CEO SPOT

January 9, 2019 by  
Filed under Featured Articles, Front Page

 

I have an interview with Amy Walker on CEO SPOT podcast! I’m really excited, we had a great time, she really get it!

I hope you’ll listen and give her feedback!

Raising Funds With Business Crowdfunding Tools Part 1 of 5

Raising Funds With Business Crowdfunding Tools Part 1 of 5
By Dr. Letitia Wright

Crowdfunding is a term that covers many different things under business funding. If you think of Go Fund Me then, you’re missing out on what generated $187 Billion in 2018. It’s a whole lot bigger than Go Fund Me. Business Crowdfunding is going to grow past that in 2019 even if the American economy takes a dip because the worldwide economy is still growing and people can invest outside of the United sTates. Most wealthy American investors DO invest outside the United States. But that is a discussion for a different article.

Websites for crowdfunding are tools. They are not crowdfunding itself. The sites you use are merely a tool on which you crowdfund. In some cases ( not all) you don’t have to use a website, you can do crowdfunding on your website if you choose. I am not going into the details on that in this article, but I want you, dear reader, to understand that the option does exist. Successful business crowdfunding depends on having better tools at hand. Making sure you have the right website for your business or project is key to being successful. Thoughtful consideration to which site you are using is critical. When you only know about the “BIG THREE”: Kickstarter, Indiegogo, and Go Fund Me and there are over 2, 500 to choose from, you can not possibly make a good choice for yourself.

Most people who are running a business do not have the time to do the proper research. When people tell me they have been “looking” into crowdfunding and “researching it,” I am a bit skeptical. Not because I think they are not smart enough. I think, in today’s world, where we are over-committed, over-informed with information we don’t need and generally over-whelmed as business owners, I can’t imagine how anyone has the proper time to do that. Even if you read five books on crowdfunding before you crowdfund, it would take you anywhere between 2-6 months to do that, and your skill level would still be very low because you have never done it before. Imagine reading all the books on how to play baseball and then getting your turn at bat in a major league baseball game. Your knowledge of the game is there, but your skill level is not up to par with everyone else.

So having a strategy is very important. A crowdfunding strategy is a must-have tool. It’s the first thing you need before you start figuring out what website to use. Having someone who helps you put together a winning strategy is essential. 65% of people trying to crowdfund do not reach their goal. They think they are going to copy a successful campaign, but it’s hard to do with explicit knowledge of that strategy. I’ve helped reach and raise their goals over and over. And I’ve also helped people do a business check so they can improve their company over and make money in other ways.

I work with Purposeful, Passionate Female Founders who are looking for alternative funding, if that’s you, let’s talk! You can get on my calendar at
http://www.meetwithDrWright.com

The Case for the 60+ Female Founder

December 21, 2018 by  
Filed under Featured Articles

 

The Case for the 60+ Female Founder
By Dr. Letitia Wright

When you think about startups or new companies that get funded millions of dollars you might be thinking of the founders as only one category. I have used this shorthand to describe them, and many of my female colleagues know precisely who I am talking about. We think pale, male and just old enough to drink ale. But studies show that founders over 40 are doing the heavy lifting. They are starting successful companies at higher numbers. Why? Because they are more experienced in both business and life in general. They have connections, support and that creates more opportunities.

But I want to address a section of the female founder that I think is being ignored. And make a declaration that I am looking at you. The Female Founder who is 50, 60 or 70 years old. Why bother starting a business at that age? Here is why you would or would not:
Do it: If you spent your life working a job that was good but always had a desire for your own business and knew exactly what you wanted it to be. Because of obligations, you did not pursue your own business. Now your circumstances are different. You are not taking care of an entire household, perhaps it just you or you and your significant other. Now it’s time to set aside other people’s priorities and go for yours.

Funding an experienced person is a better bet for any investor. A mature person who partners with a younger tech-savvy person has an incredible edge. If you’re a female founder over 60, it might not be time to throw in the towel. Here’s why:

Don’t do it if: Your adult family still lives with you or family members expect you to pay bills or rescue them financially when times are tough. When it’s time to choose as to how to spend your money, you will not invest in your business, you will always choose your family, and your business will suffer.

Do it if: You have a high desire to contribute to the world and make changes. That does not go away just because you are older. Other friends might be slowing down and retiring, but if you’re not, then you need to do something good with your energy.

Don’t do it if: You have no desire to do anything but retire, stay home and relax. You have done what you wanted to do, and now you want, and you don’t want to be bothered.

Do it if: You have a solution or invention that you feel will make a difference, even if you don’t feel tech savvy.

Don’t do it if: You hate the fact that kids today have cell phones and internet and it drives you crazy.

Do it if: You’re open to having a friendship- not mentorship but friendship with someone who is 20 or 30 so that you can learn from them what’s happening right now.

Do it if: You have a curious mind and are open to partnering with someone in a new business.

Don’t do it if: You don’t like 20 or 30-year-olds, think they are stupid, entitled, stinking millennials ( they’re not)

Do it if: You are open to learning more and are ok with not being the smartest person in the room.

If you’re ready to talk about your next business adventure, a special Sky day VIP day with me might be in order,

Let’s talkĀ https://wrightplacetv.as.me/SkyDay

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