6 Things Women Should Know About Starting a Business

1. Show people why the world needs your company.

Christina Mercando, founder and CEO of smart jewelry and accessories company Ringly: "If you're a woman entrepreneur starting a business targeting women, it's going to be harder because so many investors are men. Every time I pitch to a man now, I start by saying a very basic fact: Men keep their cell phones in their pockets, and women keep them in their bags. When I was first pitching male investors, they would say, 'Why would I need a piece of jewelry to alert me if I'm getting a call? I would just feel a buzz in my pocket.' And a lot said to me, 'Let me go home and show my wife.' They didn't get it. I realized you really have to educate your audience, so I did a ton of research on why women would want and need my products. Women spend an average of $1,200 a year on jewelry. Women don't like to wear the same jewelry every day so they'd likely want more than one piece. You have to be able to show there is a market opportunity out there."

2. Know when to say no while growing your business.

Jennifer Martin, co-founder of mini-popcorn company Pipsnacks: "I'm a person who wants to say yes to everything, but saying no early on turned out to be a key decision. The show Shark Tank approached my brother and I when our company was just getting started. How do you say no to being in front of 11 million people and potentially getting funded? But we realized Pipcorn wasn't in enough stores yet and we wouldn't be able to present our brand in the way we needed to to make the most of the opportunity. We ended up saying no and asked the producers if they would come back to us the next year. They came back, and by that point, we were able to get a $2 million valuation and get a deal. We could really use that platform to our advantage."

3. Sell people on your vision — but also on yourself.

Kelsey Recht, CEO and founder of VenueBook, an OpenTable for private events: "I think it's harder for women to both ask for and get funding for their businesses. After I'd met with investors for both the seed round and round A, I'd heard that people didn't think I was forceful or aggressive enough. I though, Maybe I need to come in and pound the table and act like a guy. But then I thought about what they were really saying, and I realized they needed to see confidence in me in order to bet on me. What you're selling someone on is yourself. It's all about your story, but you have to walk in with confidence. People are going to give you a ton of opposing advice. When they questioned me, what they really wanted was for me to stand my ground and say, 'No, you're wrong, I'm actually sure this is what's going to happen, and if you don't sign, it will still be OK.'"

4. Flip your thinking about setbacks.

Rachel Shechtman, founder of Story, a retail boutique that features rotating concepts and live events: "We tend to look at failure and stumbling as a negative. But early on, I decided to look at setbacks for my business as 'Rachel University.' If something goes horribly wrong, instead of wallowing, I think, Well, I'll never have to take that class again, but also, What was the lesson that came out of the thing that went wrong? I look at it as schooling rather than failure. It's a Jedi mind trick. You can acknowledge something sucking and feeling terrible, but this way of thinking also gives you the gift of being able to move forward with your business smarter and faster."

5. Use copycats to your advantage.

Ayah Bdier, founder and CEO of littleBits, kits of electronic modules (motors, wheels, lights, and switches) that snap together with magnets so young inventors can create new gadgets without wiring or coding: "It's upsetting to see the work you do copied, but it's also healthy because it keeps a fire under your butt to remind you that you can't rest on your laurels and you have to keep moving. There were several campaigns on Kickstarter that were making products very similar to ours — it led to sleepless nights where I just lay awake thinking of what to do about them. And then it came to me: We should look at the copycats as prototypes of what we could do. I thought, instead of worrying, we're going to watch what they're doing and we're going to use what we think works. We couldn't have tried these 16 different methods and markets, so instead, we look at them, and see what's interesting and what's not so much."

6. Use your passion to get through the hard times.

Sonia Kashuk, founder and creator of Sonia Kashuk Beauty: "When I was first launching my beauty line, what kept me going through all the challenges was that the more I learned, the more I wanted to know. When you really love what you do, it doesn't feel like work. The more you put in, the better it feels. Passion about your business is an incredible fuel that keeps you going."

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