If you’re a woman business owner or thinking about becoming one, there are unique challenges you’ll face compared to your male counterparts. However, success is achievable, as demonstrated by Sharon Gillenwater, a tech startup founder who sold her company, Boardroom Insiders, for $25 million. Here are a few key points from our conversation.

Funding and Networking Obstacles:

Women receive only about 2% of venture funding. Additionally, if you’re not part of the entrepreneurial network, gaining access to funding and talent can be tough. It’s crucial to build a network of contacts who can guide and support you.

Importance of Clear Planning and Communication:

If you are preparing to seek funding, be sure you can clearly articulate your business idea, model, and market. Talk to to as many knowledgeable people as possible to refine your plan and pitch

Keeping Financial Records Clean:

Sharon shared a personal lesson on the importance of keeping business finances separate from personal finances. The take-away - Proper record-keeping from the start can prevent complications when your business grows or when you’re ready to sell.

Customer Focus:

Despite skepticism from funders and industry experts, Sharon’s focus on customer satisfaction proved to be a key factor in her success. She advises ignoring the naysayers and listening to your customers.