Thirty years on Wall Street has taught me a few things about being a woman in the business world that I'd like to share with the next generation of multicultural women who want to start and scale a business. In the early days of my career, I had my own personal missteps amidst numerous victories.
I always vowed that when I reached senior management, and people came to me for advice, I would provide them with the tools, strategies and pearls of wisdom honed by my own experience. That's why it is such an honor to be chair of the National Women's Business Council and have an independent platform from which to share my pearls of wisdom. Here are five of my “Carla's Pearls:"
1. Build Your “Relationship Currency"
Starting out as a woman in the male-dominated industry of investment banking, I thought working hard was enough, but quickly realized it was not only hard work, but the people who leveraged their relationships were actually the ones able to climb the fastest. My advice to young professionals and entrepreneurs is, don't over invest in your performance because it really is the 'relationship currency' that gets you the next great assignment, a piece of business that generates visibility or the ability to have access to someone that can make the difference. Relationship currency comes from spending time with people inside and outside your organization that can positively impact your career or business. Some of the most important relationship currency I amassed in my journey to becoming a major decision-maker has been from mentors and sponsors.
First, understand the distinction between a mentor and a sponsor. Your mentor needs to know you very well and be willing to give you unaltered feedback in a direct way, while also understanding your work context, and always have your BEST interest at heart. My advice to anyone, and particularly women of color is, do not be confined to choosing someone that looks like you or that works in your organization. As long as you believe that the person knows you really well, and you are able to give them the “good, bad and the ugly" of whatever your concern or situation may be, then they can be an effective mentor for you. Your sponsor is the person who will use their social and political currency to advance your career or professional decisions being made about you behind closed doors within your organization. You need to identify the person who has a seat at the decision-making table, who has the power and influence to get to an affirmative decision on your behalf. If you are an entrepreneur, then your sponsor can be the person who is using their personal connections to introduce you to sources of capital, new customers or even new suppliers.
2. Expand Your Network Far and Wide
Always be thinking of every person you already know and new ones you meet in terms of how they can help you grow your professional network. You must build your network far beyond mentors and sponsors. Make sure that you are constantly taking time to connect with new people, and also maintain existing relationships in and out of the office. Even if it's just to say “hi, how was your weekend?" or “let's catch up over coffee," these light touches can give you the basis to start building intentional relationships that can be meaningful to you and your business. The key to success is the follow-up with people.
Consider individuals such as family, friends, employees, co-workers, customers and service providers that not only know who you are, but are also connected to other people who might turn out to be helpful to you. You'll be surprised at the network of people that are available to you that you already know – your doctor, your peer or a former teacher for example. You have to start talking to people about what you are planning to do, what you need, etc.
Entrepreneurs of color should especially over invest in building relationships in order to have access to the people that could make the difference in having the capital needed to scale or the customer that could change your business in an exponential way.
3. Seek Out All Available Resources
Take the time to learn what resources are available to you. During my travels across the country as Chair of the National Women's Business Council, I found that city-by-city, there are economic development, small business and even financial resources that are not used because many people are not aware they even exist as options.
To potential, current and future small business owners and entrepreneurs, start by going to the NWBC website (www.nwbc.org) to see what resources are in your city. You can also check the state or mayor's website and the SBA website for additional resource partners in your area such as the Women's Business Centers. With a few clicks, you will find resources in your area that you should fully leverage before making the extraordinary effort to go beyond your geographical boundaries. These resources are so important because of the challenges faced by women when it comes to securing capital funding, a particularly daunting challenge for multicultural women-owned businesses.
Consider the company you are currently working at as a tremendous resource as well. Try to work for a business that is in the same sector as the company that you want to start or that is very similar to your prospective business model.
You can learn how your company put their business together, how they obtained capital financing, how they attracted customers, etc. You want to achieve the highest level of success possible, and you cannot do it on your own. Emulate the people around you working towards similar goals.
4. Consider Many Options for Raising Capital
While working, save, save, save! You want to have your own capital to put into your business. If you have a great idea, but have no capital, it will be easy for investors to have disproportionate leverage in your business.
A growing and optimal arena where women have proven to excel in raising capital is crowdfunding. Although more men use seed crowdfunding, research shows that women are more successful in this growing funding arena.
This is most likely due to women creating larger and closer social networks, which I can't stress enough is the true key. Remember that 'relationship currency!' It will help you towards crowdfunding success. Women crowdfunding campaigns have higher success rates in comparison to men, averaging to be 4.6% more successful than their male counterparts in funding a campaign.
As your business starts to grow, don't forget about human capital early. Remember to add human capital so that you have the capacity to handle the growth. I have seen so many entrepreneurs who had to walk away from a valuable business and customers simply because they had no capacity to execute the business.
5. Help Each Other Out
I am a firm believer that our young girls need our help early on with exposure to financial literacy education to inspire greater interest in finance careers and to better equip young women as budding entrepreneurs.
My grandmother, who was the first female entrepreneur that I knew, would often let me count the money from her business and by the time that I was in 8th grade, I was helping her with her bookkeeping. It gave me an early interest in money and finance and as I got older and then became exposed to Wall Street, I was all in!
In the end, women need to band together, just as they are with other social issues. Through the creation of a community, there is a place where women can exchange their ideas and their challenges. Your family, friends, mentors, employees, co-workers and customers not only know who you are, but are also connected to other people who might turn out to be helpful to you and your business. You'll be surprised at the resources that are available from the people that you already know. Be an advocate for yourself and for others to create positive outcomes for women entrepreneurs and business owners.
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We are living in a time when women are rising to new heights which means they are regularly being confronted with the fear of being "too much". For women in business this is pervasive and costly.
A few ways women can be perceived as "too much" are:
Speaking up about their successes and achievements.
Sharing one too many photos of their cute kids.
Telling one too many people about that date night.
Looking a little too good in that swimsuit.
These can lead to being publicly attacked on social media or privately slandered which in turn leads to women dimming their light and walking on egg shells in hopes of avoiding conflict and judgement.
The minute a woman feels it's unsafe to shine she will begin to overthink, worry, and fear how she shows up in the world.
Forgetting to announce the book is done and the interview is live.
Choosing to focus on what's still on the to-do list rather than what's been checked off.
Many female entrepreneurs are subconsciously altering their behavior in an attempt to not attract too much attention to themselves, rather than focusing on allowing authenticity and magnetism to attract their ideal clients and community.
Women are afraid of being criticized, ostracized, and abandoned by other women for simply being who they are. This leads to quite the quantum when being who you are is simplest way to accelerate the growth of your business.
New research shows men are far more comfortable with self promotion than women are. Researchers found that men rate their own performance 33 percent higher than equally performing women. What we know is that self promotion pays off and this is where women are missing the boat.
The world needs more women to step into leadership roles and no longer be intimidated about creating six and seven figure careers.
Here are five ways to release the fear of being "too much":
1. Approve of yourself.
While it feels good to receive outside validation it will never be enough if you don't first appreciate yourself. The key to having a healthy support system is to make sure you are part of it. Being your biggest critic is what your mother's generation did. It's now time to be your biggest cheerleader. Becoming aware of self talk will reveal what belief is ready to be re-wired. Create a simply mantra that affirms how incredible capable you are.
2. Connect deeply to those you serve.
One powerful way to shift out of people pleasing behavior is to get clear on who actually matters to the wellbeing and success of your life and business. Leadership is not about being the most popular, instead it's a decision to be brave for those who can't be. Take a few minutes each day to visualize and meditate on those your business serves and supports. See your future clients moving toward you every time you choose to stand in your power and use your authentic voice.
3. Remember the legacy you wish to leave.
Having your life purpose and legacy in writing is one of the most transformational exercises you can do. Reading this often will keep you focused on what matters. Knowing what you wish to leave in the hearts of those you love most is incredibly grounding. You didn't come here to keep your mouth shut, dilute your truth, or dim your light-you came here to make a difference.
4. Forgive those who have been unsupportive in the past.
The past has a way of informing the future in a negative way when there is unresolved pain. Take a few minutes to get quiet and ask yourself who you have unforgiveness towards or maybe their name came to mind as you read this article. Listening to a forgiveness meditation or writing a letter to the person you are ready to forgive are both simple and effective ways to process and heal.
5. Be part a community of bright, successful women.
Meaningful relationships with others who have similar aspirations is what will keep you out of isolation and playing small. These connections can happen in a networking group, online community or a local Meetup. Thriving in every area of life is depend on you knowing where you belong and being celebrated there. Don't wait to be invited, go actively seek out people and places that support your dreams and desires.
6. Accept you can have it all.
Women have been fed a lie for generations that says, you can have love or money. Decide you can have it all and allow it to flow to you. You can have a successful career and an amazing mother. You can balance motherhood and loving marriage. Don't let anyone write the rules for you. This is the time to create the life you desire on your terms.
7. Celebrate everything!
The fastest way to leave the haters in the dust is to celebrate everything! At the end of each day lay in bed and recall the best moments. At the end of each week, publicly acknowledge and celebrate what's good in your life. Once a month, have a celebration dinner and share it with those who have helped you in the journey. If there's something good happening, talk about it with everyone who will listen!
May you be a woman who chooses to shine so that others may be reminded of all they can be and do.