Gotham Gal

research on women

There has been a slew of research done on women these days from universities looking at how women engage in information vs men, how many women entrepreneurs are getting funded vs their male counterparts, the impact women make on businesses when they are involved at senior levels, etc.  I wish I could keep up on all the papers being written these days. 

We seem to be entering an era that is redefining feminism.  Women have always had options when it comes to the career world.  They can choose to stay in the game 100%, they can opt out and stay home for a time with their kids, they can stay in 50% or they can shift their focus from an every day job to perhaps part-time volunteerism.  Yet regardless of which road women take, we are the consumers of the majority of products in the household and are generally responsible for managing the finances of our homes. 

Dailyworth puts out three newsletters that are geared directly to women running their own finances.  The feedback from our readers have been empowering to the team.   I had lunch with someone this week who is trying to tap into why women tend to take a back seat when it comes to manging their finances with a financial adviser.  Is it because they don't care or is it because they don't feel comfortable doing it or is because it makes them scared that they might make a bad decision, would women prefer to work with women advisers vs men.  I am not sure what the answer is but we are going to drill down and find out. 

Here is an answer I would like that I never had understood.  Research says that men and women enter most fields after college in equal proportions.  At one point, basically around the time that women hit their early 30's they start to check out.  That is when many large corporations particularly finance, banking, law firms, start to look completely male driven at the top.  This is an issue that companies are very aware of and understand that this is something that needs to be resolved.  How can those companies attract women who are entering the workforce want to take jobs with companies that can't retain women once they hit a certain age.

Yet there is something I don't understand and never will.  When I was home with my kids living in the suburbs there were plenty of smart women who were part of the group that checked out of companies even though they had significant jobs and clout.  They did not embrace taking care of their families finances but almost signed up to be full time mothers that had stopped using their intelligence.  A plumber or electrician would come to their homes and they would literally say, please wait here while I call my husband.  This happened several times.  I found it fascinating.  These women ran organizations where they have large staffs and were responsible for many people but at home they became almost brain dead.  Why?  These are women with college degrees.  What happened when they shifted their focus to the home?  How come they took a back seat instead of a new role? 

We need to figure out how to keep women engaged who choose to opt out for a few years to stay home with the kids.   That is where I want to see research get done. 

 

does breaking the rules make you a good entrepreneur?

Fred wrote a post about the Womens Entrepreneur Festival posting his favorite panel which was the Makers panel.  I loved that panel too.  Five super bright women who have thriving businesses around products that they have created.  Each of them built companies around something they were passionate about which makes for a great entrepreneur.

The comments are worth reading starting with one that says women are not socialized to be mavericks but to follow the rules yet we are all in the system together.  I spoke about this at the kick-off speech that I gave at the Womens Entrepreneur Festival and mentioned it again at the White House panel to promote women led small businesses.  Women need to jump in the game and not spend so much time crossing their t's and dotting their i's until they get it right.  Businesses are never right.  They are always moving forward and sometimes backward.  They are always evolving and so what is right today might not be right tomorrow.  Sometimes you just have to take the plunge and for whatever reason that seems to be something men are more comfortable with.

So does breaking the rule make you a good entrepreneur?  We were all asked at the White House panel I was on by Arianna Huffington, when did you know that you were going to be an entrepreneur?  Truth is, I always broke the rules.  Even while I worked for a large company at the beginning of my career, I very much felt like a lone ranger.  I definitely was great at leading the pack but I wasn't so great at following the rules. 

I chaired a non--profit organization for a few years.  I remember we had a board meeting and were discussing how we were going to undertake a particular project.  One board member, who had been in the non-profit world for years said, "you can't do it that way because that is not how they do it in the non-profit world."   Needless to say, I replied that we were not going to do it the way you are supposed to do it but the way we think we should.  In the end, our way was hugely successful and that NY organization is now a global organization. Did we break the rules, yes.

I always broke the rules but rarely got caught.  Do those skills come inately or can they be taught?  How can we teach our daughters to be whatever they want to be and understand that rules are sometimes meant to be broken or at least be disrupted.

understanding the web and how it can work

In the mid-90's at the beginning of the technological revolution around the web there were a surge of businesses built.  It had the feeling of a gold rush.  Everyone was absolutely giddy.  We were changing the way we lived our lives and creating value. 

Oh the businesses that we saw.  So many of them were just duplications of brick and mortar businesses hanging out on the internet, others were creative and cutting edge.  We grew and grew with ridiculous valuations and some ridiculous business schemes before the bubble popped and everything kind of skidded to a slow halt.

Fast forward a few years and businesses start to peculate again.  The next iteration of the web is called 2.0.  What is interesting about the second generation is that many of the people building these companies grew up with a computer in their home.  The web, in essence, is an extension of who they are.  They don't need to study it...it just is.  Not surprising that many of the businesses built have been so disruptive as the entrepreneurs had an uncanny understanding of what we could do with this technology.  Then many other businesses layered their ideas on top of the big disruptive ones. It has been incredible to watch and be part many of those businesses. 

I recently met with someone who pitched me on their idea which in all honesty after 30 minutes I still wasn't sure I got it.  What I got is that they had gone out to all the corporations that want to touch the consumers and were willing to create deals with them prior to the roll out of the company.  Doesn't cost them anything so why not although it certainly costs time and energy.  I am pretty sure that the consumers out there are not going to jump at this idea or model that is being built for them.  I could be wrong but it is just my gut reaction.

I was thinking about that meeting and it occured to me that the digital divide is no longer about the rich vs the poor in access to technology but rather about understanding how the internet works or not.  Not understanding the technology puts you on the wrong side of the digital divide.  

When the company left my office after their pitch I realized that they might understand brick and mortar businesses but they have no idea how to build a product on the net.  Maybe it was age, maybe it was perception, maybe it was not having the ability to start small and really get it.  Who knows.  All I know is that there is a big divide between those who get it and those who dont. 

Post-festival blog post from a young man who was behind the camera

I love this post because it was sent to me from a young man who was behind the camera, not an attendee and not a woman.  It is a great read...and I thank Dekunle for sending this to me.

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I’m a 22 year-old male and the women’s entrepreneurship festival that took place at NYU’s Interactive Telecommunications Program last Wednesday turned out to be a huge source of inspiration for me. I hope I don’t lose an street credibility for that statement but let me preface my thoughts on the event by explaining exactly why I was at the conference in the first place.

Currently I am graduate student at  ITP. As a former undergraduate student entrepreneur I am all too familiar with what the tech/entrepreneurship/leadership  conference has to offer. While building my company as a student at the University of Maryland I travelled across the country, regularly attending conferences to build connections and relationships that could potentially prove beneficial to the growth of my small company. So last weekend when shifts for my student job on the ITP floor were posted and the schedule read that I was to work the WE festival I was fairly confident I knew what to expect.  

The role appointed to me by my boss was to video tape the Knowledge Makers panel during the AM breakout session and the Taste Makers panel during the PM session. At the outset my efforts were more focused on getting the camera to work than on finding out  what entrepreneurs would be speaking on the panel. Luckily I got the stubborn thing setup correctly and was comfortable enough with the video being captured to share my attention between the camera and the discussion taking place.

Initially the discussion appeared to be going as I anticipated. Diana Rhoten, the Senior Vice President for Strategy in the education division at News Corporation, was moderating the panel involving women entrepreneurs in education. Rhoten asked questions to the panelists that provided unique insights about the education sector that could only be given by someone that had been through the industry’s wringer and lived to tell the story. This was normal. What wasn’t typical was what happened next.

In both Knowledge Makers and the Taste Makers panel moderated by Rachel Skylar there appeared to be a sense of genuine personal interest and concern for the mutual success of both the women attendants and the panelists that simply doesn’t exist in male dominated tech conferences. I repeatedly noticed a tone of discourse that resembled a sisterhood or sorority gathering where current sisters were mentoring future members of the organization. Like a mother warning her young daughter of the perils that awaited her upon entering the real world. Each question or inquiry asked by an attendant wasn’t just returned with a textbook answer but instead was filled with compassion.  I defintely got the sense of a community.

 

My question is, when and where was this  bond formed? Why did people who had probably never seen each other prior to the conference care so much for each others well-being and success? Was it perhaps the shared experience of giving birth while running a company, having to juggle work life with ones responsibilities as a mother, or maybe its having to face the similar struggles of being a leader in a male dominated corporate world? What these experiences have in common is that they attempt to defy the logic that has defined society for centuries. A society where the role of women was was that of reserved house wives and not confident leaders.

I believe the sisterhood atmosphere I witnessed at the festival can be attributed to a “me against the world” type attitude that has been formed in the women entrepreneur community. Like a mid-major team that has overcome adversity and made it to the final four of the NCAA tournament and is poised to take on the traditional powerhouse school. The blood, sweat, and tears incured during the journey now acting as the material for the bond that unites them.

The attendants at the conference were willing to make that extra effort to teach, mentor, and support each other because they were in this together. When you see someone going through the same tough challenges you are it becomes that much easier to root for them and do all you can to see them succeed. This same unbridled compassion and collaboration is what entrepreneurship conferences were intended to represent.  A place where those who know can connect with those that don’t know. An environment where the first and foremost objective is to exchange ideas and build relationships. I saw this at the Women’s Entrepreneurs Festival and it made me smile. It doesn’t hurt that these specific crop of entrepreneurs consisting of grandmothers, mothers, and sisters have been doing this out of necessity for their entire lives.

-Dekunle

 

In protest of SOPA

what would it be like if women ran the world?

Last night I had dinner with a small group of really interesting women.  Most of them come out of the finance world.  It was absolutely fascinating to hear their stories in regards to how difficult it was to climb up the corporate ladder, how women were treated vs men, how women treated women, how they looked at things differently, etc.  For me, it confirmed that women climbing up the ladder, no matter what field they are in, is not an easy hurdle.

The question that was asked last night was "what if women were the ones running the largest corporations over the last century, would things be different"?  I don't know the answer but it certainly makes you think. Women process information completely different than men.  Men tend to take more risks and jump in feet first without giving anything as much thought as a woman does.  How would that be for corporate America? 

Personally I am a big believer of a mix of both men and women in senior management.  The combination of brains makes for a much more successful enterperprise....and the statistics, data and research proves that to be the case.

I just finished reading 11/22/63, Stephen Kings book.  The story revolves around a portal that takes the main character from 2011 to 1963.  He can spend four years in 1963 but when he returns to 2011 only two minutes have passed.  He goes back to change history, 11/22/63 is the day that JFK was shot.  What would happen if he never got shot, would the world be a different place?  There is no doubt that it would be but for better or for worse?

So, as we bounced this concept around last night I kept thinking about the book.  I absolutely believe getting more women to run companies is better for the economy, families, community and just everything.  Would it have made a difference if men stayed home all these years and women went to work?  Not sure it is physically possible as women as the only ones who can actually have the babies but maybe they could have just had the kids and left them home with the men.  Women might not have ruled the world in the past but perhaps we will be in the future. If anything, the conversation just gives interesting food for thought.  On a side note, we actually do rule the world but perhaps not from a corporate seat.

don't be a loser

Losers from Everynone on Vimeo.

My brother has been involved in the running and growth of a production company for the majority of his career.  He has an amazing eye and a smart business head.  He has produced some of the most memorable commercials for brands such as Apple, Coca-Cola, Jack Daniels, Old Navy and more.  It is always great to get together and have him show me what he is working on.  He is passionate about his directors and has a moral compass around what they are trying to create.

One of the projects he is working on now is called Losers by Everynone.  Everynone is three guys who are seriously talented in the medium of short films/advertisements ( maybe long films one day ).  My brother showed me their work some time ago before they became part of his company.  This particular short is very powerful and deals with the societal problem of bullying. 

Bullying has been around forever but now with social media, people can bully others through Facebook and other online sites anonymously making it even more difficult to deal with.  We have all read some of the terrible reprecussions that have taken place including the suicide of teenagers who just couldn't take it anymore. 

How do we deal with this issue?  Facebook should be all over this as a public service to educate people about how bullying is not okay.  Truth of the matter, I bet some of the most successful Internet entrepreneurs were bullied when they were kids...and then they grew up to run the world.  Why can't those entrepreneurs get behind this message and make this a national campaign using their brands?  They could and they should.  BTW, I'd be happy to put you in touch my brother. 

Watch the video.  It is pretty powerful.

Ringing in 2012

The best part of New Years is the shift from one year to the next.  Almost like a birthday.  You have to have it in order to account for time but there is nothing monumental about the evening or day as a whole. 

Maybe it is age, maybe it is a time of my own personal life, but I have begun to enjoy New Years more as I reflect on the past year and think about goals to set for 2012.  I asked Jessica, my oldest daughter, if she had any new years resolutions this year.  I absolutely love what she said.  I always set goals for myself so if anything it is just another reason to reflect on what goals I accomplished and set new ones going forward.  I couldn't agree more. 

I set a series of goals for myself this past summer and have done a pretty decent job of achieving most of them and am really happy with the outcome.  I know the world balance is used way too much but it truly defines what I continue to look for.  I am almost over extended right now and am setting goals on how to say no more often, concentrate a little bit more on myself, enjoy the moment and stop moving at a lightening pace at all times.  Oh, of course there is the addition of losing ten pounds which has been one of my annual resolutions since I was about 15. 

I am excited about 2012.  Am always the optimist.  Lots of exciting things in the pipeline.  I want to wish everyone who has been part of the Gotham Gal community a happy healthy 2012.  Looking forward to hearing from all of you in the year to come. 

 

have yourself a merry little christmas

There is something about being Jewish and watching the entire world unfold into a Christmas wonderland during the month of December.  I always wanted a tree.  To me, it has absolutely nothing to do with religion but more of a celebration of the season. Then I married Fred who grew up in a home where Christmas was a big deal.  In our first apartment we had a tree and went ornament shopping.  The next year we threw an ornament party.  We still have those ornaments today.  Here is our tree this year. 

The last decade we have spent traveling during the Christmas season.  This year we took a break from that.  We recently bought a ski house in Utah and decided to spend the holidays at the house with family. 


We each picked a name at Thanksgiving so we each only had one person to get a gift for.  Just a ritual.  It was nice.  I got these three coffees from mine, aka Josh.

I made a traditional Christmas dinner, aka standing rib roast.

and popovers...and they rose!

I miss the big trip but there is always next year.  Sometimes a little change of pace is nice way to celebrate the season. 

To all of you out there...hope you enjoy the end of the year wrap up....how ever you choose to celebrate the season. 

How often and when should we pivot?

Women 2.0 has been compiling questions for a book project called 101 Questions About Launching  Your Company.  Of course all the answers are by female investors, founders and CEOs.  Love that!

Here is the question that I chose to answer:  How often and when should we pivot? 

One of the definitions of pivot is; A person or thing on which something depends or turns; the central or crucial factor. 

Pivot is a word frequently used in the start-up world.  Companies pivot but another word to use here is evolve.  One of the definition of evolve is; to develop or achieve gradually. 

Let's say an entrepreneur raises money around an idea.  The idea forms, the company is built and all of a sudden there is a realization that the concept is not getting any traction, that revenue is impossible to capture, the company is just not cutting it and the runway of cash is getting shorter by the day.  After much conversation between the company and the investors there is a realization that if they pivot, in essence change the entire direction of the company, that there is a better outcome for success.  That is a pivot.  The original idea is no longer there but perhaps parts of it still are or perhaps none of it is. 

Most companies evolve.  Success does not happen over night.  It takes years and keep that in mind.  The few companies that just hit the high notes out of the box are few and far between.  As products start to get traction and the business becomes real as companies start to understand where their focus needs to be.  How the business needs to evolve in order to succeed.  Maybe a new product is part of the evolution of the business or a new direction to capture customers and eyeballs. 

Sometimes companies never need to pivot.  You would hope that they don't need to pivot but as an investor you invest in the entrepreneur first.  A good entrepreneur will know if something isn't working and will not stop at anything that is less than success.  They will know that the original plan must change.

What you really hope for is a solid evolution of the business.  So the answer is, you hope you have never to pivot but if you do, pivot quickly and make sure you are pivoting in the right direction because you don't get alot of chances to pivot your business model.  It costs money to pivot your business.  If you have a solid business, you get plenty of time to evolve.