6 Ways Female Entrepreneurs Will Kill it in 2020 & The Decade Ahead

The 2000’s have been pretty lit for female entrepreneurs, especially considering that it was only 30 years ago that women could apply for a business loan without a male co-signer — even if that male was her seventeen-year-old child. With something as simple as identifying and nullifying a law that was prohibitive in creating more equitable outcomes for the other 50% of the population, women have emerged as one of the most untapped global economic resources at our disposal.

Let’s count up some of the receipts that female founders racked up.

• In 50 years, women went from owning 4.6% to 40% of all businesses.
• Women-owned businesses increased by 58% between 2007–2018, 5x higher than all businesses.
• Women of color, especially black women, are starting companies at the highest rate.

As much progress that has been made, there are realities that, quite frankly, are still shocking challenges that female entrepreneurs face daily that we must reconcile with in order to make meaningful progress in the decade to come…

• Women-owned businesses only account for 4% of business revenues because nearly 90% of these companies are generating less than $100k annually.
• Despite owning 40% of businesses, female-founded companies only account for 8% of total employment.
• Black female entrepreneurs are starting companies at the highest rate but more likely out of necessity versus market opportunity because of the hostility and lack of upward mobility in traditional work environments. In addition, their companies have the biggest challenge in generating revenue ($24,700 vs. $143,100 among all women-owned businesses.)

Similar to how we tackled Why We’ve Failed Female Entrepreneurs and What We Can Do About it, we’re not here to complain about the challenges that female entrepreneurs face because that limits our ability to grasp the opportunities in front of us and take advantage of one of our superpowers — being the underdog. Instead, we’re going to acknowledging how far we’ve come, what we continue to face, and in spite of those challenges, how female entrepreneurs are going to kill it and get sh!t done in 2020.

Here’s how we’re going to kill it in 2020 and the decade ahead….

1. Focus

People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things. — Steve Jobs

The most successful entrepreneurs get focused on where they’re at, where they’re trying to go and focus on what needs to happen NOW to get there. Otherwise, you will fall into the trap that I see many founders fall into — coming down with shiny object syndrome, where you’re hopping around from task to task to feel as if you have momentum. I get it… That feeling of scratching something off of your to-do lists is like a mini high that makes you feel like you’re in control and making things happen. I offer you this saying that Monika Black of Dymynd Angels offered me a couple of years ago— “You have to climb this mountain in order to climb the one behind it.” Meaning, if that thing on your to-do list doesn’t help you to tackle the essential work that needs to be done that will allow you to produce the results you need TODAY to unlock the next level, you’re just glorifying busy in pursuit of a fleeting feeling.

This isn’t just a theory either, it’s a consistent trait across entrepreneurs who succeed. We’ve tested this in the Get Sh!t Done Accelerator program. We have our founders utilize their time getting clear on what their Northstar is, where they’re at today, current challenges, and what they can get focused on now to get over the mountain right in front of them.

By getting focused, our founders saw incredible results in just 7-weeks and continue to after the program. From 40% increase in revenue MOM to increasing user sign-ups by nearly 500% to closing on hundreds of thousands in investor checks. It’s not a coincidence either. When founders stayed focused, they could get more shit done in an impactful way that allows them to move their business ahead so they can climb the next mountain and get closer to the Northstar.

You can do this for yourself by defining your Pareto Principle or the 80/20 rule. In every company, 20% of your activities produce 80% of your results. What is your 20?

2. Sell or Die.

So where should you get focused? Your customers and delivering value to them or better known as selling. Your #1 job as Founder & CEO is to sell. If you are not selling, you are dying. Whether you are selling a product/service to your customers or clients or selling a vision to potential partners, employees, or investors, your job is to sell.

Far too often, founders come to me in a frantic because their company is on the brink of collapsing. When I ask them what they’ve been focusing on, it’s everything except the #1 thing that could solve their problem, selling. Instead, many have fallen prey to shiny object syndrome. If it’s a technical founder, they’ve been tinkering around on their app and developing more features when there is no data to support their customer even needed it. Alternatively, I’ve seen non-technical founders who get wrapped up in executing on every single tactic that they seen their “competitors” doing without considering the context that supported their competitor's decision and ability to focus on that particular tactic.

This goes back to focus. If your product or service delivers value and you are able to communicate that value to the core people who will value it the most — meaning don’t fool yourself into thinking everyone is your customer when that’s never the case — you will get very clear on where to sell and who to sell to, to produce the results you need to climb each mountain. Mind you, this is a trial and error process. You will face a ton of rejection but each rejection gets you closer to the hell yes people. Those are the people you need to sell to in order to build a sustainable business.

3. Traction is your POWER.

About 8/10 founders I meet believe they should raise capital from institutional investors. It’s infuriating because they either don’t have the receipts to justify a capital raise or they’re not VC-backable. We fail to educated founders that only 0.05% of startups raise venture capital.

I don’t blame them though. We have created a toxic mainstream narrative that entrepreneurs who raise are “successful” instead of focusing on companies producing meaningful results, such as achieving profitability and still successfully scaling or achieving an exit that was favorable for everyone involved. A check from an investor can’t save you if you don’t have the traction that signals buy-in from the best investor you will ever have — your customer.

“If you want to be successful entrepreneurially, if you are not where you want to be, you should just be making 30 phone calls a day. If you don’t know what 30 phone calls you should be making, then that’s where you should start. If you can solve for contacts — contacts can be fans, they can be customers — if you can solve for contacts, you can solve for capital.” — Ryan Leslie

The traction you gain from selling gives you power and optionality. It signals that you have a viable business based on the demand from your customer and takes you out of survival mode. Whether you’re a bootstrapped babe that wants to keep it that way, traction gives you peace of mind and leverage at the table with potential partners to collaborate with. Alternatively, if you are one of the very select few entrepreneurs with a company that is VC-backable, traction provides the receipts to make the VC-Founder relationship a true partnership instead of the founder becoming a pawn.

Have you figured out the 80/20 for your business yet? If so, now use that to determine where to start selling to gain meaningful traction.

4. Measure, Measure & Measure Again.

Now you’re on a roll, getting traction, and want more! I love meeting founders at this point because they have a certain level of mojo at their disposal. However, where the momentum can be squandered is when they aren’t measuring what’s working and not in their business.

I’m sure you’ve heard “throwing things at the wall to figure out what sticks” and “failing fast”. This becomes a trap when founders throw so many things and move so fast that they can’t see what’s the root cause for their traction. When approached this way, they get stuck on that particular mountain and continue to operate doing everything instead of zoning in on the one or two things that actually matter.

Here’s how to prevent yourself from falling into that trap — measure, measure, and measure again. The reason our founders were able to achieve stats like a 40% increase in MOM revenue and nearly 500% increase in user sign-ups is by following our framework that forces them to measure. Whenever you are testing out a new strategy or tactic, it should always tie back to the goals that you have set out for your company.

For example, if your objective is to increase your revenue in Q1, define by how much and the actual number. From there, identify key ways that you and your team can measure what success looks like in order to achieve that goal. Let’s say you want to increase revenue by 15% and achieve $25k in revenue by the end of Q1. Great. Now what results can you measure to hit that goal? Is it making 20 cold calls per day to potential clients? Is it speaking at 3 events that quarter? As you’re executing, measure week by week how you’re doing in relation to hitting that goal. When you measure, you can optimize for what’s working instead of wasting time on what’s not.

5. Redefine “Superwoman” Or Retire the Cape.

I used to be awful at delegating and asking for help earlier in my entrepreneurial journey. Honestly, I’m still learning and it’s hard because it’s forcing me to unlearn another toxic narrative that women have internalized for years that may give our companies short-term hyper-fuel but can be harmful if we overdose on it and allow it to take over — the myth of the superwoman.

Outside of the systemic limitations that we are uniquely challenged with, we also get in our own way by thinking we have to be “superwoman” and take it all on ourselves. Fun fact — entrepreneurship is a team sport. We’ve been conditioned to love a good “self-made” pull yourself up by the bootstraps story. However, that person that pulled themselves up also had people to fix the sole of their shoe when it was worn down on their journey or tie their shoelace to prevent them from completely falling on their face.

“I say self-made, meanin’ I designed myself.” — Nipsey Hussel

Your job isn’t to do it alone. It’s no coincidence that there are over 7 billion people in the world. Instead, the only job to take on by yourself is to own who you are, deciding how you want to function in this world, and what impact you want to make based on that design. How you go about getting sh!t done is leaning on your tribe. Juggling all on your own isn’t something we should applaud, it’s actually counterproductive and limits the impact we could make.

I see you superwoman. No really, I see you. I know what it’s like to fear letting go and feeling that you’ll lose control of everything you’ve worked so hard for. Alternatively, when you don’t have the answer and need support, that sense of shame and fear creeps in that people will judge you as being unworthy of running the very company you built. Here’s the thing… Your fears are fake news and we’re breaking this cycle in 2020.

Starting in 2020, you’re not doing it on your own. You’ll now make meaningful connections and nurture the ones you already have. Don’t know where to start? Start going to industry events and making new connections. In addition, catch up with current contacts that you admire and tell them what you’ve been up to. The best connections I make today come from me telling my tribe where I need support. Every day, you will ask someone for support. This can be big or small from delegating tasks to employees to simply asking for advice on something you’re not an expert in.

6. Self-Care or Bust.

“Steve Jobs did it so big he don’t hustle. Bill gates did it so big he isn’t grinding. Why do you want to hustle and grind? There’s a way to get it so you’re not grinding. You wouldn’t want a car that grinds. You wouldn’t want a horse that hustles because eventually it will get tired. You want a horse named lightening. You want a car named smooth. So how do you apply the same things to life?” — Will I Am

Now that you have redefined what superwoman means or retired the cape for something that’s more fitting, you’re ready to protect the most valuable asset that your company has — You. In the last decade, we’ve heard a lot of motivational speeches about hustling and grinding by any means necessary and you know what? We did. We hustled and grinded our way into the ground.

Millennials have become the Burnout Generation and this isn’t us whining because we can’t lay around all day and eat avocado toast (by the way, you’re welcome). It’s real and it has taken an unprecedented toll that puts us at risk of dying younger than the generation before us. We live in a world that makes it harder for us to disconnect and when we do, we feel guilty about nourishing ourselves. This has trapped us all in an unhealthy cycle that leads many of us to feeling paralyzed from building what’s actually important.

You are the engine. Without you, the things you are in pursuit of are meaningless. In this decade, we’re going to start acting like it by putting yourself first. What does that look like?

• Get your mind right. Don’t hop into emails or social media. Take time to express gratitude and be clear on your intentions for the day.
• Take a break. No one needs an instant reply from you. Also, that vacation you needed years ago, go.
• Learn how to say no so you can focus. That includes going to that happy hour when you’re burnt out. You’re not missing anything. There will be more happy hours.
• “Go the f**k to sleep” From the wise narration of Samuel L. Jackson, go to sleep.
• Comment below with your self-care tips. I want to hear from you.

This decade will be more lit than the one before but it won’t be if we continue to make the same mistakes. Start devising a plan to implement the tips above. From there, find people to hold you accountable. You got this.