In the corner by one of the many potted plants, three Vietnamese women sit around bowls of steaming noodles and dumplings, engrossed in discussion. Despite the noise and chaos of the traffic outside, it's peaceful in this small and cozy vegetarian restaurant tucked away in
The handmade menu tells the owner's story. She opened the restaurant during the COVID-19 pandemic with a desire to provide healthy, nourishing food sourced from local producers. As the manager of a small business, the owner faces multiple challenges and fierce competition (as she later tells me), but the restaurant is clearly thriving and I wonder, what is the recipe for her success? What draws all these customers and me, a foreigner in
Is it just the papaya salad - really, the best I've ever eaten - or is it something else that only a small business has?
Building stronger communities
Small businesses are the hearts and souls of communities. Your local barber and corner stores offer more than just transactional interactions for essential products and services. They are places where people listen to your everyday problems and foster a sense of belonging. What's more, there's a one in three chance that these micro, small and medium-sized enterprises (MSMEs), like the one I'm lunching in, are led by women.
There are more women than ever in business, yet most have only three-quarters of the legal rights that men have when it comes to career, finances and work-life balance - this despite the fact that women-led businesses are vital not just for their reinvestment into household incomes and national economies, but also for their transformative power.
The latest evidence on women-led businesses finds that they not only reduce poverty but that they also drive job creation, spark innovation and contribute to safer, greener and more vibrant communities, ensuring that everyone thrives collectively. These women-led enterprises are regenerative forces - building business communities and hiring local workers. Local economies simply cannot succeed without them.
Dreaming inclusive growth into reality
"Women on their own face many obstacles. However, if we build a community of people who inspire us and support us, we can achieve so much ... We can do things together that we could never accomplish alone," says Violeta Pacheco Mejía an entrepreneur in
Her eco-friendly alpaca and cotton clothing company, Tejidos Peruanos, is based in
"We have realized at this point that if we want to keep moving forward, we must keep preparing and training - not just me, but the whole team. This is a dream that we dream together."
Violeta Pacheco Mejía
It has taken Violeta over 18 years of hard work and passion to create the business of her dreams - impactful and profitable. Yet it was only in this last year that Violeta, through her participation in
"Tejidos Peruanos is the dream of 14 women," says Violeta. "We have gone through many difficulties, but we have been able to move forward despite them. We have realized at this point that if we want to keep moving forward, we must keep preparing and training - not just me, but the whole team. This is a dream that we dream together."
Enabling healthy market systems, while battling systemic barriers
Despite the creativity, resilience, and leadership demonstrated by Violeta and millions like her, women entrepreneurs face outsized barriers and constraints - including access to credit - that impede their growth and deteriorate their confidence.
The women entrepreneurs we work with through
Policymakers, businesses, banks, community leaders and individuals have a role to play in unlocking women's economic power, valued at
As we commemorate the
- Commit to intentionally shopping at women-led small businesses and spread the word about them to friends and family or on social media.
- If you are a business owner, then invest in, work with and/or mentor women entrepreneurs.
- If you are a financial service provider, then design client-centered solutions that prioritize and champion women and other marginalized groups.
- If you are a policymaker or advocate, then champion policies and programs that recognize and strengthen the central role that women entrepreneurs play in society.
By supporting the growth and resilience of women-led small businesses, we strengthen the invisible bonds that connect us. This not only helps unique and vibrant places thrive, like the Vietnamese noodle cafe in
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