How advisors can help newcomer women entrepreneurs thrive
By Katrya Bolger
Canada’s growing number of immigrants are set to become a driving force in entrepreneurship. Newcomer women currently represent just 1.5 per cent of the total entrepreneurs in Canada, according to the Business Development Bank of Canada. But research suggests that they are leading the way in innovation.
A 2022 report from the Women Entrepreneurship Knowledge Hub found that businesses owned by immigrant women are more likely to create new products and use innovative production processes compared to their Canadian-born counterparts. The findings suggest that immigrant women, who are often multilingual and have experience working in different cultural contexts, can draw from their diverse backgrounds to do business in a novel way. Despite this, women entrepreneurs remain under-represented in this country due to specific challenges they face in navigating the Canadian business landscape.
To learn more about how business advisors can help newcomer women entrepreneurs thrive in Canada, WEOC spoke to two staff members at non-profit organizations that run programs supporting newcomer women entrepreneurs. Victoria Guimares, program coordinator for Newcomer Women’s Entrepreneurship at Community Development Council Durham, Ontario, and Vivian Escorsin, entrepreneurship program manager at the Immigrant Education Society in Calgary, Alberta, talked to us about the challenges that immigrant women can encounter when starting a business and what can help them find success.
1. Accessing resources and knowledge
Newcomer women often face a steeper learning curve when it comes to accessing key resources and capital to start their business. This includes everything from understanding the ins and outs of the local banking system to familiarizing themselves with the general requirements for taking on a loan. A key part of this learning process is unpacking beliefs that some of them may have learned about the financial systems in their countries of origin, Guimares says: “There can be a lot of taboos around loans, and fear about going to the bank and asking for money, even though they can be positive for a business’ long-term growth.” To address this, Escorsin says advisors can help educate their newcomer women clients about the Canadian financial system and connect them with available funding opportunities.
2. Building networks
Building networks is crucial to growing a business – but newcomer women who have recently arrived in Canada often need more time for these connections to form. A lack of personal and professional networks can hinder them from reaching more customers, and developing valuable collaborations and partnerships. Subject-matter experts and mentors can help newcomer women broaden their networks in specific industries and communities, while connecting them with like-minded peers can also help alleviate the feeling of being alone, Escorsin says: “This way, they can access more resources to unlock blocks in their journeys and learn about their industry locally.” Guimares says that programs like hers help newcomer women build their networks and develop support systems by connecting them with local business communities through marketplace opportunities and events.
3. Navigating cultural and linguistic barriers
Newcomer women can find it challenging to navigate linguistic and cultural barriers when doing business in Canada. Those lacking a foundation in one of the country’s official languages can especially struggle with communicating with clients and understanding business regulations – but these challenges can further extend to aspects of building a business such as understanding the Canadian customer experience and adapting local marketing strategies. Coming from diverse cultural contexts, newcomer women can also benefit from support in feeling empowered in their work if they come from a country where they may not have had access to full financial freedom, Guimares says. To support newcomer women in navigating these barriers, Escorsin says advisors must develop their own “cultural intelligence”, which can take the form of coaching to address cross-cultural differences and introducing them to culturally diverse mentors who have experienced similar challenges.
4. Emphasizing strengths
Despite the barriers outlined above, newcomer women bring unique strengths to their work as entrepreneurs. Whether that’s being able to notice gaps in the Canadian market or having specific insight into diverse cultural communities, these entrepreneurs can bring an innovative approach to their work with the right supports, Guimares and Escorsin say. Guimares says that a strength that she’s observed among the newcomer women entrepreneurs she works with is their skills in building community: “I think newcomer women are great with community building, and it’s because they don’t treat their work simply as a business. They treat it as supporting a community.” Escorsin adds that newcomer women should also recognize the wealth of experiences to share when they come to Canada: “Never go with that idea that you’re starting from zero. You’re building on the experiences and everything that you have from back home and other countries outside of Canada.”