Sally, what are your main tips to Women Social Entrepreneurs in order for them to thrive?
- You have to be the educators in this market.
- Bring the discipline and the proof that your model makes a difference.
- You have got a chance of a lifetime and the opportunities to make a difference in this market place. Seize it.
- Angels find new businesses at pre-revenue stage very difficult so chase any small amount of money you can.
- As an entrepreneur, you need to be outstanding in putting your story across.
- Investors are not here to fund a lifestyle for you, it's about shared risks.
- Cornerstones invest if your business has a chance to attract angel investment.
- If you can go to a bank, get a cheaper loan!
- Get yourself a financially savvy mentor or a non-exec finance director for instance.
- You need to be able to challenge figures as the business grows. If it is not your specialty, have you envisaged attending a course in finances for non-financial managers?
- You found the business, and then you have to build a team. Failure happens inevitably when you think you can do everything!
- Be able to provide evidence of your social impact.
- Get a due diligence pack and tidy up the loose bits.More on Sally Goodsell:
Sally is the CEO of the award-winning FSE Group, a not-for-profit organization which she grew from 1 to 35 employees with £45m funds under management, offering direct investment and professional support to early-stage businesses. Sally started her career in investment banking in the City, latterly at Guinness Mahon where she was a Director. While on a career break to raise her family, she started her own business which she later sold. She is a frequent speaker and has advised national and regional governments on SME finance and female entrepreneurship for which she won the “Prowess award” for Outstanding Contribution to Women’s Enterprise Development. In 2010 Sally established Incito Ventures, the UK’s first female business angel network / VC that is focused on women-led businesses. 2011 also saw the launch of The Social Impact Co-Investment Fund, the UK’s first business angel co-investment fund for social enterprises. Sally is a Board member of the British Business Angels Association (BBAA) and the European Business Angel Network (EBAN). She studied Spanish and Portuguese at University College London and is authorised by the Financial Services Authority.More about Sally Goodsell, the FSE Group and Incito Ventures here.