How to access funding as a woman entrepreneur
The path to raising funds is not easy - you have to be prepared, choose the right partner, build a winning team and be comfortable in your role as an entrepreneur.
Raising funds is one of the biggest challenges that startups face – it is both difficult and at the same time, critical if the company must scale and sustain.
Hopefully, with more and more women now emerging as leading entrepreneurs and ace investors, the complex task of fundraising will also see greater participation from women on both sides. As a woman entrepreneur, I would like to share some of my experiences that helped me in doing this well.
Being prepared is the key: The key mantra for accessing funding is ‘preparation’. As an entrepreneur, one needs to be aware of what’s happening in the industry, macroeconomic trends and customer segments including a deep understanding of how your business will thrive and evolve over time. When you are thorough with the knowledge of your business model, fund utilisation plans, team building strategy, challenges that you may face and the solutions/ tactics that you have at your disposal, you are heading in the right direction. It builds confidence in your own self as well in the investor that he/ she is investing in the right person.
Be comfortable as a women entrepreneur: As a woman entrepreneur, you will often find yourself as the only woman in the room. These are both opportunities to differentiate yourself and moments that can feel overwhelming. Be confident andcomfortable in your own skin. No one will judge you if you don’t do that to yourself. Be articulate, be sure of what you say and how you handle yourself -the goal is for you and your company to succeed, demonstrate that you can lead and take charge of the goal from the front.
Learn and choose your partner right: At the beginning of the entrepreneurial journey, there are several paths to choose from, especially with respect to funding. Not every fund/capital is right for every company. Do your own research on fund history, investment thesis and spend time in analysing and studying it to see if it is in alignment with your company goals. Be smart. Do not be afraid to be unique in your approach; your only concern should be whether your company and your investors interest are met. You will need to share a common roadmap for success of all stakeholders.
Builda winning team: You cannot run your company alone. Building a winning team means that it is imperative that you build a team with complementary skill sets. Make sure you recruit candidates who are better than you. This shows your willingness to make adjustments in the management style of your company to grow and expand, which is key to creating a winning team. A successful company focuses more on laying the foundation and setting the framework. Invest your time in evaluating and selecting the right talent.
Lastl and most importantly, do a dry run: No matter how well you know your stuff, no matter how well prepared you think you are and no matter how well you think you can communicate, it is absolutely necessary to do a dry run before you face your first investor and also every single time after that. You can do this with a friend, record your voice and re-run to yourself, or try thegood old trick of speaking in front of a mirror. Even a single word here and there can make or break a deal – you can never be over-prepared!
Wish you all the best!
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
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