Top Lessons from Female Entrepreneurs

8.1.

That’s the percentage of CEOS in Fortune 500 businesses who are women. And that percentage drops even lower in venture capital — in 2019, women-led startups received just 2.3% of VC funding. This translates to women having a harder time accessing capital, a smaller potential network, and fewer role models and mentors. The playing field still isn’t even.

But things are starting to change for the better: more and more women are starting their own businesses and assuming leadership positions. There are 114% more female entrepreneurs in the US than 20 years ago, and the number of firms owned by women of color grew by 163% between 2007 and 2018.

One of the best ways we can accelerate opportunities for women and their goals is to support each other. I am in awe of all female entrepreneurs for their vision, drive and commitment to their dreams. We are a tribe, and I feel so fortunate to be part of it and to be constantly growing through it — and the ones who influence me the most are the ones who are vulnerable and authentic throughout all stages of their journeys. We can all support each other, and it was an honor to be on the second season of 4 Days to Save the World, on a team specifically focused on supporting women around the world.

Here are some of the most valuable lessons I’ve learned from female entrepreneurs.

understand Expectations vs. Intentions

Take the time to determine what is important to you and what you want to achieve. What are your expectations for yourself and your ventures? What are your intentions?

Expectations are more externally-guided, and focusing on them can put you in a place where you end up in a negative loop about why you're not good enough. Intentions help you see a more positive outcome. They create a sense of self compassion and self care.

connect with Role Models and Mentors

You’re not expected to do this alone. The female entrepreneurial community is one of support, resilience and guidance. Invest in spending some time learning about the different female leaders in your industry and whose journey most resonates with you. Reach out and begin to build your network, developing authentic connections — learning to ask for help makes you stronger, not weaker.

And offer yourself as a role model and mentor to others. We rise when we unite as a community, sharing our wisdom and experience to help empower others.

seek out Organizations and Groups

There are admirable organizations that support and promote female entrepreneurs. Finding and connecting with them can yield valuable opportunities. Some are dedicated entirely to capital, networks, partnerships or grants, while others encourage peer-to-peer learning. They are chances to expand our knowledge and networks, and they can be another opportunity to start to develop mentor-mentee relationships and receive insights that will help you advance your career in new ways.

make it Part of Your Brand

Your brand shouldn’t only be about being female-owned, but it is an important part of your identity and what your business stands for. Become familiar with your industry — Are there many women-owned brands? Who is the target audience? — to consider how to approach messaging.

It’s also a message to other female entrepreneurs, showing them what you’ve achieved and how that’s possible for them, too. I believe we all play a crucial role as female business owners by simply increasing our visibility — we’re letting other female entrepreneurs know they’re not alone on their journey. And we’re helping equip them for the hurdles that still exist.

delegate

We can be tempted to take on too much because we know we can and want to relieve other people’s plate— and maybe because we like the work we’re doing, too. But delegating has benefits for both you and the people you work with. By passing along tasks and assignments, you’re giving others the chance to develop their skills, tackle new challenges and grow in their roles and abilities.

And you’re able to focus on the tasks that matter most without burning out. After all, having time to invest in yourself is essential to your business.

know You Won’t Make Everyone Happy

As a leader and founder, you have to make the right decisions. Sometimes, they might be tough or less popular ones — and worrying about keeping everyone happy shouldn’t come at the expense of your business, your values or your confidence. Be the best that you can be and believe in your choices.

You can maintain a strong company culture even while knowing that you can’t please everyone. An attitude of sticking by your convictions and being authentic about the why behind your decisions will be infectious.

I don’t solely view myself as a “female entrepreneur,” but that is a very real part of who I am and the experiences I’ve had. And I hope to help make that journey easier for other women launching their own ventures and striving to use their passion and talents to make the world a better place.