Enterprising Women: Anastasia Belotskaya’s Insights on Facilitating Female Entrepreneurs

If we think about women entrepreneurs in the Western Hemisphere, we can imagine for various reasons that the outlook in the next ten years will be much more encouraging than the current one. There are many success stories that allow us to imagine a more equitable ecosystem in the future.

Additionally, we currently see a higher proportion of women studying STEM careers — science, technology, engineering, and math. At the same time, women begin to understand that in many cases combining work and family is not impossible, although it is not necessary to become a mythical super-woman either, often it is necessary to prioritize decades to dedicate to family and career.

But for this new scenario to become real, and the success stories to stop being exceptional stories, many barriers, most of the cultural, still must be broken down. “One of the reasons to overcome them is that the incorporation of women into the business universe benefits not only them but everyone,” explains Anastasia Belotskaya, a Russian entrepreneur and model, who’s most notably known as the Founder of lingerie and swimwear brand, Skaya Lingerie.

According to World Bank studies, business productivity in the United States could increase by 25% if the entrepreneurial capacity of women was boosted. They represent more than 40% of the economically active population in the region, but their contribution as entrepreneurs is reduced to 15%.

Furthermore, famed angel investor Kevin O’Leary, who became known in the United States for appearing on the Shark Tank program, shared in an interview that 55% of the 20 companies in his investment portfolio have female CEOs, and He claims that it is women who have given him the highest returns and the fastest exits.

 A variety of studies confirming O’Leary’s experience. For example, Credit Suisse’s September 2014 report states that companies with more than one woman on their boards have outperformed those without women on the board. For its part, Deloitte’s report “The Gender Dividend” explains that women-led companies are better managed and more successful.

Anastasia Belotskaya’s view on the current situation of female entrepreneurship

Despite the evidence, women seeking to start their own business must first of all overcome deep-seated cultural obstacles, such as the stigma that the role of women is exclusively in the home and the prejudice that women cannot negotiate or play hard.

She argues, “many women lack alternative sources of financing beyond their immediate group of family and friends, as the region’s banks finance less than 20% of their business needs. The irony of the situation is the fact that women are more likely to start companies they are passionate about, and businesses that grow out of real passion are more likely to grow and succeed. But, paradoxically, they face the greatest challenges in obtaining seed capital.”

In many countries, these prejudices have been overcome, but even female entrepreneurs may find that the business environment is not prepared to accept their business way. In general, women tend to be more “relational” and men more “transactional.”

This difference, if not well understood, may imply that women do not know how to negotiate. Also, most investors are men, and they identify better when they hear a pitch from an entrepreneur.

In the world at large, only 14% of Fortune 500 companies have women in executive positions, and 25% have no female presence in senior leadership.

Anastasia Belotskaya reflects on the numbers and the steps ahead

The entrepreneur who is currently pursuing a Liberal Arts degree at Columbia University, New York has found her journey unlike most millennials. Her penetration in the modelling industry, establishing and sustaining her lingerie brand has gifted her significant experience in the landscape of business. She started modelling at the age of 16 after being discovered by the decorated photographer, Lev Lefimov.

Till date, she has worked for various top-flight brands including Steve Madden and CoverGirl and modelled for Michael Costello, Lacoste, and Leanne Marshall the NYFWs. In addition, Belotskaya has starred on the covers of AAA fashion magazines: Maxim, Period Magazine, L’Officiel, and Dapifer.

She offers suggestions on how women in the Western world could be encouraged to take up the road of entrepreneurship, breaking gender barriers, and stereotypes prevailing in the industry:

Easy to acquire loans: Financial barriers are a top reason behind entrepreneurs, let alone female entrepreneurs failing to sustain their businesses. Belotskaya adds that start-ups find it increasingly difficult to maintain working capital to drive day to day business affairs. Failure to keep readily available cash leads to systematic and imminent failure of business. If committees or programs could be established, tailored to specifically serve female entrepreneur’s financial needs then more women will have a chance.

Legislation: The Congress needs to take matters in the realm of federal government’s discussion board, lobbying for rights, grants, and easy enterprising terms for female entrepreneurs. Bureaucracy and lobbyists should pester for the rights and concerns of female entrepreneurs. Belotskaya says, “small businesses are important in driving the American economy”, and if more young women could find opportunities, then it would be a favourable outcome for the world’s powerful economy.

Activism: Feminist views and doctrines in support of women in business should be given importance. More and more should be aware of their rights and assert for equal rights. The male dominant subjects which diminish the prospect of novice female entrepreneurs must be overcome.

Role modelling: Examples of successful female entrepreneurs are present everywhere. These women should be promoted, brought under the limelight, their knowledge and experience should be brought to public knowledge, so that younger women could look up to them as sources of inspiration.