7.4 Building Her Network
2 MIN READ
Networking is a critical component of entrepreneurial success — however, it may represent a significant barrier for many women entrepreneurs, who often have limited access to networks.1 Lenders and lending institutions can play a key role in helping women to navigate the entrepreneurial ecosystem and to build efficient networks.
Research findings
- Networks for women entrepreneurs are less extensive, less diverse and more scattered than those geared towards men.2
- The lack of access to mentors, specifically women mentors, is one of the main networking-related challenges for women.3
- Women's networks often consist of family members and friends, whereas men’s tend to include more contacts with direct connections to the business world.4
- Women typically don't benefit as much as men from their previous work experience when attempting to build entrepreneurial networks.5
- Women are not as likely to know other women entrepreneurs, particularly someone in a similar sector.6
- Women entrepreneurs indicate in surveys that they want to build and expand their entrepreneurial networks.7
Why is networking so important?
- Networking allows women to navigate the business world more strategically, particularly in men-dominated industries.8
- Having an extensive support network in place, including an all-women entrepreneurial circle, can increase women entrepreneurs' skills, knowledge and confidence.9
- Women entrepreneurs can use networks to improve opportunities for business growth and exportation.10
Building a network
Lenders can share their expertise about the crucial role that networking can play when it comes to being an entrepreneur. Encourage women entrepreneurs to build their network as part of their business acumen.The following list suggests some key members of a business network:
- Commercial loan officers
- Lending institutions
- Business/financial partners
- Investors
- Government agencies/programs
- Support organizations/services for entrepreneurs
- Mentors
- Other entrepreneurs
- Family and friends
- Clientele
- Marketing agencies
- Web development agencies
- Suppliers/service providers
- Real estate professionals
- Construction companies/ contractors
- Lawyers
- Accountants
- Employees/employment agencies
A network of support for her
The Women Entrepreneurship Knowledge Hub provides a variety of resources to Canadian women entrepreneurs, including research, latest news, shared platforms, events and centralized access to entrepreneurial networks for women.
Download & Print Tool
References
1The Beacon Agency (March 2018) Everywhere, Every Day Innovating: Women Entrepreneurs and Innovation Report, with Carleton University, BMO Financial Group, Innovation, Science, and Economic Development Canada and Indigenous and Northern Affaires Canada, p. 19-20.; Souha R. Ezzedeen and Jelena Zikic, "Entrepreneurial experiences of women in Canadian high technology", International Journal of Gender and Entrepreneurship, vol. 4, n° 1 (2012), p. 44-64.; Pauric McGowan, Sarah Cooper, Mark Durkin and Caroline O’Kane, "The influence of social and human capital in developing young women as entrepreneurial business leaders", Journal of Small Business Management, vol. 53, no 3 (2015), p. 645-661.; Organisation for Economic Co-operation and Development (2017). Policy Brief on Women’s Entrepreneurship, p. 15.; Status of Women Canada (2015). Report of the Expert Panel on Championing and Mentorship for Women Entrepreneurs, http://publications.gc.ca/collections/collection_2015/cfc-swc/SW21-165-2015-eng.pdf, p. 10.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto Metropolitan University, p. 21, 43.
2The Beacon Agency (March 2018) Everywhere, Every Day Innovating: Women Entrepreneurs and Innovation Report, with Carleton University, BMO Financial Group, Innovation, Science, and Economic Development Canada and Indigenous and Northern Affaires Canada, p. 19-20.; Pauric McGowan, Sarah Cooper, Mark Durkin and Caroline O’Kane, "The influence of social and human capital in developing young women as entrepreneurial business leaders", Journal of Small Business Management, vol. 53, no 3 (2015), p. 645-661.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto Metropolitan University, p. 21.
3Souha R. Ezzedeen and Jelena Zikic, "Entrepreneurial experiences of women in Canadian high technology", International Journal of Gender and Entrepreneurship, vol. 4, n° 1 (2012), p. 44-64.; Pauric McGowan, Sarah Cooper, Mark Durkin and Caroline O’Kane, "The influence of social and human capital in developing young women as entrepreneurial business leaders", Journal of Small Business Management, vol. 53, no 3 (2015), p. 645-661.; Status of Women Canada (2015). Report of the Expert Panel on Championing and Mentorship for Women Entrepreneurs, http://publications.gc.ca/collections/collection_2015/cfc-swc/SW21-165-2015-eng.pdf, p.10.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto Metropolitan University, p. 21, 43.
4Organisation for Economic Co-operation and Development (2017). Policy Brief on Women’s Entrepreneurship, p. 15.
5Organisation for Economic Co-operation and Development (2017). Policy Brief on Women’s Entrepreneurship, p. 15.
6Business Development Bank of Canada (2019). The Changing Face of Women Entrepreneurs, p. 2.; Gender Equality Network Canada (January 2018). Women’s Equality in Canada, An Environmental Scan, https://www.canadianwomen.org/wp-content/uploads/2018/04/GENC-Environmental-Scan-Report-Final-EN.pdf, p. 33.
7The Beacon Agency (March 2018) Everywhere, Every Day Innovating: Women Entrepreneurs and Innovation Report, with Carleton University, BMO Financial Group, Innovation, Science, and Economic Development Canada and Indigenous and Northern Affaires Canada, p. 10, 29.
8Souha R. Ezzedeen and Jelena Zikic, "Entrepreneurial experiences of women in Canadian high technology", International Journal of Gender and Entrepreneurship, vol. 4, n° 1 (2012), p. 44-64.; Pauric McGowan, Sarah Cooper, Mark Durkin and Caroline O’Kane, "The influence of social and human capital in developing young women as entrepreneurial business leaders", Journal of Small Business Management, vol. 53, no 3 (2015), p. 645-661.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto Metropolitan University, p. 21, 43.
9Pauric McGowan, Sarah Cooper, Mark Durkin and Caroline O’Kane, "The influence of social and human capital in developing young women as entrepreneurial business leaders", Journal of Small Business Management, vol. 53, no 3 (2015), p. 645-661.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto MetropolitanUniversity, p. 21.
10Bonnie Chiu (October 5th 2018). "Women-run Businesses Aren’t Exporting Enough - But Things Are Changing", Forbes, https://www.forbes.com/sites/bonniechiu/2018/10/05/female-entrepreneurs-are-going-global-new-policy-attention-may-close-the-gap/?sh=6f5999712df7 (page consulted November 19th 2020).; Global Affairs Canada, Trade Commissioner Service (2017). Business Women in International Trade, https://www.tradecommissioner.gc.ca/businesswomen-femmesdaffaires/assets/pdfs/BWIT_2017_newsletter_EN.pdf (page consulted February 1st 2021).; Organisation for Economic Co-operation and Development (2017). Policy Brief on Women’s Entrepreneurship, p. 15.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto Metropolitan University, p. 31.
2The Beacon Agency (March 2018) Everywhere, Every Day Innovating: Women Entrepreneurs and Innovation Report, with Carleton University, BMO Financial Group, Innovation, Science, and Economic Development Canada and Indigenous and Northern Affaires Canada, p. 19-20.; Pauric McGowan, Sarah Cooper, Mark Durkin and Caroline O’Kane, "The influence of social and human capital in developing young women as entrepreneurial business leaders", Journal of Small Business Management, vol. 53, no 3 (2015), p. 645-661.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto Metropolitan University, p. 21.
3Souha R. Ezzedeen and Jelena Zikic, "Entrepreneurial experiences of women in Canadian high technology", International Journal of Gender and Entrepreneurship, vol. 4, n° 1 (2012), p. 44-64.; Pauric McGowan, Sarah Cooper, Mark Durkin and Caroline O’Kane, "The influence of social and human capital in developing young women as entrepreneurial business leaders", Journal of Small Business Management, vol. 53, no 3 (2015), p. 645-661.; Status of Women Canada (2015). Report of the Expert Panel on Championing and Mentorship for Women Entrepreneurs, http://publications.gc.ca/collections/collection_2015/cfc-swc/SW21-165-2015-eng.pdf, p.10.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto Metropolitan University, p. 21, 43.
4Organisation for Economic Co-operation and Development (2017). Policy Brief on Women’s Entrepreneurship, p. 15.
5Organisation for Economic Co-operation and Development (2017). Policy Brief on Women’s Entrepreneurship, p. 15.
6Business Development Bank of Canada (2019). The Changing Face of Women Entrepreneurs, p. 2.; Gender Equality Network Canada (January 2018). Women’s Equality in Canada, An Environmental Scan, https://www.canadianwomen.org/wp-content/uploads/2018/04/GENC-Environmental-Scan-Report-Final-EN.pdf, p. 33.
7The Beacon Agency (March 2018) Everywhere, Every Day Innovating: Women Entrepreneurs and Innovation Report, with Carleton University, BMO Financial Group, Innovation, Science, and Economic Development Canada and Indigenous and Northern Affaires Canada, p. 10, 29.
8Souha R. Ezzedeen and Jelena Zikic, "Entrepreneurial experiences of women in Canadian high technology", International Journal of Gender and Entrepreneurship, vol. 4, n° 1 (2012), p. 44-64.; Pauric McGowan, Sarah Cooper, Mark Durkin and Caroline O’Kane, "The influence of social and human capital in developing young women as entrepreneurial business leaders", Journal of Small Business Management, vol. 53, no 3 (2015), p. 645-661.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto Metropolitan University, p. 21, 43.
9Pauric McGowan, Sarah Cooper, Mark Durkin and Caroline O’Kane, "The influence of social and human capital in developing young women as entrepreneurial business leaders", Journal of Small Business Management, vol. 53, no 3 (2015), p. 645-661.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto MetropolitanUniversity, p. 21.
10Bonnie Chiu (October 5th 2018). "Women-run Businesses Aren’t Exporting Enough - But Things Are Changing", Forbes, https://www.forbes.com/sites/bonniechiu/2018/10/05/female-entrepreneurs-are-going-global-new-policy-attention-may-close-the-gap/?sh=6f5999712df7 (page consulted November 19th 2020).; Global Affairs Canada, Trade Commissioner Service (2017). Business Women in International Trade, https://www.tradecommissioner.gc.ca/businesswomen-femmesdaffaires/assets/pdfs/BWIT_2017_newsletter_EN.pdf (page consulted February 1st 2021).; Organisation for Economic Co-operation and Development (2017). Policy Brief on Women’s Entrepreneurship, p. 15.; Women Entrepreneurship Knowledge Hub (2020). The State of Women’s Entrepreneurship in Canada 2020, Toronto, Diversity Institute, Toronto Metropolitan University, p. 31.
Disclaimer
All documents prepared for the LEADING LENDERS project were developed in line with the most appropriate and recent terminology. However, we recognize that terminology is subject to change over time. To the best of our ability, we have attempted to use terminology that respects the dignity and rights of all individuals.
All documents prepared for the LEADING LENDERS project were developed in line with the most appropriate and recent terminology. However, we recognize that terminology is subject to change over time. To the best of our ability, we have attempted to use terminology that respects the dignity and rights of all individuals.
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