What it means to be 100% women-owned
Forbes Magazine recently highlighted the role of women in the liquor industry in its “Women Running The Liquor World” series. After reading about these inspirational figures and as Women’s History Month approaches, we have been reflecting on why it matters to be a 100% female-owned company. In this post, Kami and Meg will share their thoughts on the subject.
We have experienced economic benefits that could be attributed to qualities of female business leaders. Studies show that companies owned by women could have 13% higher revenues because they set achievable goals, collaborate better, believe in slower, steadier growth and have excellent time management skills (Parets).
Our growth has increased by 194% in the past year. Although we can’t prove that upward trend was due to our female partnership, we can attest to the fact that Nati, Kami and Meg demonstrate the qualities listed above. As a team, we have set the very ambitious goal of being the most widely distributed craft Peruvian pisco in the USA and beyond. We plan to achieve this together through a series of practical, methodical steps over the next few years.
It has also been shown that women don’t express themselves as freely in the presence of men. In her paper, “Overcoming the Gender Gap: Women Entrepreneurs as Economic Drivers” Lesa Mitchell states: “Men, consciously or not, may act in ways that discourage women from getting involved in high-growth startups or even articulating their ideas as fully as they could” (14). We PiscoLogía partners express our ideas with each other without reproach. This unhindered exchange of ideas was especially important when we formed our new partnership and had to define who we were as a company and what our brand represented. In retrospect, we can now see that our high-quality craft pisco perfectly encapsulates the values of our 3 partners. Not only do we focus on creating the best product possible, but we also treat our workers, clients, and communities with respect and understanding.
On the same note, our partners are empathetic to each other. That empathy allows us to value each other’s opinions and needs. Meg McFarland observed: “Nati, Kami and I work well together because we are equally intuitive, nurturing and respectful. I am a mother, Nati is a mother and grandmother and Kami is a very special aunt. The caring relationships we have in our personal lives translate into our business. I believe this understanding has been the key to our success so far”.
Finally, in the spirit of collaboration, we plan to use our empathy and intuition to help other female entrepreneurs in the future. Lesa Mitchell also demonstrates that only 29 percent of privately held firms in the US are women-owned” (9) and that women owned firms tend not to grow or prosper nearly as much” (3). For that reason, we are creating a program to mentor other women-owned businesses and aspiring female entrepreneurs (stay tuned). As Kami Kenna states: “it’s important for women to run businesses so we can create a more equitable society. We hope to hone the skills of female entrepreneurs (organization, intuitiveness, personal drive, diligence, dedication, innovation, to name a few) so they can achieve the same success”.
The foundation of our company was built by our innately “female” traits, our open communication, empathy and skills. As we continue to learn and grow our company together, we also hope to support women entrepreneurs to create more opportunities for aspiring females around the world, closing the prevalent gender gap and making change for future generations.
Mitchell, Lisa. “Overcoming the Gender Gap: Women Entrepreneurs as Economic Drivers.” Ewing Marion Kauffman Foundation, September 2011, https://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2011/09/growing_the_economy_women_entrepreneurs.pdf
Parets, Robyn. “4 reasons why Women-Owned Businesses Succeed”, Money Under 30, 31 March 2018, https://www.moneyunder30.com/why-women-owned-businesses-succeed