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Female CEOs from around the world are urging women to dream big, innovate and build successful businesses.
At the Forbes 30/50 Summit in Abu Dhabi this week, female founders discussed the challenges women face in business.
The four-day conference, which kicked off on Tuesday, attracts female entrepreneurs from the business, creative and non-governmental sectors from more than 30 countries.
Being an entrepreneur is harder than running Merrill Lynch, I know
Sallie Krawcheck, Founder and CEO, Ellevest
Speaking at the conference’s On Top Of Your Game session, Wall Street veteran Sallie Krawcheck said entrepreneurs must identify specific issues they need to address before launching a company. question.
“Being an entrepreneur is harder than running Merrill Lynch, I know,” said Ms. Krawcheck, who founded Ellevest, a digital investment advisory firm for women, in 2016. Previously, he led American Wealth Management and Citi Private Bank.
“Every day is more difficult than the day before for different reasons. 90% of startups fail for a reason,” she said.
“I would only do it if you see a problem that needs to be solved and you absolutely have to solve it.”
Stand out and make a bigger impact
Ms. Krawcheck, a powerful influence in the U.S. financial investment community, urged women to stand out and not suppress their ambitions.
“It was a decision I made at a certain point in my career that I wanted to make a bigger difference, and in order to make a bigger difference, I had to stand out,” she said.
“I saw the women who came before me on Wall Street who failed to make it to the top, and I thought if I tried to stay in the crowd and play it safe, I wouldn’t succeed.
“Making big decisions on big stocks, seeing things that no one else sees and making big decisions — that’s what we’re doing.”
Samia Bouazza, group chief executive of investment firm Multiply Group, said continuous adaptation to change is key.
“I still go to work and every day I think this is just the beginning,” Ms. Bouazza said. She founded the company in 2003 and in 2021 became the first woman to list it on the Abu Dhabi Securities Exchange.
“When you start with a bold vision, growth can happen very quickly.
“But then you still need to create growth for shareholders, you still need to innovate, you still need to bring something new to the table.”
She said her team is driven by a “the best is yet to come” mentality.
For women who want to take their companies public, she recommends outlining clear goals.
“I strongly encourage you to imagine why you want to go public,” Ms. Bouazza said.
“What can you bring to shareholders who invest their money in you instead of the bank?
“What’s the next step after the IPO? What do you do when you raise money?
“Do you use it to drive more growth? You need to have a good plan, lay it out in the prospectus, and actually execute on what you told shareholders you were going to do.”
overcome setbacks
Both women said it’s important to overcome disappointment and failure.
“From the beginning, your mindset should not be to expect that anything is going to be a straight line,” Ms. Bouazza said.
“Success is not about you doing the right thing and one day you wake up and, bingo, you’re so successful.
“There are so many ups and downs, so many setbacks that you need to be prepared for.”
Ms. Bouazza said women need to know which struggles are worth fighting and which sacrifices are necessary.
Ms. Krawcheck said vigorous exercise helped her get through New York’s “depressing winters” and she tried not to let negative criticism get her down.
“For my mental health, I focus on what’s important rather than what I can’t control and develop a thick skin,” she said.
“While slingshots and arrows can cause damage, you need to let them go and focus where they belong.”
Updated: March 8, 2024 6:09 am
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