Hi! I’m Stephanie Breedlove, Co-Founder of Care.com HomePay, Author and Angel Investor.
I absolutely adore taking an idea and giving it life in the form a business, then leading it to its full potential. Nothing is more fun. (Seriously!) I’d love for every woman who wants to start her own business to say the same thing, so here I am, mentoring millennial entrepreneurs. When I’m not working, I like to recharge and head outdoors to hike, bike, or stand up paddle board!
Is that list of business news and trending articles you’ve tagged still unread? I get it. Allow me to help. Take a couple minutes to read my summary of articles serving the most pertinent, actionable business topics. Or, take 10 minutes to read the full article, and put another brick on the foundation of your growing career.
This Week’s Must-Read:
Who it’s for:
Any woman sidestepping the issue of money. (It’s OK to admit that this is you.)
Why it’s important:
It may seem like a given that if you start a business, one of your top priorities will be to earn money. But many women entrepreneurs have a tendency to sidestep this priority. Don’t let money be an issue; make money one of your strengths!
Luckily, some fierce females are leading the pack when it comes to unabashedly seeking the power that comes with wealth. Here are three priceless lessons to learn about money:
- Don’t Prioritize Passion Over Pay: Prioritizing passion over pay is a mistake. Financial success is the key to autonomy. Author Jessica Knoll boldly declared in her fierce New York Times piece I Want to Be Rich and I’m Not Sorry:
“Money is power. If anyone calls that obnoxious, I want to do what men do, and shrug.”
Having money gives you the power to make choices: how to grow your business, when to hire more employees, when to be charitable. Not prioritizing passion over pay doesn’t mean quitting what you love; however, you must spend time planning how to monetize your business. - Know Your Worth…and Make Sure Everyone Else Does, Too: Writer-producer of Grey’s Anatomy Shonda Rhimes says:
“As a woman, you can’t approach anything from a point of view of ‘I don’t deserve’ or ‘I’m not going to ask for because I don’t want other people to get upset.’ And I know that when men go into negotiations, they ask for the world.”
So how do you balance your self-worth with your very real need to pay rent and afford groceries? Protect yourself by being specific. For instance, specify that your fee includes three revisions so clients don’t expect 30. Require half of your fees up front and the other half upon project completion. By putting safeguards in place, you establish your worth – and no one can take that away from you. - Use Your Money to Give Back, But Don’t Give It All Away: Sylvia Acevedo, CEO of the Girl Scouts, is determined to teach girls that making money helps “create your own opportunity.” This is a powerful lesson for grown-up girls, too, since women are more likely than men to use their earnings to help others.
So, if you’re considering donating some business income to a charitable cause, remember that it’s also prudent to look out for your own financial needs. Focusing first on doing well for yourself will enable doing good on a larger scale.
Top Take-Away/Final Thought: Prioritize financial skill and strategy, and be unapologetic for pursuing wealth.
Need more of a dose of female financial power? Dive right in:
My Female-Led Company Raised $6.25 Million in 2.5 Years. Here’s How We Did It.
I Want to Be Rich and I’m Not Sorry.
3 Essential and Money Lessons for Women Entrepreneurs
Why Do Smart, Successful Women Keep Making These Financial Planning Mistakes?