5 Min ReadBusiness 02 June 2020
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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3 Min Read
With a lack of certainty surrounding the future, being and feeling healthy may help bring the security that you need during these unpredictable times.
When it comes to your health, there is a direct relationship between nutrition and physical activity that play an enormous part in physical, mental, and social well-being. As COVID-19 continues to impact almost every aspect of our lives, the uncertainty of the future may seem looming. Sometimes improvisation is necessary, and understanding how to stay healthy and fit can significantly help you manage your well-being during these times.
Tip 1: Communicate with your current wellness providers and set a plan
Gyms, group fitness studios, trainers, and professionals can help you to lay out a plan that will either keep you on track through all of the changes and restrictions or help you to get back on the ball so that all of your health objectives are met.
Most facilities and providers are setting plans to provide for their clients and customers to accommodate the unpredictable future. The key to remaining consistent is to have solid plans in place. This means setting a plan A, plan B, and perhaps even a plan C. An enormous amount is on the table for this coming fall and winter; if your gym closes again, what is your plan? If outdoor exercising is not an option due to the weather, what is your plan? Leaving things to chance will significantly increase your chances of falling off of your regimen and will make consistency a big problem.
The key to remaining consistent is to have solid plans in place. This means setting a plan A, plan B, and perhaps even a plan C.
Tip 2: Stay active for both mental and physical health benefits
The rise of stress and anxiety as a result of the uncertainty around COVID-19 has affected everyone in some way. Staying active by exercising helps alleviate stress by releasing chemicals like serotonin and endorphins in your brain. In turn, these released chemicals can help improve your mood and even reduce risk of depression and cognitive decline. Additionally, physical activity can help boost your immune system and provide long term health benefits.
With the new work-from-home norm, it can be easy to bypass how much time you are spending sedentary. Be aware of your sitting time and balance it with activity. Struggling to find ways to stay active? Start simple with activities like going for a walk outside, doing a few reps in exchange for extra Netflix time, or even setting an alarm to move during your workday.
Tip 3: Start slow and strong
If you, like many others during the pandemic shift, have taken some time off of your normal fitness routine, don't push yourself to dive in head first, as this may lead to burnout, injury, and soreness. Plan to start at 50 percent of the volume and intensity of prior workouts when you return to the gym. Inactivity eats away at muscle mass, so rather than focusing on cardio, head to the weights or resistance bands and work on rebuilding your strength.
Be aware of your sitting time and balance it with activity.
Tip 4: If your gym is open, prepare to sanitize
In a study published earlier this year, researchers found drug-resistant bacteria, the flu virus, and other pathogens on about 25 percent of the surfaces they tested in multiple athletic training facilities. Even with heightened gym cleaning procedures in place for many facilities, if you are returning to the gym, ensuring that you disinfect any surfaces before and after using them is key.
When spraying disinfectant, wait a few minutes to kill the germs before wiping down the equipment. Also, don't forget to wash your hands frequently. In an enclosed space where many people are breathing heavier than usual, this can allow for a possible increase in virus droplets, so make sure to wear a mask and practice social distancing. Staying in the know and preparing for new gym policies will make it easy to return to these types of facilities as protocols and mutual respect can be agreed upon.
Tip 5: Have a good routine that extends outside of just your fitness
From work to working out, many routines have faltered during the COVID pandemic. If getting back into the routine seems daunting, investing in a new exercise machine, trainer, or small gadget can help to motivate you. Whether it's a larger investment such as a Peloton, a smaller device such as a Fitbit, or simply a great trainer, something new and fresh is always a great stimulus and motivator.
Make sure that when you do wake up well-rested, you are getting out of your pajamas and starting your day with a morning routine.
Just because you are working from home with a computer available 24/7 doesn't mean you have to sacrifice your entire day to work. Setting work hours, just as you would in the office, can help you to stay focused and productive.
A good night's sleep is also integral to obtaining and maintaining a healthy and effective routine. Adults need seven or more hours of sleep per night for their best health and wellbeing, so prioritizing your sleep schedule can drastically improve your day and is an important factor to staying healthy. Make sure that when you do wake up well-rested, you are getting out of your pajamas and starting your day with a morning routine. This can help the rest of your day feel normal while the uncertainty of working from home continues.
Tip 6: Focus on food and nutrition
In addition to having a well-rounded daily routine, eating at scheduled times throughout the day can help decrease poor food choices and unhealthy cravings. Understanding the nutrients that your body needs to stay healthy can help you stay more alert, but they do vary from person to person. If you are unsure of your suggested nutritional intake, check out a nutrition calculator.
If you are someone that prefers smaller meals and more snacks throughout the day, make sure you have plenty of healthy options, like fruits, vegetables and lean proteins available (an apple a day keeps the hospital away). While you may spend most of your time from home, meal prepping and planning can make your day flow easier without having to take a break to make an entire meal in the middle of your work day. Most importantly, stay hydrated by drinking plenty of water.
Tip 7: Don't forget about your mental health
While focusing on daily habits and routines to improve your physical health is important, it is also a great time to turn inward and check in with yourself. Perhaps your anxiety has increased and it's impacting your work or day-to-day life. Determining the cause and taking proactive steps toward mitigating these occurrences are important.
For example, with the increase in handwashing, this can also be a great time to practice mini meditation sessions by focusing on taking deep breaths. This can reduce anxiety and even lower your blood pressure. Keeping a journal and writing out your daily thoughts or worries can also help manage stress during unpredictable times, too.
While the future of COVI9-19 and our lives may be unpredictable, you can manage your personal uncertainties by focusing on improving the lifestyle factors you can control—from staying active to having a routine and focusing on your mental health—to make sure that you emerge from this pandemic as your same old self or maybe even better.