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The weight that gender carries in entrepreneurship

(NEWS) Statistically, entrepreneurs are anomalies except in one particular area where they are par for the course.

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The gender gap isn’t just something that affects top executives. It’s not just a glass ceiling that keeps women at lower levels in their careers for longer, or forever, earning less than their male counterparts.

And it isn’t just about bias in hiring – which, conscious or unconscious, is rampant and often ignored.

A 99Designs study found that even those looking to break through all kinds of ceilings face a daunting gender gap.

Entrepreneurs should be statistical anomalies – they break rules, think differently, innovate constantly.

And yet, women still lag woefully behind men, and the reasons are painfully clear.

The study surveyed over 500 entrepreneurs to determine how men and women approach entrepreneurship.

Fully 40 percent of male respondents started a venture before the age of 35, compared to only 33 percent of female respondents.

Why? Well, if a woman has a family she wants to spend time with, or a job she doesn’t feel secure in, there may not be any time left over for a business of her own.

Even once they get started, only 43 percent of women spend up to half of their day working on their venture, compared to 56 percent of men.

That means that even once they get an idea off the ground, the process of entrepreneurship is likely slower for women than it is for men.
For instance, male respondents were two times more likely than female respondents to have raised more than $100,000 for their business. 64 percent of female respondents hadn’t even raised $10,000, compared to only 14 percent of their male counterparts.

Another telling revelation from this study are some of the attitudes toward best practices in entrepreneurship.

Women were found to be more likely to enroll in a course to prepare them for their business undertaking, while men were more likely to consult books.

This may be because women feel they need the credibility a course will bring, in the face of a widening gender gap. Which takes longer, and costs more? College, or a book?

And while both men and women say confidence is the key to being a successful entrepreneur, women value networking more than men do.

Maybe because women feel they can’t count on getting ahead on the basis of their skills and creativity alone.

When it comes to opportunity, career growth, and achievement, studies have shown that the gender gap starts opening up as early as Kindergarten, where teachers subtly bias girls against math while encouraging boys to love it.

If you believe you aren’t that good at something when you’re five years old, six, seven, eight . . . why would you keep trying?

That kind of imperceptible bias builds up as the years go on, as girls grow up in a world that still overwhelmingly portrays women as nurses, and men as doctors; women as shoppers, and men as earners; women as mothers, and men as workers.

While the gender gap is clearly still there, yawning at us, the game is slowly changing.

Many venture capital firms are now dedicated to backing businesses with diverse leadership.

And many, many studies like this are being ignored a little bit less. Articles like this are being written all the time. Slowly, slowly, locked doors are opening.

Staff Writer, Natalie Bradford earned her B.A. in English from Cornell University and spends a lot of time convincing herself not to bake MORE brownies. She enjoys cats, cocktails, and good films - preferably together. She is currently working on a collection of short stories.

Business News

Plant-based milk company Oatly is going public in the U.S.

(BUSINESS NEWS) With the growing popularity of plant-based goods, it is unsurprising to see Oatly going to market, but how much the investment pays off remains to be seen.

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Plant-based milk Oatly on store shelves, two different varieties.

On Tuesday, the plant-based milk company, Oatly, filed for an initial public offering (IPO) in the U.S., which could value the company between $5 billion and $10 billion.

The IPO will take place after the United States Securities and Exchange Commission (SEC) completes its review process and is subject to market conditions. Additional details of the planned sale were not offered in the confidential filing. The price and number of shares available to purchase are yet to be determined.

The Sweden-based vegan food and drink maker was founded in the 1990s by brothers Rickard and Björn Öste. The company sells its products online and in more than 50,000 retail stores in 20 countries across Europe and Asia. The company entered the U.S. in 2017 and has also partnered with cafes, such as Starbucks.

Last July, Oatly raised $200 million in investment equity. The company is backed by former Starbucks CEO Howard Schultz and celebrity investors like Oprah Winfrey, Natalie Portman, and Jay-Z. According to PitchBook, the company was valued at around $2 billion at that time.

In 2019, the company generated about $200 million in revenue, which is almost double the year before. Figures for 2020 haven’t been released yet, but the company planned on doubling them again.

Although the numbers haven’t been made public, it isn’t a far-off stretch to say the company could have done just that. Demand for plant-based products has been high. In just the first week of March last year, Nielsen statistics showed the sales of oat milk were up 347.3%.

This rise is due to consumers seeking alternatives to animal products and healthier food options. Already, fast-food chains, casual, and upscale restaurants have entered the plant-based food sector by adding new plant-based items to their menus.

Burger King has its Impossible Whopper with a plant-based patty. Baskin-Robbins offers three vegan ice cream flavors. Starbucks also announced in December that it would now serve oat milk at all its locations nationwide starting in the spring.

Oatly already has a large following. As more health and environment-conscious consumers are willing to seek and pay for these types of products, it seems like their following will only continue to grow.

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Business News

Fake news? Well, what about fake reviews?

(BUSINESS NEWS) Amazon is swamped with fake reviews, making it harder than ever to trust whether or not a product is legit. How can you spot them and avoid falling victim to this shady practice?

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Person shopping online with credit card, but are they reading fake reviews?

These days, most of us have turned to online shopping in lieu of brick-and-mortar establishments to get our favorite items shipped directly to our front door. With many retailers still closed, and many more of us understandably wary of exposing ourselves to the risk of COVID-19, it’s easier to just click “buy” and then spend the next two days with our noses pressed to our windows in anticipation of the arrival of our new toy or garment. But are we at risk of being tricked by fake reviews?

If you’re like most people, you probably depend on product reviews to make a purchasing decision. Honestly, it’s perfectly reasonable to see what others thought of the item before you buy it. These online reviews are almost like your neighbor, who whipped out his lawnmower and bragged how it goes from 0 to 4 mph in less than thirty seconds. Obviously — obviously — you had to run out to your nearest garden center to pick up one of your own after his glowing review of it, right?

That’s kinda like online reviews, too. You can’t just knock on the purchaser’s door and ask them what they thought of it, which is why you carefully peruse those reviews and weigh those pros and cons. Okay, this shirt fits loose. Fine, these kitchen shears broke after three uses. Whoa, this brand of potato chips puts hair on your chest…? Sweet! And you also probably looked at those 3-star reviews, too, to see what was merely “meh” about the product. With this assortment of mixed reviews, you can be confident that you’re making a rock-solid choice.

Uh, sadly, nope.

Unfortunately, Amazon (as well as other major retailers, such as Walmart) are often fraught with a glut of fake reviews. In fact, there are numerous Facebook pages dedicated to the purchase of these reviews, and many of the reviewers are compensated with a monetary reward (usually the cost of the item, plus a few extra dollars for their work) for posting the glowing 5-star rave.

So what can you do to help protect yourself for falling for these seemingly harmless lies?

Well, first and foremost — a fake review isn’t necessarily harmless. If a defective or dangerous product is boosted by a false review, it can seriously harm you. Sure, there’s a good chance the fake reviews are benign, and the worst you’ll be in for it is losing a few bucks on a crap item. But if something is using counterfeit or unsafe ingredients (such as minoxidil in potato chips because, real talk, chips aren’t supposed to put hair on your chest), then yes, you need to be informed of it so you can make an educated decision about whether or not that item is coming home with you.

So, the question remains: How can you, intrepid shopper extraordinaire, avoid purchasing a lemon? (Unless, of course, your goal was to buy an actual lemon in the first place. Margaritas, anyone?) The good news is that there are a couple things you can do. For starters, common sense goes a long way. Do the reviews offer any context, or is it just line after line of, “Loved it!” without any actual feedback on the item? That’s why those 3-star reviews are so priceless. Usually the reviewer actually used the item and had a valid reason for their tepid review, allowing you to make an educated decision about it.

Finally, there are a couple of websites you can use to help you out. First, there’s Fakespot. This web extension will cull out all the fake reviews, allowing you to see at-a-glance the remaining genuine reviews. It then reviews the item for its credibility, letting you know if the seller was trying to pull a fast one on you. Then there’s ReviewMeta. Unlike Fakespot, this website goes through the views and instead of grading the seller, it actually grades the item based on the average score of the remaining real reviews. And by using both of these websites together to check those reviews? You’ve now got yourself a pretty decent idea if the product is actually worth your hard-earned dollars.

It’s far too easy to get scammed these days. However, by staying alert and remaining mindful about your online purchases (and avoiding the temptation to give into those stress-motivated impulse buys), you can avoid being bilked, too. And hey, instead of looking at online reviews, maybe you should go back to the old-fashioned way of doing it: By asking your neighbor for their opinions of items. Just, y’know, do it from at least six feet away, while wearing a face mask.

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Business News

Manufacturing is bouncing back, but supply of materials is struggling

(BUSINESS NEWS) As manufacturing demands surge, so do material costs. The pandemic has shifted where we’re putting our money, but supply is struggling to keep up.

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Manufacturing worker sealing a large pipe together.

As the United States’ manufacturing process comes back up to speed, a surge in demand is creating a shortage of the one thing manufacturers need in order to do their jobs: Supply.

Fox Business reports that, due to a much quicker return to normalcy for manufacturing than some expected, a price hike for materials is affecting everyone from the bottom up: “Prices for steel, aluminum, lumber and other materials are rising in response to higher order volumes. Commodity supply chains are now clogged with orders, causing some producers to add weekend hours and overtime for employees.”

The fast manufacturing rebound seems to be a harbinger of better days ahead, but this supply bottleneck could dampen producers’ resolve.

It should be noted that the spike in demand for goods which use the materials in question isn’t an entire surprise. As Fox notes, much less of consumer money has been going toward travel and dining out. This has resulted in more money flowing into things like appliances, vehicles, and entertainment commodities.

But the toll is hitting producers coming and going as things like depressed oil and the paper used in packaging undergo substantial price hikes, leading some companies to stockpile resources in hopes of having an edge in the future.

Others find themselves in the uncomfortable position of having to choose between lower profit margins or higher prices on manufactured productsa choice that is sure to impact consumers, if not the rate of consumption.

Indeed, some companies, such as Northwest Hardwoods, have an upper limit on the price they can charge on a finished product regardless of rising material costs.

It’s not all bad, of course. Global prices for materials like aluminum and scrap steel have gone up, which means people like Brad Serlinthe president of United Scrap Metalcan make a killing. “We can sell everything we have,” says Serlin, referencing “big orders” from recently busy steel mills.

As the pandemic wears on, though, one thing is crystal clear: The high demand for domestic goods coupled with rising global prices for materials is going to make for some severe price hikes in the coming months.

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