Taisir El-Souessi
Interview with Women’s Net
As a female entrepreneur, I am of course interested in opportunities that support the growth of women in business. I reached out the advisory board of Women’s Net for this interview. It is comprised of several female entrepreneurs and they offer grants to women-owned businesses. See below for their thoughts on choosing recipients and on women in business.
You can find out more about them at https://ambergrantsforwomen.com/about-us/
1. When an entrepreneur comes to you for funding, what are the most important traits you look for before considering them as a potential grant recipient?
WN: First is a level of enthusiasm. Is the applicant fully and emotionally vested in her business venture? Is it her dream and passion? Does she have a compelling personal story behind why she started the business? And, of course, we want to see some level of business competency. Does she have at least a “napkin” version of a business model, and does she have a good understanding of her particular market?
2. Do you ever have to “trust your gut” or do you focus mainly on meeting requirements?
WN: We do employ some level of “intuition” in picking recipients. But, again, that intuition is based on the general question: “Does this person have a reasonable chance at success based on fundamental business understanding and competency?” From there, we take a deeper dive into the application to find the compelling story and other indicators of future success.
3. Is there a something that causes you to tend to disregard an application or idea right off the bat?
WN: Nothing specific. Obviously, applications that are well-written, thoughtful, and show some attention to a general business idea/plan tend to draw greater interest from us.
4. What are some common traits you have seen in successful entrepreneurial start-ups?
WN: They have a passion for their product or service — and great insight in how to bring that idea to the market. There are many great ideas out there, but not every great idea is a marketable idea or money-maker. Successful entrepreneurs understand the distinction and can successfully navigate the market challenges. Their passion, enthusiasm and knowledge is more appealing to investors and lenders, so they tend to be properly capitalized. That’s a big challenge for any start-up. Watch “Shark Tank” and you can see these dynamics in action!
5. Do you follow up with entrepreneurs that have received grants on if they have been successful or how they have used the grant? If so, do you typically see entrepreneurs making good choices/being successful afterwards?
WN: We do like to keep an eye on our grant recipients and track their progress, but we usually watch from afar. We’ve empowered them to fulfill their dreams, and we don’t want them to feel like we’re “checking up” on them. When they reach out to us, though, we’re happy to hear about their successes! It’s a big thrill when we see those businesses succeeding and growing.
6. What is a common mistake small business owners make?
WN: Being overly optimistic. Sure, you have to have vision and optimism, or you would never start a business—but you have to be realistic, too. We see a lot of people overestimate their projected revenues and underestimate their challenges. A good rule of thumb: Look at your business plan, then add 25% to the amount (and cost) of your work and cut your projected revenues by a third. If you can survive on that model for 2-4 years, you have a good shot at making it. Or start small: don’t quit your day job right away.
7. Are there common mistakes you believe are specific to female entrepreneurs?
WN: Not really. In fact, women entrepreneurs tend to have a built-in advantage in two respects: 1, they are generally more cautious and realistic in their expectations, and 2, they rely more on their relationships and networks. Those two things can sustain a small business through the challenging times.
8. Please share thoughts on how female entrepreneurs are perceived in business?
WN: Certainly, women entrepreneurs are taken more seriously than they were a generation or two ago. And though there is still some gender bias out there, there’s no denying the significant strides women business owners have made. There are these negative stereotypes of women as weak and too emotional to be successful in business. But we’ve found the opposite—often women have motivations for building their businesses that go beyond simply “making a buck.” That makes the judging process far more interesting and emotionally rewarding.
9. Please share thoughts on positive or negative experiences as a female entrepreneur/business woman.
WN: As with any entrepreneur, male or female, it’s a lot of hard work, but it’s so rewarding to turn your dream into your livelihood—and to see what you’ve created benefiting others as well.
10. Do you have any advice to an entrepreneur who is just starting out?
WN: Find mentors who have their own successful businesses. They can save you a lot of time, money and emotional energy by sharing what they’ve learned along the way. You’d be surprised how much you can learn over a $3 cup of coffee once every few weeks with someone who has “been there and done that.” Most business owners love to share their stories, and their counsel can be invaluable.
