September that year, they declined to comment on the medical testing of Semenya but confirmed that it was indeed gender-testing.
“We can officially confirm that gender verification test results will be examined by a group of medical experts,” they said.
At the time, they were in discussion with the South African Ministry of Sport and Recreation and Semenya’s representatives, with the view to resolve the issues surrounding Semenya’s participation in athletics.
It was a dampening end to her year.
In November, the results came back.
They found Semenya to have high testosterone levels.
As a result, she was suspended from running and forced to sit on the sidelines.
Semenya’s response was released in a statement by her lawyers.
“I have been subjected to unwarranted and invasive scrutiny of the most intimate and private details of my being,” Semenya said.
“Some of the occurrences leading up to and immediately following the Berlin World Championships have infringed on not only my rights as an athlete but also my fundamental and human rights.”
Reminiscing on the events that took place, Semenya tells FORBES WOMAN AFRICA that she wasn’t and still isn’t worried about the IAAF.
She will continue to run the race she started.
“Actually, I never thought anything about them. It was just all about me. What is it that I can control? Of course, if someone is or wants to do whatever they want to do, there is nothing you can do,” she says.
“So, I never think about such people. I always think about myself and what will benefit me… There’s nothing I can do about what organizations think and there’s nothing they can do about what I think.”
The case was complex.
Media reports and critics questioned the ethics of their testing and their methods.
But Semenya was not the first.
News items and academic reports suggest that sex verification tests at the IAAF started as early as the 1950s.
Dutch athlete Foekje Dillema was reportedly banned in July 1950 after undergoing gender-testing by the IAAF.
In more recent times, Dutee Chand, Pratima Gaonkar and Pinki Pramanik, all from India, have reportedly had to undergo gender-testing too.
But Semenya stood strong.
After her experience, she calls on all women to unite.
“I think we as women need to come together and support each other,” she says.
“Without that, you will still feel discriminated, you still feel oppressed, you still feel criticized in everything that you do and you will still feel like you are not recognized,” she says.
During this trying period for Semenya, back home in Limpopo, a 15-year-old girl from the small town of Westenburg was acting as Semenya in a high school play.
Sevenah Adonis was finishing her grade eight at Hoërskool Pietersburg when she played Semenya for the year-end school concert.
It was also the same period Adonis first heard about the track star.
Semenya’s trial had inspired the young girl.
“My general perception of Caster Semenya when I had just heard of her is that she’s a very fantastic athlete,” Adonis tells FORBES WOMAN AFRICA.
“Limpopo is a very isolated place. There’s not a lot of exposure or anything, so for her to actually make it over the parameters of Limpopo is remarkable. I do look up to her and I aspire to go beyond my borders and accomplish things that she has accomplished,” she says.
Adonis is currently pursuing a degree in economics at the University of Limpopo.
The 22-year-old hopes to meet Semenya one day, but for now, she watches and cheers on her fellow Limpopo native making a global mark.
Back in Semenya’s world, July 2010 (after six months of being suspended) was when she received the news she had been waiting to hear.
The IAAF announced that she would be able to compete again.
“The IAAF accepts the conclusion of a panel of medical experts that she can compete with immediate effect,’’ they said in a statement.
The medical details and findings are confidential.
Despite the controversy with the IAAF, Semenya had been dubbed a hero by many for the way she handled the situation.
During the interview with us, she remembers what former South African President, the late Nelson Mandela, once told her when they met.
“Be the best that you can be,” he said to her.
“He just told me, ‘people can talk, people can do whatever they want to do, but it’s up to you to live for yourself first before others. So, the only thing that you can do is to be the best that you can be’,” she says.
It was the best advice she had ever been given.
Semenya returned stronger, winning every race and championship she entered.
“My goal is to be the greatest and there is nothing that anyone can do about it,” she says.
“I’m an athlete, I train and I perform. That’s me and that’s what keeps me going. I believe in myself and I trust myself and I’m always motivated. I’m a very positive person. So even if something comes in a negative way, I always find a way to put in more positive,” she says.
Semenya went on to win a silver medal in the 800 meters at the World Championships in Daegu, South Korea, in 2011.
But it was in the year 2012 when she showed the world her true prowess on the track.
Leading the charge in London
Semenya was only 21 years old when she participated in her first Olympic Games.
“I was more mature then I think, but I didn’t have that knowledge of understanding my body; how to train myself, you know, to calm down,” she says.
But the prestige of the Olympic games excited Semenya.
It was the opening ceremony at the 2012 London Olympics and Semenya carried the South African flag proudly in front of thousands at the London Stadium (formerly known as the Olympic Stadium), while leading the South African Olympic team.
It was a proud moment for South Africans across the world.
Thousands and thousands cheered her on.
“It shows a great quality, especially more in leadership. So, I lead the team in and then, of course, I still have to go deliver because people look up to you. Your family, your friends, the entire nation. They expect you to perform,” she says.
One of the challenges she faced was not knowing whether all her training had been good enough for that moment.
She didn’t know what to expect.
“What’s going to happen in this championship? Am I going to win? Am I going to even win a medal?” she asked herself at the time.
“It was kind of the most stressful championship I have had in my life…” she says today.
It all came down to how prepared she was.
“When I walk onto that track, I perform. So, when I perform, I expect people to recognize my work but not just because I am me, but for the work that I do,” she says.
But once it was time for the race to take place, Semenya put all her worries aside and stayed focused.
“It is no longer about what happened last week. It’s about what’s going to go down now. We are more focused about it. It’s do or die,” she says. The pressure was on. Semenya was determined to win. Crowds in the stadium cheered waiting for the gun to go off.
The runners started off.
Semenya began to pick up pace.
As she did, she looked back and saw the other runners catching up.
It was do or die.
“The main thing was to think ‘I have to keep going’. But my other mind was like ‘you have lost the race, there is nothing you can do’… But when you believe that ‘ok, I still have a chance for a medal’, you will just keep on pushing until you get the momentum.”
In the end, Semenya was placed second, behind Russia’s Savinova.
Semenya brought home silver.
It was a proud moment and South Africa celebrated with her as the whole world watched the new face of 800m.
Francine Niyonsaba, an 800m Burundian gold and silver medallist, was a competitor alongside Semenya at the same race.
After meeting a few months earlier in Monaco, they had become friends.
“Caster Semenya is a good runner. She loves everybody and I think she is a very talented girl and an inspiration to all, especially African youth,” Niyonsaba tells FORBES WOMAN AFRICA.
Twentyfive-year-old Niyonsaba draws inspiration from her friend.
She says that the challenge women face in Burundi is that they feel they can’t achieve anything, elsewhere in the world.
“In Burundi, in our culture, women believe they cannot do something special in the world but it is just a mentality,” she says.
“A woman can do everything!”
Both Niyonsaba and Semenya are passionate about inspiring other women in sport and putting Africa on the map.
At the 2016 Olympics Games in Rio, Brazil, the two competed again.
This time, Niyonsaba won silver and Semenya won gold.
They met again at the 2017 World Championships in London and it was the same win again; Niyonsaba silver, and Semenya gold.
Despite the two always running against each other, Niyonsaba says on the track, Semenya has been very encouraging towards her and the others.
“As an African, she is trying to do something special. She is an exceptional girl, because you know as women in Africa we are afraid to do some things. So, Caster Semenya is trying to show everyone that women can do everything,” says Niyonsaba.
‘I don’t see myself
After bagging world titles and beating records, what else is on the cards for the sports star?
For Semenya, there’s no stopping her and she plans to stay on in the sports industry.
“I don’t see myself stepping down; until I’m 40, that’s when I’ll be satisfied.”
Semenya plans to become the greatest middle-distance runner in the world and she plans to break more records.
Back home, in Pretoria, she has been running the Caster Semenya Foundation aimed at coaching and equipping children who are active in sports.
The foundation currently trains 20 children aged 12 years and older.
She plans to expand it to other parts of the country.
“My main goal is to empower women and help other young men to be better in future,” she says.
“You have to show them first that education is important and we balance it with sports. If we can perform both sides, I think we will be fulfilled,” she says.
“Education never stops, you keep on learning every single day.
“Without education, your decision-making will be weak… when you are educated, it becomes very easy to make decisions and decide what is the next step.”
In 2018, she received her diploma in Sports Science from North-West University.
But she hasn’t stopped.
She is currently pursuing a degree in Sport Management at the Tshwane University of Technology.
It has been a big year for the athlete.
In September, she joined the Nike ‘Just do it’ campaign for its 30th birthday.
It featured some of the greatest athletes, the likes of tennis icon Serena Williams and former National Football League quarterback Colin Kaepernick, with each bringing social issues to the fore.
In October, she became the ambassador of Discovery Vitality.
In November, she won big at the South African Sport Awards. She took home the People’s Choice Sports Star Of The Year; Sports Woman Of The Year, and the Sports Star Of The Year.
She was also nominated for the 2018 Female World Athlete of the Year at the IAAF Athletics Awards in December.
With all her accolades and achievements, as her star continues to rise, what about her finances?
During the interview, when asked how much she is worth, the village girl from Limpopo simply smiles and says, “I’m just priceless, to be honest.”
‘She Is So Humble; Does Not Sweat The Small Stuff’
Get Set Mo!
Morongoa Mahope feeds her love for extreme biking with petrol and adrenaline. The funds for her pet passion come from her nine-to-five accounting job.
About 10kms north of the Kyalami Grand Prix Circuit in South Africa is another racetrack, where superbikes and sports cars are noisily revving up their engines, getting ready for a practice run on a cold Wednesday afternoon in Johannesburg.
At first glance at the Zwartkops racetrack is a melange of male drivers and mechanics.
But also revving up a superbike, the one numbered 83, is Morongoa Mahope from Mahwelereng in the Limpopo province of South Africa.
She is about to clock 270kmph on her black bike, tagged #Mo83 in pink.
When she is not burning rubber on the racetrack, Mahope is an accountant working for an advertising agency in the city.
“When I started [superbiking], it was mainly only for leisure because I love the sound bikes and cars make. I’m a petrol head and just wanted it to commute to work,” she says.
Her journey started in 2013 when she convinced her husband and family about buying a superbike. Her family was initially apprehensive and viewed superbike racing as dangerous.
Her husband finally relented and Mahope went for a day’s training to see if she really would be interested in the bike before investing in it. The 36-year-old sports fanatic succumbed, and indeed pursued her wish.
“I still have my first bike; it’s a green and black Kawasaki Ninja 250cc. I was just using it to [go to] work until I met a biking club, the Eagle Bikers Club Limpopo,” she recalls.
Mahope was riding with the club, doing breakfast runs between Johannesburg and Limpopo; but, in 2015, they took a trip to Nelspruit in the Mpumalanga province of South Africa.
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Navigating the mountainous, curvy roads, Mahope was overtaking men with her small 250cc bike at the bends.
She was then goaded by her fellow riders to try the racing circuit.
“I went to the track and met a superbike racer; Themba Khumalo, and I started following his journey. I spent more time on the track, practising so I could start racing in 2016. The love for the sport was getting deeper and deeper,” says Mahope.
Khumalo, a professional superbike rider who has raced in the European Championships, says he met Mahope at Zwartkops and it was her first time at the track, and she was quite fast at the corners.
He went up to her to introduce himself because it was rare to see a black woman on a racetrack.
“I then took her through the fundamentals of racing and the basics; the type of bike she would need and the equipment. I could see how committed she was and how quick she was learning, and her lack of fear. She was going farther than where she was,” says Khumalo.
However, her male counterparts were not impressed with her pace on the track; they remarked negatively about her. But Mahope didn’t let the minimizing comments derail her mission.
Unfortunately, Mahope was involved in an accident during training on Valentine’s Day in 2017 and fractured her clavicle before her first race. That took her off the bike for six months.
She joked about the incident with friends, but they persisted and told her it’s an unsafe sport. That encouraged her even more; she wore her helmet and gloves, clocking higher speeds than ever before on her superbike.
Indeed, it was a learning curve. A few months later, she was invited to Bulawayo in Zimbabwe to race.
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Her first official race was the same year as the injury; it was a club race in Delmas, Mpumalanga, at the Red Star Raceway. She had never been on the grid nor practised how to stud, but for her, it was more about the experience despite the shivers and nerves.
“I finished the race and I was second last. It’s part of how you start but you will improve to be better. And now, I have lost count of the races I have competed in,” she says.
Mahope is racing in the short circuit series for women who use the 250cc, being the only black woman to participate. She also participated in the Extreme Festival tour series, a regional race in which she used her Kawasaki Ninja ZX600cc, racing men with bigger and louder bikes.
“I am the first black woman to be in the grand prix and the challenges that I faced were having to teach myself a lot of things. I had to learn how to ride on the track, the speed, the decelerating, all was new to me. I wasn’t helped.”
Mahope started at a late stage with the sport, and had to put in more time and effort in a short period to get to where she is currently.
Today, she assists women who are starting with the sport.
Sadly, in South Africa, there is no national league for women to race and represent the country despite finishing in the top three in the 2019 races.
With all her achievements thus far, Mahope’s salary sustains her motorsport passion.
“Racing is very expensive; the more you practise, the more you get better and the more you spend money. On practice day, I spend about R3,000 ($206) and would practise twice a week at different tracks. In total, I would spend R18,000 ($1,235) a month for the track excluding the travel costs to the track and race day,” she explains.These costs cover tyres, fuel and entrance to the tracks.
A sum of about R40,000 ($2,744) can get you geared up for the bike and track.
It just shows this daredevil accountant can balance both the books and the bike.
Africa’s Most Dynamic Thought-Leaders, Industry Game-Changers And Icons Of Social Activism Set To Feature At The Exclusive FORBES WOMAN AFRICA 2020 Leading Women Summit
Africa’s most dynamic thought-leaders, industry game-changers and icons of social activism are set to feature at the exclusive FORBES WOMAN AFRICA Leading Women Summit presented by Mastercard (#LWS2020KZN) and hosted by the KwaZulu-Natal government – taking place at the Inkosi Albert Luthuli ICC Complex in Durban on Friday, 6 March 2020.
For the 5th edition of this globally-renowned event, panellists and speakers will engage with the impactful 2020 theme, ‘The Ceiling Crashers 2.0: Power with Purpose’. The day’s thought-provoking discussions will be followed by the highly-anticipated FORBES WOMAN AFRICA Awards Gala Dinner which celebrates the continent’s most influential female ‘ceiling crashers’ across a number of key categories.
“The FORBES WOMAN AFRICA Leading Women Summit has grown to become one of the biggest female-empowerment events, boasting a high calibre of attendees and unparalleled speaker line-up,” said Renuka Methil, Managing Editor of FORBES WOMAN AFRICA.
“This promises to be the biggest instalment yet, featuring female pioneers and path-breakers across the continent. Audiences will be exposed to dynamic discussions about the growing the number of women in leadership – something government and business really need to factor into their strategies. We will also get to grips with a new discourse that focuses on dismantling power structures and the need for truly inclusive cultures in business and society.”
This highly-anticipated event, which is hosted annually in honour of International Women’s Day, is expected to draw an audience of around 1 000 leading women. Through hard-hitting talks, fireside chats and insightful panel sessions centred on ‘ceiling crashers’, attendees will be inspired to make meaningful changes within their own industries, secure in the knowledge that they have the support of these innovative allies. This year’s programme promises an influential mix of leaders in healthcare and business; advocates of social and environmental activism; award-winning artists and internationally-renowned stateswomen.
For the first time, FORBES WOMAN AFRICA will be releasing its own list of ‘Africa’s Most Powerful Women’, many of whom will be attending the summit. The list will be published in the March issue of the magazine, outlining those who have been leading ideas and industries while purposefully contributing to nation-building and positively impacting the lives around them.
The FORBES WOMAN AFRICA Awards Gala Dinner, which is hosted the evening of the summit, is an opportunity to recognise the trailblazers and role models who have created a new narrative within their industries. By challenging authority and ‘old school’ traditions, they are enabling future generations to live in a better and more equal world.
Beatrice Cornacchia, Senior Vice President, Marketing and Communications, Mastercard Middle East and Africa, said: “African women are a vital source of innovation, prosperity, and economic growth. Yet inequality and exclusion still hold women back in many aspects of their everyday lives – from growing their businesses to having the financial tools to participate in the formal economy; from joining the C-Suite to following their passions. We are proud to partner with FORBES WOMAN AFRICA as we believe that it is only by bringing diverse perspectives to the table that we can unlock Africa’s possibilities to women.”
Managing Director of the ABN Group, Roberta Naicker, said the organisation was excited that the KwaZulu-Natal government would, once again, play host to this illustrious event, which serves to highlight the continent’s most influential female leaders while also shining a spotlight on this beautiful region. “A summit of this calibre showcases that KZN is being positioned as a world-class events’ destination. We are excited to have renowned speakers and attendees will get the opportunity to engage on hard-hitting issues during the summit, while also affording them the chance to enjoy the many recreational tourism sites and activities for which KZN is renowned.”
Tickets to the exclusive 2020 FORBES WOMAN AFRICA Leading Women Summit and Gala Dinner are available at a cost of R3499, available through Webtickets (https://www.webtickets.co.za/v2/event.aspx?itemid=1496991848). Tickets are limited and interested parties are urged to book early to avoid disappointment. There are also select opportunities to get involved with the event sponsorship, exhibiting at the on-site marketplace or by sponsoring a mentee. Please visit website for further details.
The 2020 FORBES WOMAN AFRICA Leading Women Summit is presented by Mastercard (@MastercardMEA) and hosted by KZN Provincial Government (@KZNgov). Keep updated on all the latest news and announcements on Twitter @LWSummit and join the conversation using the hashtags #LWS2020KZN #DOKZN.
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Higher Revenues And Greater Optimism: Female-Owned Small Businesses Are Gaining Ground
The momentum is strong for U.S. female-owned businesses. So strong, according to Sharon Miller, Bank of America’s head of small business, that “this was the first time in four years where we found that women were actually more optimistic than their male counterparts around their hiring outlook, their revenue prospects and their growth.”
Miller’s evaluation stems from a 2019 Bank of America report that surveyed 1,323 small businesses, 524 of which were owned by women. The businesses had annual revenues ranging from $100,000 to $4,999,999 and between two and 99 employees. Its main goal was to assess the current climate for female entrepreneurs across the country.
Eighty-four percent of the female business owners surveyed—most in the consumer products, professional practices and personal services industries—expect year-over-year revenue growth, according to the report, and 73% of them plan to expand their businesses, in contrast with only 66% of male business owners who have expansion plans.
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“We’ve seen more success across the board with women, and women can identify with other women,” says Miller. “When you can see someone else—their success and that they’re like you—I think it just goes well for confidence.”
Miller highlights the importance of business owners identifying with people who look like them, but the Bank of America report does not break down numbers by background or ethnicity.
But a similar report by American Express does exactly that. It finds that the number of women-owned businesses grew 21% from 2014 to 2019, but those owned by women of color grew at double that rate (at 43%). For black women, specifically, businesses grew even faster—by a rate of 50%. It’s the first time the report took into account part-time entrepreneurs, according to American Express senior vice president Courtney Kelso.
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“In some cases, women of color are starting these businesses out of necessity—because they are struggling to find jobs or need to supplement their incomes—or because they want flexibility because they have caregiving responsibilities,” says Kelso. “Also, increasingly women of color may be testing a business idea while holding down a job or seeking a creative outlet or an additional challenge.”
While the two reports points to great strides for women-owned businesses, Liz Sara, National Women’s Business Council (NWBC) chair, thinks that it also speaks to “some of the major challenges that we’re trying to overcome to make it easier for women.” One major problem that persists: raising capital. In fact, according to Bank of America’s report, more than half of female entrepreneurs say they do not have equal access to capital.
To help combat this, NWBC has been working with members of Congress to implement an angel investor tax credit that would act as an incentive for individuals to support local women-owned businesses in their community.
So far, Sara says, the proposed tax credit seems to be gaining momentum. And given the fact that female founders raised just 2.3% of the total venture capital funding in 2018, the tax credit would be one small step toward closing the venture capital gender gap.