Now more than ever, female entrepreneurship is booming, however statistics speak for themselves in the level of achieved growth. Shockingly, female founders only equal two percent of venture capital dollars. Of all the venture capital money to go around, we currently represent only a fraction of these funds, but change is on the horizon.
There are different female venture capitalist funding systems like SheWorx, BBG, Backstage Capital that are helping bridge the gap and make huge changes for female entrepreneurs. It’s more important than ever to help set a precedence of where venture capital dollars should be allocated. Female entrepreneurs investing in women led businesses are shaping future of work and increasing diversity and inclusion, resulting in massive changes within the business landscape.
Here are a few tips for all those female entrepreneurs out there. Whether you have a company of 1 or 100, there’s always space to grow, learn and improve.
Coaching Tip 1: Be yourself
We all have a purpose. Simon Sinek has built an entire business on discussing our why. We need to channel our why into everything we do. While investors are focused on the bottom line, try to keep your focus on your own intention and the impact you have on others. If people before profit is something you believe in, it has to shine from within you and your business. This will translate outwards and allow your investors to believe in you and your company.
Coaching Tip 2: Be the change
There are many different studies out there that depict the good the bad and the ugly in change management. Change management is the evolution and process of how we as female entrepreneurs grow within our company. It’s so important to be flexible, nimble and resilient to produce a powerful and positive business culture.
Coaching Tip 3: Do your research
As female leaders and founders, we want to focus on being change agents – make changes, don’t be afraid to fail and always keep your principles as a guiding light.
We all need money to help our companies scale, but what’s more important than the money is the values of the VC. Who have they backed in the past? How many employees have turned over? Who you take money from will define you and your company, so be sure to do your research. Find the VC change agents that live through their values at all times. Be the change and they will be your champions. Companies that compromise values and ethics have no place within your business. VC portfolios matter. Look at the companies and not the dollars. We all mistakes, but being fully educated on the systems and procedures will be your saving grace in the long run.
Coaching Tip 4: Drop the F’Bomb
Meaning HAVE FUN. Being a founder is not easy. Fundraising can be tedious and sometimes it feels like you have the weight on the world on your shoulders. We deal with many different of F’s in our everyday lives. From being a founder, to fundraising, to being free in our ideas, to frightened about the unknowns. Regardless, we focus on one of the most important F’s which is fighting for what we believe in. There are a lot of F’s, so drop the F’ Bomb and remember to have fun. You are building something that matters to you and it’s on your terms, so have fun doing it!
“There are a lot of F’s, so drop the F’ Bomb and remember to have fun. You are building something that matters to you and it’s on your terms, so have fun doing it!”
— KRISTY MCCANN FLYNN
Coaching Tip 5: Continue to be Free in the Fight
We’ve come so far, but we still have a long way to go to for equal rights and equality for women. Our goal is to be embraced beyond our diversity and gender. It’s important not to compromise your values to get ahead in this sometimes unjust world. For generations women have fought for freedom. What matters is our intention and whether it comes from a place that’s dedicated to helping and serving people instead of from a place that’s focused on profit.
Coaching Tip 6: Be inclusive to all
As female leaders we have the vantage point to bring about real change and help influence and educate other women into success. We’re all aware of the vast differences between men and women, but if we focus on inclusivity rather than the differences, it’ll help to bring about the changes we as female entrepreneurs desire. We need to ensure that we’re instilling balance of gender equality in the workplace and building solid foundations of diversity. Remember the past so you can change the future. That’s why we are female founders. We’re the change makers and together we’re helping to change the future of the world.