Laura Fote, CEO of L&B Concepts based in Howard County, Maryland and co-owner of The Gatsby Showcase Foundation, is a seasoned entrepreneur who loves to talk about her business and how anyone can overcome challenges to meet and even exceed their goals.
However, when Fote has the chance to speak to women, especially those who are entrepreneurs, she takes her presentation to another level— and audiences witnessed that firsthand during the Women’s Business Collaborative’s (WBC) Entrepreneurs of Purpose Retreat on March 7-8 at the Watergate Hotel in Northwest.
On the final day of the conference and in front of 40 women, including WBC chairwoman and legendary businesswoman Edie Fraser, Fote inspired the female business leaders—some seasoned, some novice—to pursue managing their businesses with vigor and drive.
“I am excited to join award-winning business veterans and other notable, trailblazing women leaders and entrepreneurs at this incredible event sponsored by WBC to inspire, educate and connect,” said Fote, speaker for the “Voices of Entrepreneurs of Purpose” workshop. “Women entrepreneurs are driven to make a difference locally, nationally and globally. I also look forward to sharing my insight, my experiences and passion for creating positive and innovative changes, through networking and business.”
Fote’s presentation focused on the aspects of courage, leadership strategies, impact and collaboration.
There were also workshops on branding and marketing, bold leadership, capital and innovation, and creating a legacy beyond making a profit.
The conference occurred as the Trump administration and some public agencies on the federal, state and local levels and private companies, such as Target, Amazon and Walmart, have suspended their diversity, equity and inclusion (DEI) programs that benefit women and entrepreneurs of color.
Amid trying and divisive political times, Fraser said the conference has a definitive purpose.
“The WBC Entrepreneurs of Purpose are the architects of a better tomorrow, today,” said Fraser, 82. “We are fueled by an unrelenting commitment to integrate impact into the very foundation of our businesses—whether local, national or a global scale. When times are difficult, lean on another and remember this: Maya Angelou reminds us: ‘Nothing can dim the light which shines from within.’”
Fote Emphasizes Power of Black Entrepreneurship
A major part of Fote’s work as an entrepreneur is about helping others.
Tapping further into her entrepreneurial prowess during the coronavirus pandemic, Fote utilized her skills and network to import significant quantities of personal protective equipment, primarily masks.
“My husband, Dr. Bernard Fote, is a board-certified emergency physician and during the start of the pandemic, he was in a situation where his hospital could not get masks,” said Fote, alluding to the national shortage of certain masks deemed to prevent the spread of the coronavirus.”
Fote said she went to work and managed to get 20,000 masks that her husband could distribute. Fote said the experience only fueled her passion for entrepreneurship.
“You do better work for yourself,” she said. “You want to open up your own business.”
Fote also has a worldwide network with a distribution of Moser crystals.
“They never let a Black woman retail crystals,” she said. “A majority of Moser customers are Black women, but we do not participate in that space. That is not right, and I have a voice, and I spoke up. I made it clear I wanted to retail the crystals and not just be the face of the company.”
Fote said the U.S. Customs and Border Protection Office in Baltimore held up a delivery of crystals for three weeks because of suspicion regarding her right to possess it. The entrepreneur said she made a call to a key mover and shaker in Maryland, and she received the package four hours later.
Questioning their right to be in certain fields and spaces is not the only challenge women entrepreneurs like Fote face. Capital is not easy to obtain. However, Fote said women entrepreneurs must be persistent and have their affairs in order.
“Banks are finicky,” she said. “To get started my husband and I used our personal funds. I would advise anyone going into business to look at your credit history and pay your bills on time.”
Fote encourages young Black women to become entrepreneurs, offering some nuggets of advice.
“You must believe in yourself,” she said. “Do not take no for an answer. Be ambitious and network.”
