Female Founders: Wells Fargo’s Val Jones On The Five Things You Need To Thrive and Succeed as a Woman Founder

An Interview With Doug Noll

Know Your Financial Picture: I a recommend that before taking the plunge to start a company, women founders to make sure that they understand their financial picture. Every business founder has different startup costs, but they all have one thing in common — having a financial cushion. While most founders are initially financed by personal savings and credit, their business will likely face a need for additional financing at some point. It’s important to have savings to fall back on as you focus on ramping up your business operations. To get yourself in the best position to obtain financing before you need it, establish a relationship with a business banker who can help you understand your initial financing needs and options, and strategize ways to build your credit profile.

As a part of our series about Women Founders, we had the pleasure of interviewing Val Jones.

Val Jones is a strategy consultant with the Diverse Customer Segments, Small Business team for Consumer, Small & Business Banking at Wells Fargo. As a 25-year banking veteran, she has spent time directly working with customers, providing field support, and with enterprise strategy. Today, Val’s mission is focused on building the next generation of women entrepreneurs. In her leadership role at a top four United States bank, she oversees strategy and runs programs that support the growth and development of women owned businesses.

Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit more. Can you tell us a bit about your “backstory”? What led you to this particular career path?

I always had an interest in learning more about personal finance and thought working at the bank would be a great place to start. I really intended my banking career to be short and sweet with my eyes on academia, but once I got involved, I found I really loved working with customers to solve financial problems or helping them build plans to fulfill a financial goal. I especially loved working with small business owners because every situation was unique, and every problem or goal had different possible solutions. It was intellectually challenging and interesting. The best part was when we put together something that truly made a difference for the business owner — something that helped them grow, hire an employee, get a new space, make their cash flow stronger or resolve a problem. These experiences really allowed me to see the impact and importance of my role as their banker. Over the years, I moved into support roles where I shared what I had learned with the next generation of bankers and got to teach and coach those involved. Now in my current role, I’m responsible for the design and strategy for positively impacting small business owners at the enterprise level. It wasn’t the path I set out intentionally after graduating, but it’s where I landed after leaning into my interests and values.

Can you share the most interesting story that happened to you since you started working with women entrepreneurs?

I had been searching for updated data about women-owned businesses to help me understand the landscape for women founders, which would inform my strategic planning. I particularly wanted to understand what had happened since COVID, but I was coming up short. The last comprehensive report I found, The State of Women Owned Businesses Report, was released in 2019, and given the tremendous effect of the pandemic on business, it felt especially outdated to me. As it so happens, I had a colleague who had just joined Wells Fargo and reached out to me to say hello and to introduce me to someone he had worked with in New York who supported women business owners. That someone was Geri Stengel CEO of Ventureneer, an organization whose mission is to support women entrepreneurs. When I met with her, she had some ideas to share with me that she wanted to bring to life and in the process of getting to know her, I learned she and her team were responsible for the very report I had been using since 2019. Furthermore, I learned that there was an opportunity for Wells Fargo to sponsor the updated report I was searching for. What an exciting coincidence! Long story short, Wells Fargo did sponsor that updated report and launched the 2024 Wells Fargo Impact of Women Owned Businesses Report. I am so grateful we were able to work together to produce a report that I know will be utilized to support the needs of women business owners in many different spaces and places for years to come.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

I have had many wonderful teachers and mentors in my lifetime, but I will particularly call out my current manager, Roby Schapira. I’ve known him for 20 years, going back to when we both worked in branches. We became managers at the same time and attended our training sessions together and got to know each other well at that time. We discovered shared values and a passion for doing high quality work, though we are quite different in temperament (he is a very extroverted person, I am more slightly introverted). Over the years, our careers took different directions, but we always stayed in touch. At one point, he reached out to me to share more about a role in Small Business that was opening up and thought I’d be a perfect fit. I just didn’t think I had the experience or expertise and was reluctant to apply. He never wavered and helped introduce me to people so I could learn more about the role, encouraged me, and gave me the gentle nudge that I needed. He was right; I loved it! When another opportunity opened up to take on a bigger role with more responsibility, he again nudged me, though I really didn’t feel ready for it. I applied and got that role too. Turns out, he was right once again. He also taught me public speaking skills, how to navigate difficult conversations, and some great excel and PowerPoint tricks. The most important thing he taught me was to have confidence in myself and my abilities. That’s a huge gift I’ll always be grateful.

Ok, thank you for that. Let’s now jump to the primary focus of our interview. According to this EY report, only about 20 percent of funded companies have women founders. This reflects great historical progress, but it also shows that more work still has to be done to empower women to create companies. In your opinion and experience what is currently holding back women from founding companies?

While there are large gaps in the companies that receive VC funding and other investments as it pertains to women versus men, we’ve actually seen a ton of growth in women starting new businesses, even during the height of COVID. Th 2024 Wells Fargo Impact of Women-Owned Businesses report revealed that women are starting businesses at nearly twice the rate as men (from 2019–2023) and not only do we see growth in the number of firms, we also saw increases in revenue and the number of employer firms. This was unexpected to me and stands in strong contrast to the outcomes women founders had during the great recession. There certainly remain large gaps in revenue, where we see men-owned firms with nearly 4 times the average revenue ($754K) of women-owned firms ($193K) as well in the number of employer firms where men own about 2.5 times the number of employer firms versus women. These gaps we see arise from a variety of factors, from a reluctance of investors choosing women-owned firms to women forming businesses in lower revenue industries to women choosing to delay applying for business credit products. There isn’t one simple solution, rather as the report reinforces, it’s a combination of efforts that can be a difference maker.

Can you help articulate a few things that can be done as individuals, as a society, or by the government, to help overcome those obstacles?

The Impact of Women-owned Businesses report spells out some difference makers from the height of COVID we can continue to lean into to help support these founders. The key takeaways are increasing access to capital, raising awareness of financing options, improving access to markets, tailoring technical assistance, and amplifying success stories to inspire and empower.

From your perspective as someone who is working to promote opportunities for women owned businesses, can you share a few reasons why more women should become founders?

I don’t think being an entrepreneur full time is for everyone, but I do think starting a business, even something on the side, is incredibly empowering. It allows you to be in the driver seat with the business in a way you never could by working for someone else. You have the opportunity to directly reap the financial rewards if your idea is successful. You have the opportunity to work when, where, and how you like (with a little caveat that creating a successful new business will require a good investment of your time and energy). You can learn all the functions of running a business since you will likely wear all the hats at once, so you’ll need to learn accounting, finance, marketing, sales, product development, operations, risk and so on. The benefit is that you can see how all the parts work together. If you are just doing it on the side, it will surely help you in your day job as well, including learning important skills that may help you transition to something different. If you are running the business full time, you’ll have a solid understanding of those functions so when you outsource them or hire an employee, you’ll know exactly what you need and want. Knowledge is power! I know it can feel like taking a big risk to start a business, but everything in life comes with risk, including a full-time job.

What are the “myths” that you would like to dispel about being a founder? Can you explain what you mean?

You don’t need to have a degree to start a business. Don’t delay your entrepreneurial journey to pick up a business degree. You can learn what you need to run your business successfully without a degree, and instead, through mentors, networking groups and of course, the internet!

You don’t need to be an extrovert to be a successful business owner. Some fields are definitely more extroverted in nature, but there are plenty of businesses that don’t require a high level of in-person social interaction.

While you do have flexibility with your time as a founder, when you first start, you won’t be able to work an hour a day and make a living. I see a lot of that kind of messaging online, but those kinds of situations and stories are rare and typically there to get you to buy that person’s course or book, etc. You’ll need to put in a lot of time and effort as with anything new. Running a business is flexible, but it can tend to dominate all of your time (you’ll be thinking about the business even when you aren’t working). So, work towards that shorter work week, but don’t expect that to happen quickly or without effort.

Is everyone cut out to be a founder? In your opinion, which specific traits increase the likelihood that a person will be a successful founder and what type of person should perhaps seek a “regular job” as an employee? Can you explain what you mean?

I think everyone can be a founder, but it’s important to get clear on what your values are and what you are trying to achieve with the business. If you have your eyes set on massive growth with VC, that will take a very different personality than if you simply want some extra passive income. To go big, you need to be willing to put in a lot of hours, connect with a lot of people, sell your ideas to a lot of people, and convey a high level of confidence. If you just want to support yourself and your family or have extra funds on the side, the options are almost limitless and could suit a variety of personalities. For those folks who hate financial documents, accounting and finance, then be prepared to outsource because having a strong financial foundation is a non-negotiable for any business.

Ok super. Here is the main question of our interview. What are your “5 things women should know before considering becoming a founder?” and why?

1 . Build a network. I work with many women entrepreneurs, and a common theme I hear from them is how connecting with other business owners and finding mentors helped them (1) make an informed decision about becoming a founder and (2) propel their growth as a founder. Like I said earlier, knowledge is power! Developing a network is a crucial place for future founders to ask questions, gain real world insights and access knowledge to build their power base. According to the World Economic Forum, men still outnumber women 3–1 when it comes to business ownership, which makes building bridges with fellow founders all the more important. Ask questions of other women founders — learn what mistakes they made, and what they wish someone had told them when they started to build their business.

This isn’t just anecdotal information. One of the data driven insights from the 2024 Wells Fargo Impact of Women-owned Businesses report is that the top 10 states and metropolitan areas for women owned businesses were regions that offered women entrepreneurs access to programs to build professional networks.

The corporate sector also has terrific no-cost programs to empower women entrepreneurs through access to capital, mentors, networking, and education. I’m passionate about one that’s sponsored by The Wells Fargo Foundation called, Nasdaq Entrepreneurial Center/Milestone Circles, where a small group of women entrepreneurs get connected to mentors, share ideas, and trade resources so they can accelerate business growth and identify new pathways to finance business expansion.

2 . Establish a Plan. There are no shortages of good ideas out there, but founders can struggle when it comes to taking that good idea and translating it into an actual business. This may not sound terribly glamours or exciting, but the way for founders to make an idea successful is to translate the idea into a business plan. Creating a solid business plan is an important first step for founders as it establishes the company’s mission, goals and objectives, competitive analysis, and it serves as an important communication tool for potential investors and lenders. It will allow you to articulate your current financial status, any sources of revenue, and how you plan to meet revenue projections. Your business plan should explain what your product or service is and why people and businesses will want to purchase it. Be sure to highlight areas where your product or service has a clear advantage over the competition. Most important, revisit your plan on a regular basis — it should be a fluid document and updated based on the changing needs of customers or changing economic or industry conditions, so it stays current. To get started, Wells Fargo offers free small business planning resources, including a step-by-step business plan tool to create and maintain your own written business plan.

3 . Know Your Financial Picture: I a recommend that before taking the plunge to start a company, women founders to make sure that they understand their financial picture. Every business founder has different startup costs, but they all have one thing in common — having a financial cushion. While most founders are initially financed by personal savings and credit, their business will likely face a need for additional financing at some point. It’s important to have savings to fall back on as you focus on ramping up your business operations. To get yourself in the best position to obtain financing before you need it, establish a relationship with a business banker who can help you understand your initial financing needs and options, and strategize ways to build your credit profile.

4 . Know Your Hiring Needs: Most women founders start out as the sole proprietor of the company and business concept. As the business gets legs and up and running, founders should consider hiring needs. From the jump, I advise founders to have a vision for what their immediate, short-term, and long-term hiring needs are and whether or not the business will require support staff and employees from the get-go. If the intention is to hire full- or part-time employees right away, make sure you’re comfortable with and can afford the costs associated with hiring staff. Take time to understand what type of employee is right for your business. For example, contractors can be a great alternative to full-time employees for newly established businesses.

5 . Are you Temperamentally Suited to Become a Founder? As mentioned earlier, founders need to put a lot of time and effort into starting a business. First and foremost, if you want to become a founder, a deep drive, commitment, and perseverance have to be there. Take a hard and realistic look at whether you can withstand not just the financial risk, but the emotional ups and downs and uncertainty associated with becoming a founder. When you’re running your own business, it’s more than a job; it more than a job description, it’s a passion; it’s a mission. Having that mission driven purpose to what you do makes work meaningful and fun. There’s profound satisfaction in making your own choices, being your own boss, serving your community, brining an idea to life, and having a powerful voice. However, don’t sugarcoat what it means to become a founder and the stressors involved. When you run the show, you’re always on the clock. As much as you plan and strategize, there are components of the financial risk that are out of your control — like inflation or supply chain issues. Ask yourself, am I ready for this?

How have you used your success to make the world a better place?

I have had the good fortune of sharing what I’ve learned with younger people both inside and outside of work and have witnessed them blossom, while setting the stage for an even better future. I really have a love for learning, which I also use to teach and empower the learning of others. I also like to volunteer my time to support women founders by mentoring them one-on-one and advising the great work of NAWBO (National Association of Women Business Owners) through my participation on their advisory council. I am a firm believer that we can all make the world a better place one interaction at a time. By being kinder and more accepting to the people I encounter or meet with one-on-one, I know this will have a ripple effect and will impact people I may never meet as in the movie “Pay it Forward.”

You are a person of great influence. If you could inspire a movement that would bring the most amount of good for the greatest number of people, what would that be? You never know what your idea can trigger.

I think many of the problems that we see in the world are based on a fundamental need that isn’t being met — and that is simply the feeling of being loved, accepted, and valued just for being alive. Kindness and acceptance shouldn’t be based on looks, personalities, or accomplishments — it should just be built into our DNA. We are all in this game of life together and we will accomplish so much more when we accept everyone for who they are and feel that who we are matters.

We are very blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them.

It would be amazing to spend some time with Brene Brown. Brene is a research professor at the University of Houston, where she holds the Huffington Foundation Endowed Chair; she’s also a visiting professor in management at the University of Texas at Austin McCombs School of Business, the author of six number one New York Times bestsellers, and a podcast host. I find her such an inspiring personality, and she has such a unique, meaningful take on leadership. She has a terrific quote, “The bottom line: I believe that you have to walk through vulnerability to get to courage, therefore…embrace the suck. Courage over comfort.”

I love what I’ve learned from her about vulnerability, shame, and leadership, and I’d love the opportunity to discuss some of her insights she’s shared. She is also a woman founder and I’d love to get her take from that perspective as well!

Thank you for these fantastic insights. We greatly appreciate the time you spent on this.

About the Interviewer: Douglas E. Noll, JD, MA was born nearly blind, crippled with club feet, partially deaf, and left-handed. He overcame all of these obstacles to become a successful civil trial lawyer. In 2000, he abandoned his law practice to become a peacemaker. His calling is to serve humanity, and he executes his calling at many levels. He is an award-winning author, teacher, and trainer. He is a highly experienced mediator. Doug’s work carries him from international work to helping people resolve deep interpersonal and ideological conflicts. Doug teaches his innovative de-escalation skill that calms any angry person in 90 seconds or less. With Laurel Kaufer, Doug founded Prison of Peace in 2009. The Prison of Peace project trains life and long terms incarcerated people to be powerful peacemakers and mediators. He has been deeply moved by inmates who have learned and applied deep, empathic listening skills, leadership skills, and problem-solving skills to reduce violence in their prison communities. Their dedication to learning, improving, and serving their communities motivates him to expand the principles of Prison of Peace so that every human wanting to learn the skills of peace may do so. Doug’s awards include California Lawyer Magazine Lawyer of the Year, Best Lawyers in America Lawyer of the Year, Purpose Prize Fellow, International Academy of Mediators Syd Leezak Award of Excellence, National Academy of Distinguished Neutrals Neutral of the Year. His four books have won a number of awards and commendations. Doug’s podcast, Listen With Leaders, is now accepting guests. Click on this link to learn more and apply.