What’s In This Email

• Getting women to the top in Canadian business matters

• Canada is facing a shortage of entrepreneurs

• Two stories you need to tell to get the job in 2024

• 20 Things that will supercharge your business

• Notable Spotlight: Maxime’s

• Notable Plug 🔌 

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Progress, but Challenges Remain: Getting Women to the Top in Canadian Business

While data shows gradual improvement, women remain significantly underrepresented in leadership positions within Canadian corporations. Here's a closer look:

Signs of progress:

• Boardroom presence: The percentage of women on boards at TSX companies has risen to nearly 28% in 2023, compared to 21.6% in 2020.

• Shifting attitudes: Experts like Carol Hansell, a senior partner at Hansell LLP, acknowledge a positive change in attitudes towards women on boards, attributing it to growing recognition of the benefits of diverse leadership.

Persistent hurdles:

• Senior management gap: Despite progress at the board level, the number of women in senior management roles remains concerning. Hansell emphasizes the need for companies to actively cultivate a diverse talent pipeline.

• Exacerbating factors: The pandemic disproportionately impacted women's workforce participation, further widening the leadership gap. Studies also highlight issues like pay inequity, unconscious bias, and lack of mentorship as ongoing obstacles.

• Imposter syndrome: Andrea Limbardi, CEO of Reitmans Canada Ltd., identifies this as a major challenge, urging women to challenge self-doubt and set realistic expectations.

Strategies for women leaders:

• Building authentic connections: Hansell emphasizes the importance of fostering strong relationships with colleagues, as effective collaboration is crucial for success at the board level.

• Finding mentors: Limbardi credits informal mentorship as invaluable, highlighting the guidance she received from a senior leader early in her career.

• Challenging limiting beliefs: Overcoming self-doubt and societal expectations is essential for women to thrive in leadership roles.

Collective responsibility:

• Policy and incentives: The Organization for Economic Co-operation and Development (OECD) recommends regulations, support systems, and incentives to encourage companies to promote women. Examples include France's gender equality index and Japan's "Nadeshiko Brands" initiative.

• Transparency and accountability: Hansell stresses the need for organizations to openly report on the gender composition of their workforce at all levels, holding themselves accountable for achieving parity.

Why this matters: As millennial women continue to enter and climb the corporate ladder, understanding these challenges and potential solutions is crucial. By advocating for themselves and supporting each other, they can contribute to a more equitable and inclusive future for women in leadership.

Read the full article here.

Canada's Entrepreneur Gap: How to Spark More Business Creation

Canada faces a concerning decline in entrepreneurship, with nearly half as many Canadians starting businesses today compared to 20 years ago. This is alarming as small businesses are the backbone of the economy, creating the vast majority of jobs.

The study:

A recent study by University of Victoria researchers proposes fostering an "entrepreneur-possible self" as a solution. This refers to the belief that individuals can become entrepreneurs, acting as a stepping stone to taking the leap.

Why it matters:

• Identity play: The study highlights two forms of "identity play" to cultivate this belief:

• Daydream-play: Engaging in unrestricted imagination and creative thinking about being an entrepreneur.

• Substantive-play: Taking action to learn more about entrepreneurship through activities like mentoring, workshops, or volunteering at startups.

Taking action:

• Individuals:

  • Engage in daydream-play through activities like reading entrepreneur stories or watching related movies.

  • Engage in substantive play through mentoring, industry research, or participating in entrepreneurial activities.

  • Seek guidance and support from organizations like the Canadian Chamber of Commerce or Futurpreneur.

• Entrepreneurship organizations:

  • Educate Canadians about identity play and its role in entrepreneurship.

  • Provide resources like success stories and connect aspiring entrepreneurs with mentors.

  • Offer opportunities for hands-on experience through workshops, competitions, and maker spaces.

• Parents, educators, and guardians:

  • Expose children to entrepreneurship experiences like summer camps or youth programs.

  • Encourage children to explore their potential and believe in themselves as future entrepreneurs.

The bigger picture:

By fostering an "entrepreneur-possible self" from a young age and throughout life, Canada can cultivate a generation of individuals who believe in their ability to start businesses. This investment will contribute to a stronger economy and global competitiveness.

Read the full article here.

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Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.