Table of Contents
Introduction
Women have been starting and running successful businesses for decades, yet female entrepreneurship is still often overlooked and undervalued. In recent years, we’ve seen an explosion of female-founded startups disrupting various industries and raising significant amounts of venture capital funding.
In this article, we’ll highlight inspiring stories of successful female founders, executives, and investors. We’ll also share advice and insights from these women leaders on how to start, grow, fund, and scale a company as a female entrepreneur.
Sara Blakely – How Failure Led to Billion-Dollar Success
Sara Blakely is the founder of Spanx, the hugely popular shapewear brand that helped define an entire product category. She launched Spanx in 2000 with just $5,000 and built it into a business now worth over $1 billion.
Blakely first had the idea for Spanx while getting ready for a party. She didn’t like the way regular pantyhose looked and cut the feet off to create her own prototype. Her friends loved them and encouraged her to turn it into a business.
For over a year, Blakely worked on Spanx at night after her 9-5 office job. She spent countless hours researching patents, designing products, looking for manufacturers, and reaching out to buyers. She was rejected by multiple manufacturers and buyers but kept pushing forward.
Blakely says her earlier lack of success in corporate jobs gave her the courage to believe in her idea. She saved up money and maxed out credit cards to start Spanx bootstrap-style. Her big break came when she got a call from a Neiman Marcus buyer who loved her prototypes.
Katrina Lake – From Harvard Undergrad to Leading a Public Company
As founder and CEO of Stitch Fix, Katrina Lake has taken the company from an upstart online personal styling service to a publicly traded company worth over $2 billion.
Lake started Stitch Fix while she was a student at Harvard Business School. She worked on the business between classes and went through more than 100 iterations before finalising the model. Lake’s vision was to combine the convenience of online shopping with the personalised service of a stylist or personal shopper.
After graduation, Lake turned down multiple job offers to focus full-time on Stitch Fix and seek venture funding in Silicon Valley. She cold-emailed prospective investors, leading to initial seed funding of $750,000. Stitch Fix has gone on to raise over $40 million in VC funding.
In 2017, Lake led Stitch Fix through a highly successful IPO, making her the youngest female founder to ever take a company public. She continues to serve as CEO, focusing on company culture and expanding Stitch Fix’s data science capabilities.
Lake encourages female founders not to be intimidated or fearful when seeking funding and leading a venture-backed business. She says believing in your vision and being resilient through setbacks are key.
Tracy Britt Cool – From Financial Analyst to Fortune 500 Executive
Tracy Britt Cool has become one of the most prominent women in business by working her way up from a financial analyst role to senior leadership positions at Fortune 500 companies.
Cool got her MBA from Harvard and started out doing financial analysis at SmartRecruiters. She caught the eye of Warren Buffett, who invited her to come work at Berkshire Hathaway based on her potential.
Under Buffett’s mentorship, Cool spent years learning the ins and outs of Berkshire Hathaway’s various companies. She served as Chairman or CEO of several Berkshire subsidiaries and became one of Buffett’s most trusted advisers.
In recent years, Cool has brought her financial and operational experience to large public companies undergoing turnarounds. She serves on the boards of Pilot Flying J, and AtHome Group and becomes Executive Chair at Pampered Chef.
Cool highlights the importance of finding great mentors, pushing yourself to take on new challenges, and never letting self-doubt hold you back. She advises women to believe in their own potential and say “yes” to growth opportunities, even if they feel underqualified.
Common Themes and Advice from Women Leaders
While every founder and executive has their own unique story, there are some common threads and lessons that emerge:
- Don’t let rejection discourage you. Persist through “no’s” on your path to “yes.”
- Self-funding or bootstrapping in the early days allows more control and future flexibility.
- Seek out mentors who can provide guidance and support. Other women founders can be great mentors.
- Hone the ability to clearly communicate your vision and market opportunity to investors and partners.
- Assemble a strong team with diverse skill sets to complement your own. Listen closely to their feedback.
- Be resilient and don’t take setbacks personally. Stay focused on the big vision.
- Strike a balance between work and family life. Don’t be afraid to ask for help.
- Participate in networks and organizations supporting women founders and leaders. Give back through mentoring.
The future is bright for women in business. Today’s female founders and executives are clearing the path for the next generation. While challenges remain, women now have proven models of success to follow.
Conclusion
The tales of these inspirational women demonstrate that female leaders often take an unconventional path to success. With passion, perseverance, and self-belief, their entrepreneurial journeys unfold in their own unique ways.
The barriers and obstacles they overcome become sources of strength. Each woman finds her own voice – and channels it to bring bold ideas to life.
Though their companies and industries may differ, these leaders exemplify many of the same core traits. They remain resilient through setbacks, stay fiercely focused on their vision, and let self-doubt give way to self-confidence. Mentors provide guidance, but their course is steered from within.
The future will bring challenges, but also opportunities. There has never been a better time to be a woman charting her own path in business. The stories of those who have come before light the way. With an enterprising spirit and the courage to act, today’s female founders are ready to rise.
FAQs
What are some key traits many successful female entrepreneurs share?
Common traits include resilience, persistence through rejection, clear communication skills, assembling strong teams, and learning from mentors while finding their own voice.
How did Sara Blakely get started with Spanx?
She started Spanx with just $5,000, working on it in nights and weekends for over a year after her office job. She conducted her own market research and kept pushing after being rejected multiple times.
How did Katrina Lake’s background lead to the creation of Stitch Fix?
Lake started Stitch Fix as a student at Harvard Business School, combining her interests in fashion and leveraging data science. She refined the concept through extensive testing and research.
How did Tracy Britt Cool go from financial analyst to Fortune 500 executive?
She started as an analyst but made connections with leaders like Warren Buffett who recognized her potential. She took on challenges at new companies and worked her way up with resilience.
What advice do these leaders give female entrepreneurs starting out?
Their advice includes finding great mentors, pushing past self-doubt, not letting rejection stop you, communicating your vision clearly, and building diverse teams.
