The number of women-owned businesses went up 21% the past 5 years, vs. 9% overall growth. Women-owned businesses earn a whopping 63% higher return on investment than male-only founded firms - yet struggle to secure investor funding (only 2.8% of VC funds). Read on for fundraising tips from a master:
: Porges told me that the biggest challenge she sees women entrepreneurs face is they don’t think about scaling, or about how big their market opportunity is. “You need to start thinking big and what that means is a couple of things: One is, how big is the market you’re going to address, and two is, how big is the problem you’re trying to solve.”: The “biggest mistake” Porges sees female founders make is “not understanding their financials,” she told me.
I would add that noticing what people ask you to do, what they want to pay you to do, and how they describe your value, all are priceless sources of feedback about your markets and how you show up to other people. It’s especially valuable if they explore an opportunity for you to do something you never thought about doing before – or working in an industry you haven’t before . It can show you new ways to use your skills .
“You will always have naysayers,” Porges reminded us, but – as an entrepreneur or in any endeavor – “you don’t know what you can accomplish until you try.”
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