There's an old adage that says, "If you want to get something done, give it to a busy mother." They're so advanced at managing their time -- raising a family, taking care of kids, and doing something else in addition to that, like running a business.
I first noticed this trend while auditing 6 years' worth of investments into companies from Shark Tank. I was shocked to find that only some of the companies I invested in had cash returns in the past six years, and the only commonality is that women run them. That was the big a-ha moment for me.
It's not just motherhood that helps women be better business leaders though. It's women's approach to business goals. They take less risk, they are more goal-orientated, and if they say, 'I am going to expand capacity' or 'we're going to increase distribution in the next quarter', they deliver.
And then there's one other factor, which just might play the biggest role of all. Women tend to face more roadblocks in the early parts of their business journeys. For some, these obstacles are enough to turn them off the road to entrepreneurialism entirely. The women who persevere on the other hand, tend to evolve resilient and tenacious business leaders than many men in similar roles.
I asked three of my most successful female entrepreneurs to share some of the obstacles they've experienced and learned to overcome in business to achieve success. Here's what they had to say.
Tracey Noonan, CEO of Wicked Good Cupcakes:
My daughter Dani and I started a business in our kitchen. Try and get businessmen to take you seriously when you tell them you bake cupcakes.
For many people, a "crafty" commodity like a cupcake is considered "cute" but not something that people imagine being a multimillion dollar a year business. But I'm here to tell you that it can be. And for us, it is.
I've learned that respect in the business world must be earned. This is true of men and women, although most women struggle with this more often than their male counterparts.
At the end of the day, the only person I need to validate is myself. I no longer feel the need to be superwoman. As long as we're taking care of our customers, honoring our fellow coworkers and producing the very best quality product we can, I know that we've created a successful business and it doesn't matter if we're male or female. Success knows no gender.
Jen Crane, Co-Owner of Bottle Breacher:
The biggest obstacle I've experienced being a women entrepreneur is learning how to balance being a Mom and co-running a company. I've overcome this by putting my daughters' schedules first, and then finding a way to balance work around it. I volunteer once a week in class, attend choir concerts, and I'm at home for breakfast and dinner.
It's not easy and I work odd, long hours most days. Once the kids are in bed I usually have to hop on my laptop for hours, but I learned the hard way that if I don't put my daughters first I'm not going to be happy overall.
The simple things in life propel me: friends, family, and success in my job. This is why I love being an entrepreneur. I make my own hours, set my own meetings, and at the end of the day I get more done than I ever have working at a traditional 9-5 job because I'm able to control my week. I get to see my kids grow and co-run Bottle Breacher all at the same time.
Sara Margulis, CEO of Honeyfund:
The biggest obstacle I've faced as a woman in business is really in my own head--it's a fear of hurting someone's feelings. As CEO of Honeyfund, I often face this obstacle when ending relationships, whether it's letting an employees go or ending a partnership. Even though it's always absolutely right for my business, and for the person, I might hesitate because I don't want to hurt them or make them feel negatively toward me or the company.
I know that prolonging the inevitable doesn't do anyone any good, so I've had to learn to overcome this fear. I start by holding true to my mantra--"successful people do the hard things first." That means that if the issue is preoccupying my thoughts or causing me constant angst, I put it on the top of my to do list. Then I call my mentor and talk it through. It can be so validating to get an outside perspective. Then we come up with a plan for how to tackle it--I even visualize the conversation, imagining myself being totally open and honest with the person. In this way, even difficult conversations like saying goodbye can end well - and open doors for better things to come for everyone involved.
