Natalie Egan, 40
Not many of us get to see what life is like on both sides of the gender divide, but for transgender activist and tech entrepreneur, Natalie Egan, that unique vantage point has sparked an inspiring business idea. To help combat harassment and prejudice for others, the brilliant innovator founded Translator, a game-changing software that helps increase workplace empathy. “There is a ripple effect,” says Egan. “If we can make someone a little more empathetic it can actually save someone’s life.”
1. What made you choose this career path? What has been your greatest achievement?
Since I was age 5, I remember being obsessed with solving problems and trying to start my own businesses. So of course, that became my career path––I am an entrepreneur! My current company, called Translator, is a B2B technology company dedicated to helping large organizations positively manage human interpersonal differences while fostering a more open and inclusive culture.
I started Translator based on my experience coming out as a transgender woman after spending the majority of my life as a white man with access, privilege, and resources. Long story short; I experienced bias, discrimination, and hatred for the first time and became obsessed with building a for-profit company that systematically promotes empathy and helps people be themselves. And while our ultimate vision at Translator is #EqualityForAll, my greatest achievement to date is just finally having the courage to be me.
2. What’s the biggest criticism/stereotype/judgement you’ve faced in your career?
Ironically, my whole life I was told I could ‘be’ or ‘do’ anything I wanted, except the one thing that I wanted most: to be a woman. When I was born, I was “assigned male at birth” by a doctor and a society that never took into account my unique identity, how I want to express myself, my goals and aspirations, or who I am inside. I am not angry about it. We didn’t know any better. But we know better now and I won’t stand for it anymore. Not for me. Not for anyone. No one should be held back from living their truth and being their authentic self because of a body part, a skin tone, an ability, a belief, or anything. In my opinion, we are all humans and all humans are created equally.
3. How did you #SWAAYthenarrative? What was the reaction by those who told you you “couldn’t” do it?
As a transgender woman, I now face stereotypes and challenges that I never experienced in my life. People openly and blatantly discriminate against me. Others refuse to look me in the eye or won’t sit next to me. They pull their children away from me when I enter the room. When I walk down the street I don’t know if I am going to be verbally or physically attacked. I am told that I am mentally sick or perverted and that I can't go to the bathroom. And these are just a few of the challenges I face navigating the real world––let alone pursuing my career dreams. But none of this slows me down anymore. When people doubt or judge me it actually make me stronger. I am no longer bound by the limitations of other people's expectations. When I first figured out I was transgender I was so scared, but I no longer see being trans as a weakness. It is now truly my competitive advantage. My experience and point of view gives me a mental toughness in the business world that very few people can match.
4. What did you learn through your personal journey?
For me, #SWAAYINGthenarrative was about taking the ultimate risk. What if I just tried it? What if I was just me?
The reality is that I was programed my whole life to believe that transgender people were somehow “less than” everyone else. So much so, that when I finally figured out I was trans, I nearly killed myself. I had lost everything at that point. My marriage was in shambles and I had been fired from the company that I started by the CEO that I put in. But suicide would have been the easy way out and put those that judged me in a position of power and control. The moment of clarity and opportunity came to me when I realized I had nothing else to lose. I thought to myself, who cares what other people think? I am just going to be me and see what happens.
5. What’s your number one piece of advice to women discouraged by preconceived notions and society’s limitations?
My advice to all women and all people in marginalized communities is the same: Just be you. Don’t be afraid. It isn’t going to be easy but when you do it and do it consistently and authentically, good things will happen. People will be drawn to you and people are portals of opportunity. You are never going to be or do everything you want by yourself, no matter how strong you are. You need people and the best way to do that, in my humble opinion, is to just be yourself.
Business entities can be defined as the corporate, tax and legal structures which an organization chooses to officially follow at the time of its official registration with the state authorities. In total, there are fifteen different types of business entities, which would be the following.
- Sole Proprietorship
- General Partnership
- Limited Partnership or LP
- Limited Liability Partnership or LLP
- Limited Liability Limited Partnership or LLLP
- Limited Liability Company or LLC
- Professional LLC
- Professional Corporation
- Nonprofit Organization
- Cooperative Organization
As estates, municipalities and nonprofits do not concern the main topic here, the following discussions will exclude the three.
Importance of the State: The Same Corporate Structure Will Vary from State to State
All organizations must register themselves as entities at the state level in United States, so the rules and regulations governing them differ quite a bit, based on the state in question.
What this means is that a Texas LLC for example will not operate under the same rules and regulations as an LLC registered in New York. Also, an LLC in Texas can have the same name as another company that is registered in a different state, but it's not advisable given how difficult it could become in the future while filing for patents.
To know more about such quirks and step-by-step instructions on how to start an LLC in Texas, visit howtostartanllc.com, and you could get started with the online process immediately. The information and services on the website are not just limited to Texas LLC organizations either, but they have a dedicated page for guiding fresh entrepreneurs through the corporate tax structures in every state.
Sole Proprietorship: Default for Freelancers and Consultants
There is only one owner or head in a sole proprietorship, and that's what makes it ideal for one-man businesses that deal with freelance work and consulting services. Single man sole proprietorships are automatic in nature, therefore, registration with the state is unnecessary.
Sole proprietorships are also suited to a degree for singular teams such as a small construction crew, a group of handymen, or even miniature establishments in retail. Also, this puts the owner's personal financial status at jeopardy.
Due to the fact that a sole proprietorship entity puts all responsibilities for paying taxes and returning loans, it directly jeopardizes the sole proprietor's personal belongings in case of a lawsuit, or even after a failed loan repayment.
This is the main reason why even the most miniature establishments find LLCs to be a better option, but this is not the only reason either. Sole proprietors also find it hard to start their business credit or even get significant business loans.
General Partnership: Equal Responsibilities
The only significant difference between a General Partnership and a Sole Proprietorship is the fact that two or more owners share responsibilities and liabilities equally in a General Partnership, as opposed to there being only one responsible and liable party in the latter. Other than that, they more or less share the same pros and cons.
Registration with the state is not necessary in most cases, and although it still puts the finances of the business owners at risk here, the partnership divides the liability, making it a slightly better option than sole proprietorship for small teams of skilled workers or even small restaurants and such.
Limited Partnership: Active and Investing Partners
A Limited Partnership (LP) has to be registered with a state and whether it has just two or more partners, there are two different types of partners in all LP establishments.
The active partner or the general partner is the one who is responsible and liable for operating the business in its entirety. The silent or investing partner, on the other hand, is the one who invests funds or other resources into the organization. The latter has very limited liability or control over the company's operations.
It's a perfect way for investors to put their money into a sector that they are personally not experienced with, but have access to people who do. From the perspective of the general partners, they have similar responsibilities and liabilities to those in a general partnership.
It's the default strategy for startups to find funding and as long as the idea is sound, it has made way for multiple successful entrepreneurial ventures in the recent past. However, personal liability still looms as a dangerous prospect for the active partners to consider.
Limited Liability Company and Professional LLC
Small businesses have no better entity structure to follow than the LLC, given that it takes multiple good ideas from various corporate structures, virtually eliminating most cons that are inherent to them. Any and all small businesses that are in a position to or are in requirement of signing up with their respective state, usually choose an LLC entity because of the following reasons:
- It removes the dangerous aspect of personal liability if the business falls in debt or is sued for reparations
- The state offers the choice of choosing between corporation and partnership tax slabs
- The limited legalities and paperwork make it suited for small businesses
While more expensive than a general partnership or a sole proprietorship, a professional LLC is going to be a much safer choice for freelancers and consultants, especially if it involves risk of any kind. This makes it ideal for even single man businesses such a physician's practice or the consultancy services of an accountant.
B, C and S-Corporation
By definition, all corporation entities share most of the same attributes and as the term suggests, they're more suited for larger or at least medium sized businesses in any sector. The differences between the three are vast once you delve into the tax structures which govern each entity.
However, the basic differences can be observed by simply taking a look at each of their definitive descriptions, as stated below.
C-Corporation – This is the default corporate entity for large or medium-large businesses, complete with a board of directors, a CEO/CEOs, other executive officers and shareholders.
The shareholders or owners are not liable for debts or legal dispute settlements in a C-Corporation, and they may qualify for lower tax slabs than is possible in any other corporate structure. On becoming big enough, they also have the option to become a publicly traded company, which is ideal for generating growth investments.
B- Corporation – the same rules apply as a C-Corporation, but due to their registered and certified commitment to social and environmental standards maintenance, B-Corporations will have a more lenient tax structure to deal with.
S-Corporation – Almost identical to a C-Corporation, the difference is in scale, as S-Corporations are only meant for small businesses, general partnerships and even sole proprietors. The main difference here is that due to the creation of a pass-through entity, aka a S-Corporation, the owner/owners do not have liability for business debt and legal disputes. They also are not taxed on the corporate slab.
Cooperative: Limited Application
A cooperation structure in most cases is a voluntary partnership of limited responsibilities that binds people in mutual interest - it is an inefficient structure due to the voluntary nature of its legal bindings, which often makes it unsuitable for traditional business operations. Nevertheless, the limited liability clause exempts all members of a cooperative from having personal liability for paying debts and settling claims.
This should clear up most of the confusion surrounding the core concepts and their suitability. In case you are wondering why the Professional Corporation structure wasn't mentioned, then that's because it has very limited applications. Meant for self-employed, skilled professionals or small organizations founded by them, they have less appeal now in comparison to an LLC or an S-Corporation.