"Women's Economic Engagement & the Europe 2020 Agenda" - A Reflection

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Women's Economic Engagement and the Europe 2020 Agenda.  A statement of intent?

As discussed many times on this blog over the past few years - the 'old chestnut'  or 'groundhog day' sentiment -  surrounding re-balancing the gender  issue continues to rumble on.  In light of this fact, I was delighted to have the opportunity to attend a conference which appeared to set out a real statement of intent insofar as addressing the importance of balance and instating equality in the economic context.

I wasn't disappointed.  Though there may have been a little repetition in the content of various speakers' presentations - by and large - the detail offered a pan-European view on the challenges, opportunities and key policy levers available to governments in supporting, enhancing and developing women's economic engagement.

The Core Issues | Women's Economic Independence

Unsurprisingly - the core issues remain the same.  Women are more educated than their male counterparts ["we employ least those we educate most" Minister Kathleen Lynch].  Women do not enjoy equal pay, with a 17% total gender pay gap in existence across Europe.  Women often suffer negative career impacts as a result of parenthood.  Only 30% of start-ups are female and over 1/3 of employed women work part-time, a choice which in the main, is to facilitate family-centric responsibilities.  Based on the most recent available detail [ from the EEN] only 15-18% of established entrepreneurs in Ireland are women.

As I said, not entirely surprising news.  However, when painted in the stark light of this series of presentations - it certainly highlighted the need for real tangible action.

The Potential Answers | A Way Forward

Whilst challenges are clear, many speakers over the course of the conference pointed to the need for real solutions that can be applied through policy levers and supports.  A new, more modern approach to childcare supports [potentially modeled on Nordic and Icelandic provisions], and the reduction of fiscal disincentives were hailed as key factors in supporting women's economic engagement.

So, what does this all translate into - in real terms? Undoubtedly, balance is required - and, as Avivah Wittenberg-Cox stated "we need to re-brand this story"... I couldn't agree more.  It's about time we changed the name of this debate, and examined it in the context of what it really is - an issue for society not just women.  As hot a topic the gender quota issue is - there are genuine merits in policy levers - and though some may not agree with the notion of direct intervention, it is fair to say that oftentimes it is the only way of effecting real change.  In the context of the broader economic engagement of women, across Europe - can we learn more about what's not working? 

One thing which clearly isn't working is the non-conducive work environment; across private and public sectors, politics and entrepreneurship.  If so many feel their chances of retaining prospects after parenthood, developing their career or at least, being paid the same as their male comparator, are at best, limited - then, what's to attract broader engagement?

The Realities | What's Next?

I'm only too aware that there are the A-students in private sector companies, putting their policies where the 'mouth' is, so-to-speak... [Vodafone, P&G, Sodexho all represented at the conference].  However, cultivating more awareness - again, societally - is paramount to meaningful change.  With the European Commission target set at 75% female labour market participation by 2020, policy-makers and government agencies had better get their 'thinking caps' on - and fast.  As mentioned by Dr. Daniela Bankier of the European Commission's DG Justice - if meaningful change doesn't happen, this target will not be met.  As it stands, we're not on target.  To quote the aforementioned speaker "equality between men and women is a fundamental right and an economic neccessity".  This comment was roundly resonated by Mikael Gustafsson, MEP when he commented that "no society can afford to waste half its talent".

The optimist in me hopes that - yes, the 75% target can be achieved.  Meaningfully. The reality? I'm not so sure.  There are real, embedded, cultural challenges that Ireland has yet to overcome - in our attitudes, viewpoints and beliefs.  While some negative stances may be worn away over time, there are many rekindled through new generations saddled with inherited, jaundiced outlooks.  These are challenges shared by our European colleagues, undoubtedly.

So what can we do? For those of us with representative or supportive roles - it's key to reach out to those who need our help.  More importantly, we can take action and make change happen... not least of all, by activating the authorities, agencies and policy-makers to build measures, programmes and plans which will harness and support the potential of women in all areas of the economy.

The stats are clear and indisputable: we need to move past analysis paralysis.  It's time for action.

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Gender Quotas and Binders Full of Women... the Perception Issue  |  The Female Entrepreneurship Q

It's hard to know what you don't know...

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This is a statement I overheard in conversation recently, and it made me laugh (whilst also giving pause for thought).  It IS hard to know what you don't know, especially when you're trying to keep all the "plates spinning" at the same time (as many micro business and SME owners know only too well).

The reality is: the plate spinning exercise requires adjustment, review and focus... which requires time.  That's the only way you can truly understand what it is you don't know and need to know.  Often, I hear the complaint of: "I can't spare the time"... my question is this: is your business, project or endeavour not worth creating the time?

Why time IS of the essence...

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This is one of those proverbs that I fear many of us despise.  It's usually rolled out at moments when time hasn't been 'of the essence' and for exactly that reason... we haven't had enough time.

I must confess to being an obsessive when it comes to allowing enough time, project managing timelines and so-on.  However that was not a skill I came to easily... I was in fact, time 'carefree' for many years until suddenly, I realised things just didn't happen without giving them the right time.

Why does it matter? Why is time 'of the essence'? Without it, the right people, resources or actions don't materialise... the measurables don't exist, and the outcomes, objectives and key deliverables don't happen.

Had a light-bulb moment? Write it down...

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I can't tell you how many times I've been at meetings, seminars, training sessions or simply in conversation - and heard the famous line - "oh, I thought of that too... exact same idea actually!".

The fact is - that person probably did have the exact same idea... however, the reality is, just as you're thinking of something, you can be guaranteed many others are too.  When you have a light-bulb moment [as so many of us do] - act.  Write it down, assess it briefly, and decide what to do with it.  Don't leave it in the archive of your brain, a hostage to someone else's action!

The difference between positivity and realism... and why you need both in business...

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We're all too aware of the necessity for a positive outlook in times of challenge and strain, however it's also important to be equally aware of when positivity must be tempered by realism.  You do need both!

Positivity: the power of positive thinking, the backdrop to potential, and often the route-map to success.  What about realism? it is the arbitrator,  the risk-evaluator and the clarity between positivity and possibility.

Why do you need both? Positivity acts as buoy, a support and a ballast - it's there to help you ride out the challenges and keep focused on solutions.  Realism, on the other hand, is the sensible 'head' that asks the questions that positivity often ignores.  Things like: how likely is it we'll win this project? Can we really scale this new product on our own or do we need help?  Positivity says yes to both - realism says: let's go for it, but let's also evaluate our risks and be more measured, what's our strategy and how will we do this?

Inspire yourself to action...

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Every day, we have an option - to feel motivated, to feel despondent, to feel disappointed... or to get ourselves in the right frame of mind to take action and achieve.

The entrepreneurial mindset can sometimes be compromised by incoming objections, irritations or obstacles...  It's par-for-the-course! The only way to manage these challenges is by continually developing renewed focus and inspiring yourself to action... Go to it!

Looking Back & Learning: The Lessons of Start-Up

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Having worked with start-ups and SMEs for many years now [not mentioning the years I worked in them!], I can say, undoubtedly, there are lessons to be learned from the experience of starting up.  Some are simple things - the 'shoulda, woulda, coulda' actions that would have saved time or resources.  Other lessons might have made more defining impacts on the trajectory, focus or growth of the business...

Much of the posts written about business development, planning and strategy, focus on looking forward [which is a good thing!] however a lot can be learned from what has or hasn't worked, and why that might be the case.  I'm a big fan of Eric Ries' "StartUp Lessons Learned", and find his views on innovation in start-up development laudable and forward-thinking.  Ultimately, learning from what hasn't panned out as we'd planned or hoped can provide us with rock-solid foundations for growth.

Based on many of the conversations I've had with SME clients, here are the top five "if I had my time over again" reflections, which, hopefully some of you might recognise [and act on!] or for those of you starting out,  utilise as a starting point for your business plan/ R&D:

Spent time on carving out a tactical research project [without becoming obsessive]
Typically, there are four areas start-ups simply despise at the outset: research, financial planning, marketing and business planning.  Research is normally #1 on this list.  Why? Because it involves subjecting yourself to an uncomfortable set of objectives – asking the questions of your target audience you may not want to know the answer to… doing surveys… desk research… and analysing competitors.  The reality with research? It is a VERY necessary evil.  Why? Because what you don’t know will always hurt you.  Often start-ups head in one of two directions: either into an abyss of obsessive research [which has no start or end], or the ‘head-in-the-sand’ stance [my business doesn’t need research, it’s just that amazing].
My advice? Don’t become a research obsessive; do carve out a simple, strategic plan to conduct research which is relevant, targeted and clearly identifies the defining answers you need to determine your market scope, size and long-term potential.

Refined the USP
Here’s one most businesses battle with at start-up, and during growth.  What is it, exactly, that makes us unique, different and what’s the value-add for my customers…? Well, the answer is: if you don’t know, how do you expect your customers to know?
Frequently businesses define, redefine and refine their USP – which can also change with time, depending on new offerings, products or services – revising your business model can also change your USP.
Where should I start? Think about ‘NOSE’ – customer needs and outcomes, and your solutions and evidence – what is compelling about your offering? Start with ten words and whittle it down.  Remember: your USP should be succinct and impactful.

Done the number-crunching [and sought the right financing]
A tough one, and certainly a topical issue these days.  However, not digging deep and ensuring your business has enough financial fuel in the tank could stress it beyond recovery.  Many businesses at start-up spend time on ornate, fancy spread-sheets [sometimes not developed by the people involved… tsk, tsk] which bear little or no relationship to the business’s actual finances – its projected income and outgoings.
You don’t need to be an accountant… suffice to say, you should be conservative in your projected income [based on research and planning] and somewhat more generous with your projected outgoings.  Do get help, like all other areas of start-up, if you don’t know how – ask for help from a mentor / consultant.  It’ll be worth it!

Thought bigger
This sentiment often comes with experience – and the realisation that your goals may have been set a little lower than was justified…
Get yourself some audacious aims… if your long-term vision doesn’t make you feel a little jittery, it’s probably not big enough!

Built a growth plan / strategy
Often the idea of ‘growth’ at start-up is considered too “far off” – it really isn’t considered… wrong.  Growth is the very essence of business development, and you need a plan / strategy to achieve it.
Even when you’re just getting going, know what growth looks like... and build a plan to guide you along the way.

… and finally, remember the key for any business: plan, do, review.