Going Solo: 5 Highlights From Our Frank & Fun "Chat"

Last week, a group of professional women...some in corporate roles and others who are already entrepreneurs...gathered online to glean practical and honest advice from Amy Nelson of The Riveter and Carrie Kerpen of The Whisper Group, two amazing founders who have raised, scaled, and even sold their ventures.

If you missed it, here are some of the brilliant perspectives. If you were part of our session, consider this a refresher. (Inner Circle members can re-watch the entire episode!)

1. Both founders started their businesses as "lifestyle" choices. They both cited parenting and home management roles (they have seven kids between them) as the drivers in making the choice to go solo. They reinforced, however, that entrepreneurship has its own challenges.

2. What were their biggest lessons learned along the way? "Pay yourself first," asserted Carrie. Although investing in your own business is key, don't feel guilty drawing a salary.

   Amy regrets not starting to build an email list sooner. Being able to communicate with your "fans" and supporters is critical.

3. Think early and often about what you want to do in the long term. Ask yourself, "If I were gone, what would happen to my business?" Know how your business is valued and that will help you decide when you may want to sell. Amy started her business (The Riveter) as a co-working venture, but the pandemic forced her to change direction. She pointed out how raising funds is like getting on a fast-moving train and she learned a tremendous amount from the process. Now, she is more mindful of her growth pace, making decisions based on her life stage. "We live in season," she declared and she (as a solopreneur) now makes choices based on what else is happening with her family and priorities. "Choose your board and investors carefully," she reinforces.

4. Create some structure and learn to delegate. Little things, like family dinners and date nights with a significant other, are the "secret sauce" for Carrie, whose husband, Dave, is very structured in his thinking. Amy built a support network as she was scaling her business, but she points out that as kids get older, the balance can often become more challenging. She wakes up at 4:30 AM to get extra hours out of every day and also stresses the importance of creating "non-traditional" moments of family togetherness. She works in blocks and prioritizes self-care. "Scaling back is OK!" is a mantra that we all agreed on.

5. Learn from others and be prepared. Carrie credits "Built to Sell" as a resource that benefited her as she considered the future of her company. She prepared to exit her business during COVID and had timing on her side, selling her business in a mere four months. The process was the impetus for starting her book and community. "The process was lonely," she admitted. Now, she provides help and support to other women founders. Amy reinforced the importance of connections, as both advisors and supporters, as you go through all the stages of building, scaling, and selling a business. Reinforcing an earlier theme, they stressed that "Selling is a season too." Once you sell your business, you need to extract the value and invest in your next stage of life and work.

Last, we all stressed the importance of building a community of trusted advisors and founder friends who you know, like, and trust. Make yourself vulnerable and talk about the "hard stuff."

Please follow both of these terrific women on social media and let us know if you have any questions for either of them. (And consider buying The Whisper Way and joining The Riveter!)

Be sure to join us, along with TV host and non-profit leader Shaun Robinson on Wednesday, November 12th at 5pm PST for this exclusive digital event!