Summit to explore traits, habits of female leaders

Foley
Foley

Women who lead corporations or small businesses have traits in common that are not necessarily attributable to their identities as women, according to panelists scheduled to appear at a Dec. 4 summit.
“Leadership & Entrepreneurship,” the Providence Business News Summit on Women, features two panels from 8-11 a.m. at the Crowne Plaza Providence-Warwick, one on corporate leadership and the second on women-owned businesses and women entrepreneurs.
Independent thinking is neither a male nor a female trait, but it definitely characterizes women who have been successful in corporate America, including so-called “intrapreneurs,” says panelist Susan Foley, a managing partner at Corporate Entrepreneurs LLC of Melrose, Mass. Intrapreneurs are entrepreneurs who start businesses within established organizations, she says.
Yet, women struggle to develop this trait “a little more than men,” she said. “It’s the No. 1 competency for corporate entrepreneurs or intrapreneurs. You’re allowing them to openly question authority and challenge traditional approaches to doing things.”
Women’s place in the business world reveals both strengths and the continuous struggle to break through the glass ceiling, according to recent studies and reports.
According to a recent study by Catalyst, a company that researches gender, leadership, and talent management in corporate settings, Fortune 500 companies with the highest representation of women as board directors attained “significantly higher financial performance, on average,” than those with the lowest representation.
Yet, Catalyst in November also reported on its website that women today hold 5.2 percent of Fortune 500 CEO positions and 5.4 percent of Fortune 1000 CEO positions. “You’re seeing more and more women CEOs,” observed Cheryl Merchant, president/CEO of Hope Global, a Cumberland-based textile manufacturer that makes shoelaces, parachute cords and netting for automotive cargo. “But they’re not in manufacturing in New England. There are a few out there that are heads of manufacturing, but it’s rare.”
The challenge in occupying the top seats of power in business is one that panelists intend to speak to during the summit, they said.
Foley and Marcia Cone, executive founder of the nonprofit, The Women’s Fund, and a consultant who runs her own business, note that women often want to have all the answers in hand and be experts before experimenting or taking on new roles, and that can be limiting.
Foley says that skills that help women “navigate uncertainty” and execute are necessary to gaining both self-assurance and the confidence of colleagues.
“Women can get stuck,” added Cone, “and a lot of the research bears this out – we tend to want to be experts and perfect, over-knowledgeable, before we throw our hat in the ring. So a lot of times the challenge for women is to allow themselves to be really innovative and creative in the workplace, because we are highly innovative and creative, and manage multiple systems in other areas of our lives.” Being “OK with failure” takes a special kind of confidence, she added.
“If you’re feeling stuck and wondering why you’re not advancing, look at where you can add value,” Cone advised. “It’s about confidence on some level.”
Besides Foley, Merchant and Cone, the corporate leadership panel includes Deb Thomas, executive vice president and chief finance officer at Hasbro Inc.
The second panel includes: Susan Keller, managing director, of LGC&D LeveragedSolutions; Ann-Marie Harrington, founder and CEO of Embolden; Robyn Smalletz, president/CEO, of Gloria Duchin Inc.; Jessica Granatiero, owner of The Savory Grape and The Savory Affair; and Dr. Latha Sivaprasad, senior vice president and chief medical officer for Rhode Island Hospital and Hasbro Children Hospital. In 2014, according to the National Association of Women Business Owners, more than 9.1 million firms were women-owned and generated $1.4 trillion in sales. One in five firms with revenue of $1 million or more are owned by women, but only 4.2 percent of all women-owned firms have revenues of $1 million or more, the organization says.
One reason more women are not able to break the $1 million dollar mark is because of the types of businesses they start, says Keller.
“More women than men start service and home-based business, so-called lifestyle businesses that are not as likely to scale, get funding and grow at an accelerated rate,” Keller said in an email. “A contributing factor is the lack of financial acumen. It is next to impossible to get funding if you do not understand the finances.”
In addition, starting a business must be about more than problem-solving for a particular market, though the idea often starts there, Keller says. In fact, a business has to be able to scale and grow to be viable, she said. Her advice?
“Start a business because it makes smart business sense and you are passionate about it,” she said.
Both Merchant and Keller say seeking out support from women peers at any level, corporate or entrepreneurial, is critical.
Merchant belongs to a couple of small women’s groups.
“You can’t make it without peers to talk to – peers that you can trust,” she said. •

No posts to display