Let’s address the elephant in the room.
In 2022, only three percent of venture capital went to women-founded startups. Three percent! This statistic isn’t just disappointing; it’s a stark reminder of the uphill battle we face in a male-dominated business world. But, instead of letting this dishearten us, we can use it as fuel to ignite a change.
I like to think of money as energy. And, like all energy, it needs to flow. As entrepreneurs, and as women, we need to start thinking of money in this way. It’s not just about earning and saving; it’s about creating a dynamic flow through talking, investing, and innovating.
Talk About Money:
We need to break the taboo and start talking about money with our friends and peers. Share your experiences, your successes, and yes, even your failures. This open dialogue creates a support system and a knowledge base that is invaluable.
Invest Early and Often:
The world of investments can be intimidating, but it’s crucial for growth. Start small if you must, but start. The earlier and more frequently you invest, the more you understand the flow of money and how it can work for you.
Packaging Your Ideas (in a way that is repeatable):
When seeking funding, remember, you’re not just selling a product or a service; you’re selling a vision. Package your ideas in a way that people can really “get it” and easily share it with others. This is especially important in a landscape where women are still not seen as equally viable investment candidates as men. Your idea needs to resonate not just logically, but emotionally with potential investors. Practice sharing your idea with people and ask them immediately to repeat the idea back to you and see how they can say it. If it’s not easy to repeat, then you need to try again!
The good news? The data is on our side: women-led startups outperform male-led startups. According to a Boston Consulting Group analysis, they “ultimately deliver higher revenue — more than twice as much per dollar invested.”
Why? Because we have had to learn to squeeze so much out of each dollar and use our creativity to build our businesses. We have had to care about being profitable as fast as possible so that we don’t have to worry about raising future rounds. This kind of training has helped sharpen our knives in building results-based businesses.
To my fellow female entrepreneurs: The road ahead may be challenging, but it’s ours to conquer. Let’s make that three percent a relic of the past. Here’s to creating a future where our ideas, businesses, and visions are valued just as much as our male counterparts.
Remember: money isn’t just currency; it’s a tool for empowerment, growth, and change. Let’s use it wisely, boldly, and unapologetically.
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