Blasting the 'gastro ceiling' with financial literacy - 0 views
www.nrn.com/...tro-ceiling-financial-literacy
Financial literacy glass ceiling women in business culinary
shared by anonymous on 20 Sep 20
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former World Bank executive
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trustee of the James Beard Foundation and co-founded the JBF Women’s Leadership and the Women’s Entrepreneurship Leadership programs
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The culinary “gastro ceiling” is especially appalling with less than 7% leading women executive chefs
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scholarships and more education will not make a dent in parity. It’s not a lack of entrepreneurial spirit either — according to the National Restaurant Association, 40% of restaurants are women-owned businesses, or WOB, and startups by women are growing much faster than the industry overall.
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grim reality that 96% of WOB do not cross $1 million in revenue. Fewer than 8% seek external financing,
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less than 4% of Small Business Administration loan dollars, and less than 2% of venture capital dollars.
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o raise external financing and be successful entrepreneurs, however, women have to vanquish three areas.
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by women learning to pitch themselves
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investing in public speaking and negotiations coaching.
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67% of executive women are in support roles (HR, Marketing, IT, et al) as opposed to running their own line businesses
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ulinary world, women abound in the softer side (pastry, baking, freelance, cold stations, personal chefs
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Policy should also incentivize commercial lenders and venture capital/private equity to do the same with their loan dollars
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Despite women leading the way in scholarship and culinary education, they are suspiciously vacant at the top of the leadership ladder. According to Bloomberg, only about 7% of executive chefs are woman, and "67% of executive women are in support roles...as opposed to running their own line of business." This doesn't appear to be because of a lack of entrepreneurial spirt, as "405 of restaurants are women-owned businesses or WOB, and startups by women are growing much faster than the industry overall." This made me reflect on my own city, as I do see women in executive positions, such as Stephanie Izard, Sarah Grunenberg, and Mindy Segal, they all got to their positions in very different ways. Probably the most successful, with currently 7-8 restaurants, is Izard, she got her start by winning a reality tv show and then joining forces with two male business owners (BOKA). Grunenberg also started visa vi the reality TV route, and now eventually owns and runs a very successful restaurant downtown. Mindy Segal is the only woman executive in this group that has built her business, her cookbooks, her brand, and now her cannibis retail, mostly by herself. It is interesting to relate these women to this article because while they are all three incredibly successful, only one was able to pull herself there through the three points mentioned in this article. In order for women to break the glass ceiling in restaurants and culinary, they will need to accomplish three main goals: 1. Gain confidence, 2. Increase their aspirations, and 3. Learn and Maintain Financial literacy. The "grim reality (is) that 96% of WOB do not cross the $1 million in revenue...(and) fewer than 8% seek external financing. Women "receive less than 4% of Small Business Administration loan dollars and less than 2% of venture capital dollars. For confidence, this article recommends to women to learn how to advocate for yourself. Use coaches, practices public speaking, and learn how to pitch your business