The economic influence of women is evident through icons like Taylor Swift and Beyoncé. Here’s what we can learn from their journeys.

From Taylor Swift’s Era’s Tour to Greta Gerwig’s direction of the blockbuster Barbie, 2023 has showcased the significant economic impact women can have. Claudia Goldin also made headlines this year as the third woman to receive the Nobel Memorial Prize in Economic Sciences, honored for her groundbreaking research on women’s earnings.

These trailblazers highlight how women excel as consumers, investors, entrepreneurs, and scholars. For instance, Taylor Swift is anticipated to generate $5 billion in consumer spending in 2023. Moreover, a report by McKinsey Global Institute reveals that women-owned enterprises contribute a remarkable $28 trillion to the global economy annually—akin to the world's third-largest economy. Additionally, the growth of women-owned businesses surged by 23% in the last five years.

I firmly believe in women's capability to, as Beyoncé puts it, ‘run the world.’ This conviction fuels my mission with my firm, JPalmer Collective, which is dedicated to investing in women-led businesses. Reflecting on the summer of 2023, I’ve gathered some valuable lessons from women who continue to shatter glass ceilings:

Embrace boldness and risk-taking: Taylor Swift faces constant scrutiny; however, she remains undeterred, reinventing her music and image. Similarly, Greta Gerwig tackled themes like patriarchy and misogyny in her Barbie film, inspiring entrepreneurs to take risks and defy norms.

Foster a supportive community: Whether you identify as a Swiftie, a member of the Beyhive, or a Barbie fan, Taylor, Beyoncé, and Greta have built strong communities around their brands. This sense of belonging fosters loyalty. Women entrepreneurs should cultivate communities around their businesses through networks and consumer engagement via marketing and social media. While you might not fill arenas, you can create dedicated groups of consumers eager to share experiences and support your products.

Authenticity matters: Regardless of media opinions, Taylor Swift, Beyoncé, and Greta Gerwig remain true to themselves. Authenticity fosters connections with consumers and helps build a relatable brand. What inspired you to start your venture? Share your story and experiences that resonate with other women.

Honor the past while looking ahead: When Coco Gauff, at just 19, won the U.S. Open, she acknowledged Billie Jean King for paving the way. Successful entrepreneurs learn from those who came before them. I’m grateful for the women who have influenced my path in finance, and I strive to mentor those who follow.

Empower your network: It’s easy to compare yourself to other women’s achievements, but the impact of collective support is profound. At her Eras Tour film premiere, Taylor Swift expressed gratitude to Beyoncé for teaching her to “break rules and defy industry norms.”

By tapping into the economic power of women, female entrepreneurs can carve their own paths to success. Even if your business doesn’t perform on a grand scale, it’s time to step into the spotlight, embrace growth, and push for positive change. Together, women can shape a brighter, more equitable future.

With 16 years of experience in commercial finance, Jennifer Palmer founded JPalmer Collective, offering tailored Asset-Based Lending solutions to ensure equal access to capital for women-led businesses.