The Secret, the Significant, the Successful: Profiles of Women-led Businesses, Vol. 19

Compassionate economics: How to put your money where your heart is

Compassionate economics goes a long way in shaping the world. Without compassion and the ability to put ourselves in other people’s shoes, we can’t be the change that we want to see in this world.

Here are three main ways you can enact compassionate economics in your life and business:

• Who you hire
• What businesses you support
• Where you donate and invest your capital

As the owner of EnrichHER, I'm fortunate to have the opportunity to build my team with amazing people. As someone who is mindful and compassionate, I used my heart along with my head to find my team members. My heart told me to look deeper into the stories behind the person. It wasn't just about the capability and capacity to do the work; being mindful included their ability to identify with being underserved, marginalized, and not supported. Because we all possess intersectional identities, we are all privileged in some ways and marginalized in others. All of our team members have been marginalized in some way, whether it be because of their race, gender, religion, ability, or some combination of the above. Having this experience gives us sympathy for the people we serve, as well as a vested interest in creating change so that those who come after us experience a more equitable society.

People often don't consider that putting your money where your heart is is essential to compassionate economics. Often, we shop based on convenience, price or brand recognition, but mindfulness often asks us to take a step deeper. To be mindful, when considering supporting a given business, we should ask ourselves questions such as :

• Does this business hold the same values that I do?
• Does this business impact communities that I want to support?
• How is my economic purchase helping the world become a better place?

Last, it's really important to figure out a plan for your philanthropic and investment capital. The recipients of the money will prosper as a result of your allocation. Most people invest solely in big corporations or large non-profits, but ask yourself, are there other businesses that are also deserving and capable of benefiting and prospering from your capital? At EnrichHER, we offer a platform that enables users to allocate their philanthropic and investment capital to women-led and black-owned businesses on our platform. For those who are fed-up about the economic injustice experienced by these communities, our platform provides a way to show your receipts for supporting women-led and black-owned businesses.

P.S. We're launching a campaign for Black Business Month. If you'd like to support by being part of our social media and outreach efforts, please DM me.

About the Author

Dr. Roshawnna Novellus is the founder and CEO of EnrichHER, a financial platform that connects female entrepreneurs with lenders who want to earn a return on their investment while fueling the growth of women-led businesses. Dr. Novellus is a gender equality advocate who believes in economic empowerment and inclusive economic growth. Dr. Novellus holds a Ph.D. in Systems Engineering, with a Minor in Finance, a Masters of Science in Information Technology emphasizing Information System Engineering, a Bachelor of Arts in Business Management Economics, and a Bachelor of Science in Computer Engineering – achieving Summa Cum Laude in each. Roshawnna served on the Commission on Women for the City of Atlanta and was honored as one of the Women Who Means Business by the Atlanta Business Chronicle, one of the 40 Under 40 by Georgia Trend, one of the Top 25 Disruptors and Innovators in Tech, one of the 27 Black Founders and Investors to watch by PItchBook, and LinkedIn Top Voice #5 in Technology.