Women supporting women: Execs mentor small-biz owners

C-suite women executives in Boulder came together recently for the second in a series of discussions designed to support the advancement of female small-business owners. The event gave local entrepreneurs an opportunity to tap the experience of established business leaders and learn strategies to help accelerate topline revenue growth.

Today, women own 36 percent of all businesses and are attending college — and graduating — at rates surpassing men. Although women may be leveling the playing field in terms of education, it’s clear that work remains on the business front. Companies have yet to recruit, engage and promote women on par with men, as is evidenced by reduced aspirations. After at least two years at a job, women’s aspiration to achieve a C-suite position drops 60 percent, and confidence in getting there falls 50 percent, compared with a 10 percent decline for men.

For women who decide to go into business for themselves, barriers remain. One of the biggest hurdles is access to capital, especially equity. Compared to men, female entrepreneurs start up with 50 percent less capital. Other challenges are perhaps less concrete, but no less critical. Whether real or perceived, some personality traits commonly ascribed to women — such as being pleasers, perfectionists or conflict-adverse — may lead to treatment different from what their male counterparts receive. Women must be able to recognize such preconceptions to navigate them successfully.

Although all businesses experience unique opportunities and challenges, Boulder’s women C-suite executives had a number of pointers specifically targeted to local women seeking to take their businesses to the next level. The recent discussion and mentoring session with Jodi Feinhor-Dennis of Missy J’s Snacks + Treats and Lisa Wolff of Mame’s Crafted Gourmet revealed tips and strategies that can be applied in various situations.

1.  Don’t take no for answer. Women tend to be more conflict-averse than their male counterparts, and that trait can contribute to giving way in negotiations too easily. To hold their own, women must come to the table well-prepared and focused on the end business goal. To achieve the desired outcome, women may consider practicing negotiations through roll play with a trusted mentor or colleague. Rehearsing multiple scenarios can help a business owner prepare responses to various proposals, but also develop different avenues to keep negotiations on track.

2. Get comfortable with the uncomfortable.  In general, women are perfectionists in business. Research shows that women apply for a job if they believe they have 100 percent of the qualifications, while men will apply when fulfilling only 60 percent of the qualifications. Waiting for perfection — whether it’s a job description, business strategy or investor — can blind a professional to other opportunities that may very well advance a career or business. It’s not necessary to know it all, and learning on the job is part of professional growth and development.

3. Be present and participate. In male-dominated industries particularly, such as technology, women need to make an effort to be present and participate. It may be something as simple as taking part in casual Monday-morning football conversations around the water cooler. Being open to discussion and engaging with teams, peers and partners helps build trust and respect. More importantly, it helps to break down the silos women often experience as part of a leadership team. 

4. Always sell yourself and your brand. Women business owners must embrace the idea of self-promotion. A brand can be very personal as a reflection of the founder. It should be a source of pride and shared with confidence to inspire confidence in return. For instance, Nicole DeBoom of Skirt Sports attended the C-suite executive discussion wearing her line of athletic clothing, exposing a captive audience to the style and quality of her brand. 

5. Invest in relationships. Advancing a company or career isn’t a solitary exercise — it’s a journey that relies on trusted relationships. The more personal the relationships in business, the more successful women tend to be. Steps such as carving out time each week to meet with contacts or attend lunches or networking events provides opportunity to learn from others. As women grow in knowledge, it’s imperative to reach down the ladder and pay it forward by making introductions and connections.

6. Accept that failure is not an option. Business plans may change with market forces, and it’s perfectly acceptable to change with them. In entrepreneurialism, optimism and persistence — not to mention hard work and some luck — are qualities that contribute to success. Through sheer will, determination and creativity, women can push past most challenges.

Working together, women can support each other in their business endeavors. Through mentorship and networking opportunities, female entrepreneurs can gather the input and insights they need to refine their business plans and achieve their goals.

Gretchen Wahl is senior vice president with First National Denver. She can be reached at 720-565-6347 or via email at gwahl@firstnationaldenver.com.

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