A few years ago, a grad student studying the field of management conducted a telling experiment. In a simulation, she had men and women both negotiate for a starting salary. The results were shocking: Women asked for about $7,000 less than the men. But what’s more interesting is that when women negotiated on behalf of a colleague, they asked for more, essentially closing the pay gap. Even though we steadfastly advocate for our colleagues, we ladies have a tough time asking for what we’re personally worth. We’re concerned about our reputation hitting a nosedive if we go into a negotiation swingin’. Instead of panicking about your salary negotiations, ladies, approach the situation like you’re solving any other problem. And think about the other people your salary may be supporting in order to tap into that savvy negotiator within!
WOMEN IN NUMBERS: Fewer Than 20 Percent
As women, part of the reason we’re often afraid our image might be tarnished when asking for a raise is that, well, many people are still uncomfortable with women standing up for ourselves, particularly when it comes to money. For small-business owners, this couldn’t be more apt. For instance, American women receive fewer than 20 percent of the U.S. Small Business Administration’s most popular small-business loans.
WOMEN TO WATCH: Elizabeth Gore and Carolyn Rodz, Co-founders of Alice
What do you get when you combine the superpowers of two former On the Dot Women to Watch? Some serious female badassery, of course. Elizabeth Gore and Carolyn Rodz are our sheroes, and if they aren’t yours yet, they will be after you hear today’s story.
Both of these powerhouses have been major players in the business world for nearly two decades. Elizabeth has long worked as the lauded entrepreneur-in-residence at blockbuster tech company Dell. And Carolyn started a super-cool virtual accelerator program for entrepreneurs called Circular Board, which Fast Company deemed “the fastest-growing accelerator for women and minorities.”
With their powers and extensive know-how combined, Elizabeth and Carolyn have formed an exciting new venture called Alice. Born from a conversation they had while sitting on a mountaintop in Utah brainstorming how to help women infiltrate the startup world, Alice is an innovative digital ecosystem that connects entrepreneurs with the savvy business advice and resources they need to succeed.
Alice partners with the likes of the U.S. Small Business Administration, Dell, the United Nations Foundation and more big-time players to guide entrepreneurs to real solutions. From a breast-milk bank in Nevada to senior health-care facilities in Mongolia and a solar-bike manufacturer in London, Alice supports female-driven entrepreneurship ventures through every stage of life.
What’s unique about Alice is the technology behind the open platform. By using artificial intelligence, Alice filters the infinite amount of resources available to give entrepreneurs a helping hand, whether they’re just launching their biz or pushing toward an IPO.
On this very day, March 1, and tomorrow, March 2, Elizabeth and Carolyn are leading a one-of-a-kind conference of exceptional policymakers, investors, female entrepreneurs and more in Washington, D.C. Called Circular Summit, the event features panel discussions about a variety of entrepreneurial-focused topics, including how vital teammates are to startup success, how to build a following, how to invest in a digital campaign that produces results and, of course, how to turn a profit.
Thanks, Elizabeth and Carolyn, for yet again empowering female entrepreneur superheroes with the resources, helpful info—and one heck of an innovative sidekick—they need to succeed in changing the world. Hello, Alice!
QUITE THE QUOTE
Ladies, are you ready to dip your toes into the entrepreneurial realm? Take this advice from Faye Wattleton, the co-founder and former president of the Center for the Advancement of Women. She said:
“The only safe ship in a storm is leadership.”
This is Melinda Garvey signing off until next time. Remember, ladies, empowered women empower other women. Share On the Dot so more women can have a voice. Thanks for getting ready with us.