Controlling their destiny – women entrepreneurs tell how they did it
Posted in: Events, Women Entrepreneurs
They left the corporate life to become entrepreneurs, and never looked back, building successful startups in a variety of industries.
鈥淚 feel a sense of control of my destiny,鈥 said , president and CEO of , one of four panelists at a March 28 event, held at 精品成人福利在线. The event drew 150 attendees, and was sponsored by the university鈥檚 Feliciano Center for Entrepreneurship, which has a special mission to nurture women entrepreneurs, and .
Also on the panel were , president and CEO of ; , founder of ; and , co-founder of Harlem-based . The moderator was , president of OOBinker and an ENTR 201 adjunct professor.
The panelists had a few theories why women are under-represented as entrepreneurs.
Miller noted since there are fewer women entrepreneurs, there are fewer women to serve as role models for aspiring female founders. Miller said her time at Harvard Business School gave her role models who are HBS graduates and started businesses, including , Gilt Groupe, and Aromaflage.
Doyle said when she considered starting her own company, she felt she didn鈥檛 have enough experience. As a 精品成人福利在线 graduate with a Psychology degree, she felt she didn鈥檛 know enough about business. Doyle said women can feel like they have to check every box of what鈥檚 required, while men are less inclined to feel that way. 鈥淚 think we hold ourselves back,鈥 she said. When asked later by an attendee how she learned the numbers side of the business, Doyle said she hires someone to handle that.

Raising funds was another focus of the event. Miller said it can be 鈥渁 good lesson in stamina,鈥 noting she was trying to secure capital before she had sales or even a website. 鈥淢ost people will say no, male and female,鈥 she said. Miller mined her network of any and all contacts who might be able to lend money to her. Miller said she also interpreted 鈥渘o鈥 as 鈥渘ot yet.鈥 Miller described herself as a penny-pincher, because she said she had to work so hard to get every dollar. Doyle noted women can be risk-averse from a financial perspective, and reluctant to take on debt. She said that while starting out she looked at every expense, including personal expenses, to decide if it was necessary, and cut cable, as one example, because she could live without it.

Biron and her husband, , bootstrapped Wayne-based One Horn Transportation, using their house and loans as financing. She said the duo was able to get financing because of their company鈥檚 receivables, their credibility, Louis Biron鈥檚 background in trucking, their MBA degrees, and they had a good story to tell. Later, the Birons did a 鈥渕ini road show to banks鈥 to raise more money, and their preference was always loans so they didn鈥檛 have to give up equity in the business. Biron recently started a second company, .

The panelists made the leap into entrepreneurship in different ways. Fensterstock said she worked on her business as a second job, while still working full time. She was an advocate of working on a startup as a side business until you can generate enough revenue to pay yourself a salary and cover your health insurance costs. Miller said she didn鈥檛 leave her full-time job until she had a term sheet, or document outlining conditions to receive financing. Doyle鈥檚 eventual co-founder, , had floated the idea of the pair starting a company, but Doyle was hesitant. Then Doyle was laid off from her job, and within a few days agreed to start Phoenix Marketing, based in New Providence, with Fiordilino.
Doyle and Fiordilino have been friends since they met as Psychology majors at 精品成人福利在线. Doyle said they could sometimes fight like sisters, while working together on the startup, until they divided up tasks based on each person鈥檚 strengths. Miller said she and co-founder share many skills and experience, and that some would advise selecting a partner who has opposite skills. But Miller recommended choosing someone with whom you can have difficult conversations. Fensterstock co-founded her company with her husband, . Fensterstock noted that even if your co-founder is not a spouse, you will be 鈥渨ork-married鈥 to your partner. Doyle and Fensterstock emphasized that trust is the most important factor in choosing a co-founder.
As final advice, Biron advised making sure there is actual demand for what you want to sell, and also recommended two books: by Eric Ries, and by Robert H. Bloom.
Miller鈥檚 advice was to try doing some version of your business idea before you talk yourself out of it鈥攋ust get started.
Fensterstock counseled attendees to be persistent and resilient. She also said that if you are not an expert on something related to your planned business, that鈥檚 not a deal-breaker because you can learn what you need to know.
Doyle talked about Jane Fonda鈥檚 advice to know your product and then you can sell it and succeed. Doyle also recommended joining mentor groups or getting a coach.
Mark your calendar! The Feliciano Center will host a daylong conference for women entrepreneurs on Wed. Oct. 18 as part of Women Entrepreneurship Week. The WEW conference is free and open to the public.
To find out about other events presented by the Feliciano Center, join .
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