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Tuesday, August 18, 2009
Virginia P’an had three strikes against her when she started on Wall Street in 1973: she was young, Chinese and a woman. A positive attitude helped P’an conquer Wall Street, becoming the first female vice president at American Express Bank.
Virginia P’an had three strikes against her when she started on Wall Street in 1973: she was young, Chinese and a woman.
“Talk about liabilities,” P’an said. “But you can’t operate from a negative viewpoint, or you’ll be paralyzed. You have to focus on your abilities and play the game.”
That positive attitude helped P’an conquer Wall Street, becoming the first female vice president at American Express Bank.
But after a successful run at the Fortune 500 firm, P’an decided to strike out on her own in 1984 when she established the TransCapital Group, a company that helps Western corporations form strategic alliances within the Chinese market. The TransCapital Group boasts a client list including Aetna, the PepsiCo Foods and Valmet Paper Machinery.
Her risky, but successful decision made her part of a quickly growing demographic: Asian women entrepreneurs.
Notably, 20 percent of all female business owners are women of color, and this segment is growing at four times the rate of the economy in general, according to a new study by the Center for Women’s Business Research. Women business owners are also more likely to have sole ownership of their company today as compared to 1998, according to the report.
P’an’s experiences have taught her that despite being a Chinese-born woman in the white male-dominated business world, all entrepreneurs must have the same qualities. “The same characteristics are needed to succeed whether you’re male or female, white or Asian,” P’an said.
The report corroborates P’an statement, finding the similarities among all ethnic groups on key business issues far exceed any differences.
“This study shows that regardless of ethnicity, entrepreneurship holds the same rewards and challenges for women and that women of all backgrounds are making a substantial contribution to our nation’s economy,” said Myra Hart, chairperson of the Center for Women’s Business Research.
Despite the overarching similarities among all business owners, however, the study notes that women business owners are more reluctant to borrow capital to start their enterprise.
Vivian Shimoyama is one example. She used her own capital to start Breakthru Unlimited, a California-based company that manufactures glass artwork. The handmade pieces symbolize the breaking of barriers, a theme that drives her business, she said.
“I had funds that I set aside,” Shimoyama said. “I didn’t even approach banks to be rejected.”
The reluctance to approach banks for start-up capital is also common to Asian business owners, a group that is surpassing all other groups in terms of the numbers of firms and their annual receipts.
To help overcome that reluctance to borrow capital, Wells Fargo, the underwriter for the study, launched the Asian-American Business Services program in February, with a public lending goal of $2 billion over a span of 10 years.
“Traditionally, Asian cultures were less likely to use credit and more likely to raise funding from their families, communities and their own savings,” said Iris Chan, executive vice president of Commercial Banking and spokesperson for the Asian Business Services program. “More recently, however, the tendency to borrow from financial institutions has become more commonly practiced in the Asian business community.”
Partnerships with organizations like the Asian Business Association help Wells Fargo disperse financial education to this group, Chan said.
The need for financial education among Asian Americans points to another obstacle for Asian-born business owners; the ability to communicate effectively. For P’an, this is the most fundamental asset for success. It is particularly crucial for Americans of Asian descent, many of whom speak English as a second language.
“I’m first generation. So what? I don’t believe in being a victim,” P’an said. “If you don’t have the skills, get them.”
That attitude helped P’an succeed in a homogenous business world. “Women are choosing to have their own businesses because they believe in having more control over their future and being able to positively impact their own communities.”
Women’s leadership decisions differ from those of their male counterparts. Women business owners are pioneers in offering work-life benefits, Shimoyama said. Their style of leadership also incorporates the building of community along with business.
“I started this business because I have a very entrepreneurial spirit. I’m creative and innovative, and I wanted to merge that with my corporate background,” Shimoyama said.
In a refrain that is being echoed by more and more women entrepreneurs, Shimoyama said, “I wanted to build a company that reflects my values.”
The Asian Diversity Magazine, http://www.asiandiversity.com/
Used with permission.
posted in: Diversity
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