{"id":3000011856,"date":"2020-04-02T13:40:00","date_gmt":"2020-04-02T17:40:00","guid":{"rendered":"https:\/\/www.wework.com\/ideas\/?p=3000011856"},"modified":"2020-09-03T05:53:26","modified_gmt":"2020-09-03T09:53:26","slug":"women-entrepreneurs-offer-tips-for-starting-a-business","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/management-leadership\/women-entrepreneurs-offer-tips-for-starting-a-business","title":{"rendered":"Women entrepreneurs offer tips for starting a business"},"content":{"rendered":"\n

Starting a company is no walk in the park. Between coming up with a killer idea, perfecting your pitch, securing funding, and scaling a company, the path is fraught with challenges. But for women in the startup space<\/a>, those challenges can be even more plentiful. <\/p>\n\n\n\n

\u201cI don’t think gender itself inherently poses unique difficulties for women to succeed,\u201d says New York-based Food Labs<\/a> member Sue Zhou, the founder of Byrdfood<\/a>. \u201cIt’s the societal gender imbalance and the associated biases that create constant challenges for entrepreneurs who find ourselves looking different than most other people in the room.\u201d  <\/p>\n\n\n\n

Zhou, who founded her healthy snack company to make healthy food choices easy, delicious, and accessible, says that as a minority female founder, she is all too familiar with these struggles. <\/p>\n\n\n\n

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Sue Zhou, creator of Byrdfood. Photograph courtesy of Byrdfood.<\/figcaption><\/figure>\n\n\n\n

We asked some founders about the challenges they face, as well as advice they have for fellow entrepreneurs, regardless of gender. <\/p>\n\n\n\n

Secure proof points<\/strong><\/h2>\n\n\n\n

In the U.S., less than 3 percent<\/a> of venture capital goes to companies started by an all-women team. It\u2019s a sad reality that until we see large-scale change in the venture capital space, women have to work harder to secure funding than men. <\/p>\n\n\n\n

\u201cYou have to do more to establish credibility, just to get a fraction of the funding,\u201d says Rachael Kim<\/a>, the founder and CEO of Project Untaboo<\/a>, a company on a mission to destigmatize period products. Kim, who is based out of WeWork 1411 4th Ave<\/a> in Seattle<\/a>, says that it often takes data and proven success to be successful: \u201cYou need a solid base of proof points, evidence, time, and money.\u201d<\/p>\n\n\n\n

On impostor syndrome<\/strong><\/h2>\n\n\n\n

Women and other minority groups are more likely than men to experience impostor syndrome<\/a>, a term coined by psychologists Pauline Clance and Suzanne Imes that describes a feeling of phoniness<\/a> and \u201ca fear of being \u2018found out\u2019 or exposed as frauds.\u201d<\/p>\n\n\n\n

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Shayna Schmidt of Livekick. Photograph by Stefanie Delgado\/WeWork.<\/figcaption><\/figure>\n\n\n\n

\u201cI definitely struggle with impostor syndrome,\u201d says Shayna Schmidt, the cofounder of Livekick<\/a>, a two-way streaming fitness platform based out of WeWork Labs<\/a> at 142 W 57th St<\/a> in New York<\/a>. But, Schmidt says, in times of uncertainty she pushes through by reminding herself: I belong here. <\/em><\/p>\n\n\n\n

Start <\/strong>somewhere<\/em><\/strong> <\/strong><\/h2>\n\n\n\n

The first step in starting a business is to come up with a winning idea. As a successful entrepreneur herself, Schmidt\u2019s mother gave her this advice: \u201cShe told me to find a need and find a way to fill that need.\u201d <\/p>\n\n\n\n

Schmidt encourages aspiring entrepreneurs to think about what isn\u2019t working in their lives and find ways to fix it. Chances are, it\u2019s not working for other people as well. <\/p>\n\n\n\n

Once you have a killer idea, it can be easy to become overwhelmed with information. \u201cIt can be easy to get bogged down trying to do all the research and get all the advice before putting your ideas into the world,\u201d says Zhou. You may never feel like it\u2019s a good time to start your company, but if you wait for the perfect moment, you may miss your shot.<\/p>\n\n\n\n

Progress over perfection <\/strong><\/h2>\n\n\n\n

It can be hard to balance the desire to nail a project with forward movement, but Tara Hankinson, the cofounder of Talea<\/a>, a craft beer company based out of WeWork 511 W 25th St<\/a> in New York, offers advice based on her own experience: \u201cDon\u2019t let perfection be the enemy of progress.\u201d <\/p>\n\n\n\n

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Tara Hankinson, cofounder of Talea. Photograph courtesy of Talea.<\/figcaption><\/figure>\n\n\n\n

Hankinson says it\u2019s easy to feel like every pitch, presentation, meeting, and interview needs to be perfect, but this can lead to unrealistic expectations and crippling anxiety. Zhou agrees: \u201cPerfect is truly the enemy of good, so don’t let perfectionism stop you from taking the first step,\u201d she says.<\/p>\n\n\n\n

Break down tasks <\/strong><\/h2>\n\n\n\n

The thought of tackling a whole project at once can discourage entrepreneurs from getting started. \u201cThe enormity of [launching something well] can be paralyzing,\u201d says Carmel Hagen, the founder of plant-based food company Supernatural<\/a>. <\/p>\n\n\n\n

\u201cI spend a few days at the beginning of each quarter laying out an extensive plan across all areas of the business, then turning that plan into weekly actions,\u201d she says. While this planning takes time, Hagen says that having this road map for what\u2019s ahead keeps her from feeling overwhelmed. <\/p>\n\n\n\n

View obstacles as opportunities<\/strong><\/h2>\n\n\n\n

\u201cThere are always going to be obstacles and challenges,\u201d says Sarah Ribner, the cofounder of Piperwai<\/a>, a company that sells deodorant made completely from natural ingredients like coconut oil and activated charcoal. \u201cThink about these obstacles as learning opportunities,\u201d says Ribner, who successfully pitched<\/a> her product on ABC\u2019s Shark Tank<\/em><\/a>. <\/p>\n\n\n\n

Not everything will go according to plan, so it\u2019s important to make the most of every situation\u2014whether it\u2019s how you envisioned it or not. \u201cThis will help you do it better next time and apply your learnings elsewhere,\u201d she says. <\/p>\n\n\n\n\n\n

Trust your gut <\/strong><\/h2>\n\n\n\n

As an entrepreneur, you know your business better than anyone else. Use that knowledge to your advantage and trust your gut. \u201cYour intuition is your strongest tool,\u201d says Ribner. <\/p>\n\n\n\n

She admits that there is a time for data and analysis, \u201cbut there are unexpected challenges that will come your way. Intuition can help you navigate them.\u201d<\/p>\n\n\n\n

Every entrepreneur needs to know their why<\/em>\u2014what gets you up in the morning? Knowing this will help you push through the difficulties of entrepreneurship. \u201cThat\u2019s what drives you and fuels you,\u201d says Kim. For her, the mission is to contribute to humanity by enabling equality. <\/p>\n\n\n\n

\u201cI chose Project Untaboo as my medium,\u201d she says. Keeping her motivation top of mind helps her succeed. <\/p>\n\n\n\n

Fake it till you make it<\/strong><\/h2>\n\n\n\n

\u201cThe main challenge for women entrepreneurs is a design problem,\u201d says Hagen. \u201cWe’re building our companies<\/a> inside a framework we didn’t help create.\u201d Historically, the space has been dominated by men. <\/p>\n\n\n\n

\u201cFor me, being a woman of color female entrepreneur is just understanding that you will always feel like you’re trailblazing,\u201d says Kim. There may be times when that pressure becomes overwhelming, but when all else fails, fake it till you make it.<\/p>\n\n\n