Women’s Entrepreneurial Journeys Media Roundtable

ON SCREEN LOWER THIRD ID:

Rhonda Abrams

USA Today Columnist

And Best-Selling Author

Rhonda Abrams: Women today own an estimated 11.6 million businesses, employ nearly 9 million people, and generate more than 1.7 trillion, and that's trillion, with a T, in annual revenue. So, I'm going to turn to you, Barbara, tell us what numbers like these reveal about the state of women business owners today.

ON SCREEN LOWER THIRD ID:

Barbara Roberts

Entrepreneur in Residence, Columbia and Hofstra

Author of Women’s Entrepreneurial Journeys White Paper

Barbara Roberts: I think what those numbers show is that women are doing significant contributions to the world through innovation, through job creation, and adding extremely big dollars to our economy.

FULL PAGE GRAPHIC:

The Role of Mentorship

Rhonda Abrams: I want to jump to the question about the importance of women having mentors. You talked about having role models. Where is that role for women to play to help bring on the next generation or the current generation as a mentor, too?

ON SCREEN LOWER THIRD ID:

Megan Driscoll

Founder and CEO, EvolveMKD

Women’s Entrepreneurial Journeys White Paper Participant

Megan Driscoll: Yeah, I think that's really important having mentors. Being a business owner is very challenging, so being able to have people you can turn to in tough times. And then, I think, you know, paying it forward, too, and mentoring, whether it's your employees or other women in other industries, you know, I had talked to a lot of female entrepreneurs that are starting out, to try to lend my help and my knowledge, just so they can maybe avoid some of the mistakes I made when I started.

Barbara Roberts: I think one of the advantages of women entrepreneurs is really listening and caring about people and, you know, doing something with that.

ON SCREEN LOWER THIRD ID:=

Karen Reynolds Sharkey

National Business Owner Strategy Executive

Karen Reynolds-Sharkey: It came through loud and clear in our paper of how many of the women were giving back to younger entrepreneurs, but also, to their employees and to their community, but also, not just mentors, but also, networks. Maxine Clark from Build-a-Bear was also featured in the paper, and I just loved one of her quotes was one of the best things you could do is just take a younger woman to a meeting with you.

Rhonda Abrams: Wow.

Karen Reynolds-Sharkey: IIt's simple as that, and just letting her see the questions that are asked, how you interact in the meeting, we can all help each other by opening that door, providing that introduction, taking someone to a meeting with you, it all kind of adds up together of us, as a community, helping each other.

FULL PAGE GRAPHIC:

Financing Your Company

Rhonda Abrams: One of the challenges for women business owners is they're balancing their own financial security with what's best for their business, so what are some of the dos and don'ts for women, women who should be aware of? Should a woman entrepreneur bootstrap her own company?

Karen Reynolds-Sharkey: I think, Rhonda, that is the big question for a lot of entrepreneurs. And what we have found through our research is about two thirds of business owners, when they start the business, really rely on family resources, their own kind of retirement accounts, cash, credit cards, personal loans from the family, maybe some friends-of-family investing initially to kind of get the business kind of up and off the ground. But then, once they start growing the business, the question really is, how do you continue to grow?

And we found a lot of the entrepreneurs in our paper actually wanted to continue to organically grow their company themselves, using the profits from the company, to your point, kind of reinvesting it back in the company versus kind of looking to outside investors, and what that allows, is they keep a bit more of maybe the control of the company, their autonomy, being able to control kind of that people culture that they wanted to create, giving their employees benefits, good training, even small entrepreneurs because, again, they want to create an environment that they would want to kind of go work at themselves is the type of environment that they're creating.

It could be at the detriment of profit, but we actually believe that, if you have an engaged employee group, you're going to retain your employees. You're not going to have to constantly be recruiting, and that they will actually be more efficient and productive over time.

FULL PAGE GRAPHIC:

To learn more about successful business owners and download Bank of America Private Bank’s “Women’s Entrepreneurial Journeys” white paper visit:

privatebank.bankofamerica.com/women-owners

Recorded on April 18, 2018

IMPORTANT INFORMATION

Opinions expressed herein are those of the featured participants and may differ from those of Bank of America Private Bank, BofA Securities, Inc. (“BofAS”) and Bank of America Corporation and its affiliates. The information presented in this video is for discussion purposes only and is not intended to serve as a recommendation or solicitation for the purchase of sale of any type of security. This video does not constitute investment advice and is issued without regard to specific investment objectives or the financial situation of any particular recipient.

This video is designed to provide general information about ideas and strategies. Always consult with your independent attorney, tax advisor, investment manager, and insurance agent for final recommendations and before changing or implementing any financial, tax, of estate planning strategy.

* Bank of America Merrill Lynch^TM is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”). Bank of America, N.A., and U.S. Trust Company of Delaware (collectively the “Bank”) do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.

Investment products:

U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation. Bank of America, N.A. and U.S. Trust Company of Delaware (collectively the “Bank”) do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/ solutions or referrals to other affiliates of the Bank.

© 2019 Bank of America Corporation. All rights reserved.
ARNNKQHW