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Study Shows Business Women Are Breaking The Pay Gap

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November 19th is Women’s Entrepreneurship Day and is celebrated in honor of women advancing in the business industry. In past years, women have controlled a vast majority of small to medium consumer choices, signifying a revenue worth trillions of dollars. However, should we wait for that procuring control to transmute into full executive power and representation?

A 2018 study was conducted and commissioned by the American Express revealed that 40% of businesses in the United States are women-owned, and almost half of those business owners are women of color. Entrepreneurship presents a way to seal the leadership and pay gap, and that is becoming your own boss. This is an access lane that women in today’s society have been taking to close their gaps. 

Based on research commissioned by Dell Women’s Entrepreneur Network shows that women may have a breakout decade starting in the year 2020. The annual Woman Entrepreneur Cities (more likely known as WE Cities) Index follows 50 global cities and their success in fostering growth for women-owned startups this past summer. In collaboration with HIS Markit, Dell followed through a 10-year examination of determinants that help female business owners succeed. A part of this follow-through includes access to technology, capital, talent, markets, and culture. The whole study illustrated how these determinants could enforce policy and boost success amongst women-owned businesses.  

Cream Of The Crop 

New York, London, and the Bay Area in California are the three top cities for businesswomen.

A comparison with 2017 findings was made, and the WE Cities report depicts that 30 out of 50 cities have improved tremendously on a majority of their indicators, as Latin America and Europe show the most significant promise. The data also showed that the increase in positive gains was dispersed across every continent, which proposes a global push towards supporting women-owned companies.

The Cities

Moving from #45 in 2017 to #28 this year, Mexico City shows excellent promise and improvement. Part of the city’s success is connected to the changes that embraced representation for women in areas such as business schools, and legislatures, corporate vendor procurement programs, and the right to aces to capital for women entrepreneurs through crowdfunding campaigns 

Austin, Texas, ranks at #14. The city, which is known for being the headquarters for corporate tech giants ranks at #2 for technology, outranked by San Francisco on 1st place. Nonetheless, Austin is a welcoming city for women-led startups, with many opportunities to help them succeed. 

One of those prospects is led by Kendra Scott (jewelry company based in Austin) in partnership with the University of Texas will launch the Women’s Entrepreneurial Leadership Institute this spring. 

Aside from the launch, the Institution has held programs over the city to assist women at all levels of their business journey. 

According to Liz Mathews, Senior Vice President of Global Brand at Dell Technologies and imposes a vital role in the Dell Women’s Entrepreneur Network emphasized why this kind of analysis needs to be implemented. 

“Dell Technologies got involved with building the ranking because we knew we needed to shine a light on the gaps that female entrepreneurs run into around access to capital, access to networks, and particularly access to critical technology,” Mathews said. 

In addition, Mathews included that women-owned businesses should find ways to establish their inner resiliency. And with that, she suggests that developing a business mindset can uplift success whether you are running a business or conveying value inside of one. 

On the other hand, Jan Ryan, Executive Director of Creative Entrepreneurship and Innovation at the University of Texas’s College of Fine Arts, says that it is vital to know your worth as an individual and as a company. She added that women owners should have a clear idea of their value. 

If you are a careerist working for a company or an entrepreneur running it, you have to know your worth,” Ryan said. 

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Why Difficult Finding Jobs During Unemployment is a Myth

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COVID-19 isn’t the only pandemic that’s sweeping the nation. A million Americans are unemployed and are afraid of applying for work because of a myth. 

Many Americans believe that there is a stigma surrounding unemployment, and it’s making it impossible for them to find work. The number of unemployed people has reached an all-time high since the Great Depression, reaching an astounding level of 72%.

Aside from the challenge that comes with returning to the workforce, many people fear that the stigma around unemployment will make it difficult for them to get a job.

According to research, 84% of Americans believe that there is a stigma surrounding unemployment, and ⅔ of this population are worried that the said stigma is hurting their prospects of finding a job.

However, people’s opinion on unemployment has changed. 96% of hiring managers say that they are highly likely to hire people who were fired because of the pandemic. Here are three things you can do to make it easier to get a job:

Don’t let your worries overwhelm you from taking your opportunity.

If your career path isn’t clear, then it might be time to make a pivot in your career. The best way to begin your career change is by understanding the skills you have available and how they overlap with different roles. A great example is that people who have experience in the food industry have sales skills, which is one of the careers in demand. 

Study skills that are needed for the million jobs being created.

Online learning has never been so popular until now. Since the start of the pandemic, millions of LinkedIn users have consumed over a million hours of learning content every week. They have been able to add 140 million new skills to their profiles since March. 

Data from LinkedIn shows that jobs like software engineers, project managers, and financial analysts have grown in popularity in the span of several years and are some of the most in-demand positions that employers are looking to fill.   

Don’t be ashamed of your situation.

50% percent of unemployed people share that they are looking for work. At the same time, the other half of the population says that they are too embarrassed to share their employment status. 

However, research shows that 73% of people are hired after sharing their situation through connection or personal introduction. 84% of LinkedIn members say that they are more likely to hire people who lost their jobs during the pandemic if they are introduced personally.

Don’t worry.

If you are part of the population that got laid off because of the pandemic, you should work on your skills and apply for work. It might be intimidating at first, but many companies are looking for people to fill positions, and you shouldn’t be worried about myths surrounding unemployment and work. 

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How the Pandemic Is Killing Small Businesses with False Hopes of Reopening

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With the ongoing pandemic, many businesses—both big and small—are severely affected by declining demand from consumers. With everyone currently living amidst the virus, small businesses are slowly reopening. Here is why some small businesses do not thrive in this type of market.

It can be expected that an economic downturn will happen with the ongoing pandemic. The question is, until how long? With the threat of the virus still looming above everyone’s head, small businesses are forced to reopen because of near-empty financial gains. With the current market, however, financial games are more difficult to attain more than ever. First, people are more cautious than ever to leave their residences because of health and safety concerns. Even if small business establishments have reassured people that they have enough social distancing protocols, people are hesitant because of the virus’s ongoing threat. Second, because businesses and companies are starting to shut down because of low financial gains, many people are unemployed. They prefer to invest their money in purchasing essentials instead of wasting it on entertainment and other non-essential items.

Let us look at some small businesses and how the pandemic has slowly killed their economy.

How Small Businesses Are Losing the Financial Battle with the Pandemic

Small Businesses Losing Steam

One of the main attractions of Chicago is Navy Pier. It is a perfect way for people to relax and unwind with its many attractions that boast of various food establishments, entertainment areas, shopping districts, and rides! The Pier closed during the March quarantine lockdown and reopened in June 2020. However, even with many safety and social distancing protocols, the Pier only garnered 15% attendance compared to the previous year. Because of low profit, it shut down again during Labor Day and plans to reopen in 2021 when things are (hopefully) in a more stable condition. 

One of the reasons why the reopening businesses cannot save the economy is that even if these amenities are open, the demand for them to stay open clearly isn’t there with most people wanting to stay indoors or that they cannot simply afford these types of luxuries.

Small Businesses Flourishing

AltCap is a financing and loaning agency that has supported numerous businesses amidst the pandemic. According to AltCap CEO Ruben Alonso III, the pandemic’s effects have affected businesses across the board – with other small businesses permanently shutting down while others are flourishing. For example, a cotton candy business that was thriving well before the pandemic. When the pandemic hit, and the cotton candy business was affected, it evolved into something new! The dessert business was converted into a dessert tricycle that popped at local restaurants and coffee shops, serving sweet treats. With this fast and innovative way to still sell sweet treats, the business flourished and had enough money to set up a storefront space. 

It pretty much boils down to small businesses adaptability, innovation, and flexibility to transform according to the consumers’ needs and demands.

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Apartment Rates Are Plunging Quickly in World’s Richest Cities—Time to Negotiate!

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If you live in an upstate part of a rich city such as Sydney, New York, Vancouver, and Tokyo, it is time for you to sit down with your landlord and negotiate the rate for your apartment. Read on why you need to do this NOW with the current market.

With the ongoing pandemic, bed and breakfast, Airbnb’s, and transient houses have minimal to no revenue as travel opportunities ceased with government travel regulation and social distancing protocols. With all this happening, the market for apartment rates is spiraling downwards. Aside from this, the main demand for upscale apartments is international students who are now stuck at home due to the quarantine. Hence the demand for chic apartments in rich cities is much lower as compared to previous years. Also, millennial renters who are also stuck at home no longer have the motivation to pay additional for cool spaces when the city’s usual hustles and bustles, which ordinarily attracted them in the first place, is non-existent because of the pandemic. 

If you live in an upscale apartment in some of the world’s richest cities such as Sydney, New York, and San Francisco, it is time to act now and initiate a conversation with your landlord about rent rates, especially with the ongoing pandemic.

Apartment Market Trends in World’s Richest Cities

Sydney, Australia

One of the renters who took advantage of the current market value and trend of plunging apartment rates is Christine Chung from Sydney, Australia. She negotiated a 9% drop in her current space at the classy Enmore (10km away from the city) that she shares with three other tenants in Sydney, one of the world’s most expensive cities. She recounts that the process is not easy – she had to track down and wear down the landlord for five weeks of avoided phone calls until the landlord agreed to reduce the rent from AUD895 to AUD810 every week. 

Manhattan, New York

Manhattan is considered one of the prime destinations for apartment real estate. However, with the ongoing pandemic, Manhattan apartments had sunk to the rate back in 2013! Listings for available Manhattan apartments and studios have tripled during the pandemic with a lack of tenants or renters due to closed entertainment establishments. Another lure of tourists and tenants to be in Manhattan is its rich Broadway culture. However, with Broadway cinemas closed until May of 2021, the market to support this culture is also surging fast.

San Francisco, California

In the past, San Francisco was considered as one of the bustling metropolitan areas for millennials who want a taste of San Francisco energy. San Francisco faced a housing issue not too long ago, where Silicon Valley workers had to rent RVs to work in the city! With companies encouraging employees to work from home next year (and maybe permanently), rent prices are splurging downwards. The median rent for San Francisco had a 31% decline, as compared to a .5% decline across the US.

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