MIND YOUR MENTORS

Mentorship can be a ‘game-changer’ for entrepreneurs MIND YOUR MENTORS

Programs at Women’s Enterprise Centre range from mentoring to leadership conferences to networking events • MAXINE BULLOCH PHOTOGRAPHY

KATHRYN HELMORE J anie Hungerford, founder and CEO of Hungerford Interior Design, is perched on a stool in a spacious and light-filled office at Fir and West Second.

A born-and-raised Vancouverite, Hungerford has worked on projects ranging from Victoria’s Times Colonist building to Shaughnessy heritage homes. She has won awards from the Architectural Institute of British Columbia and is a 2019 Best of Houzz winner for service and design. Last year, she won a Business in Vancouver Forty under 40 award, which recognizes outstanding young professionals in the Vancouver area. Hungerford started her business a decade ago, working from a home office. A mother of four, she juggled running a startup and the demands of full-time parenting.

She overcame these challenges with the help of a family connection, Lisa Turner, a veteran interior designer. Turner helped Hungerford establish good systems, manage clients and find a good work-life balance. She also offered other, less tangible forms of support.

“Lisa told me to envision the clientele that I want and make it happen,” Hungerford says. “You have to focus on what you want, what you’re good at and what inspires you.”

Hungerford is one of about 52,000 female business owners in British Columbia, according to Statistics Canada data from 2018. While these women work in vastly different industries, many have found success using the same tool: a sharp and experienced mentor.

“Mentorship is about sharing knowledge and expertise based

on experience of running a company,” says Kaitlyn McConnell, mentoring program manager at the Women’s Enterprise Centre, a Vancouver-based non-profit dedicated to helping female entrepreneurs succeed. “A mentor is a sounding board; they hold their mentee accountable and help them develop action.”

Programs at Women’s Enterprise Centre range from one-on-one mentorship and group peer mentoring to leadership conferences and talks. According to a 2019 survey conducted by the centre, its mentoring program is very successful. Of 272 past participants, 95% say they are confident in their business skills after mentoring, up from 39% before mentoring. Additionally, the number of mentees still in business after five years was 95%, compared with a national average of 63%.

Former Women’s Enterprise Centre mentee Shaina Azad, founder and CEO of Vancouver-based cosmetics company Suva Beauty, launched her business four years ago. Catering to her under-35 market, she channelled the sharing power of Instagram to grow her business into an international brand sold in 30 countries. While Azad may make social media marketing look easy, going global was not effortless.

“One of the most challenging things about being an entrepreneur is not having anyone to share your experience with,” she says. “It wasn’t like I could talk to my friends about compliance and regulatory standards.”

Unlike Hungerford, Azad did not have personal access to a mentor. She reached out to the Women’s Enterprise Centre and was matched with Jennifer Hood, a veteran entrepreneur and the owner of Jump Gymnastics, a gymnastics centre with locations in Vancouver and North Vancouver.

“Mentorship was a game-changer for me,” Azad says. “I was fortunate to be paired with a very successful businesswoman, Jennifer Hood. She has been through it all and had so much to share with me. I learned how to better manage my staff, got some great HR tips and went into overdrive with creating process documents for my company. Overall the changes allowed me to streamline and become much more efficient

New opportunities for growth are on display across Vancouver. On the last Tuesday of the month, in the wood-panelled dining room of the 108-year-old Sylvia Hotel, the Ladies Meeting hosts an informal talk on finances, sales or other subjects relevant to up-and-coming businesswomen.

It starts with a game. Participants pass around a sparkly pink microphone and share three things: who they are, what they can do and what they want. As the baton is passed around the room, answers range from “I want to grow my business” and “I want help” to “I can be a good listener” and “I can help you with filing taxes.” The sharing and receiving of knowledge lends momentum to help the women navigate hurdles and realize goals. É

A MENTOR IS A SOUNDING BOARD; THEY HOLD THEIR MENTEE ACCOUNTABLE AND HELP THEM DEVELOP ACTION j Kaitlyn McConnell Mentoring program manager, Women’s Enterprise Centre

FIND A MENTOR

FORUM FOR WOMEN ENTREPRENEURS The Forum for Women Entrepreneurs, a Vancouver-based charity, hosts a mentor program open to all Canadian female entrepreneurs. The one-on-one meetings are face to face or remote and involve a commitment of one hour per month. Pairings begin at the start of each month. The cost is $280 for new pairings and $170 for return pairings. For more information, visit fwe.ca/mentor-program.

WOMEN IN LEADERSHIP FOUNDATION The Vancouver chapter of the Women in Leadership Foundation offers two mentorship programs. The Accelerated Leadership Mentorship Program is a fivemonth, one-on-one cohort mentorship program that helps develop women’s leadership ($300 per mentee). The Employer Internal Mentorship helps companies or organizations create their own women’s leadership mentor programs. For more information, visit womeninleadership.ca/mentorship.

WOMEN’S ENTERPRISE CENTRE The non-profit Women’s Enterprise Centre offers four mentoring programs: One-to-One Mentoring ($150); Peer Mentoring Groups ($150); Taking the Stage, a discussionbased lecture series ($150); and Mentor Advisory Forums (free). The programs run year-round. For more information, visit womensenterprise.ca/ business-advising-mentoring.

YOUNG WOMEN IN BUSINESS An organization oriented toward young and recently graduated women, Young Women in Business offers a Blueprint Mentorship Program. The program is designed for women in the first five years of their career and pairs them with experienced mentors from the Vancouver business community. Face-to-face meetings are held at least once a week. Pairings begin in November, and the program kicks off in January and runs through May. Four mandatory events are included. For more information, visit ywib.ca/vancouver/ programs/blueprint-mentorship-program.

Kaitlyn McConnell, mentoring program

ARE YOU A CONSULTANT OR A COACH? Understanding your mentoring style and other tips on being a good mentor for women in business

TERRI MARGO

I am really motivated to ensure female entrepreneurs get the help they need to end the persistent wage gap, funding gap and overall gap in economic power in the business world. And I am sure you are too.

I am also pretty motivated to support change in business decision-making in general. Pure financial metrics have driven us to create income disparity and divisionism and have contributed to climate change. That’s another reason why I want to help women develop in business. Women tend to bring more holistic values to business so that decision-making is more balanced.

From my perspective, women tend to build strong, stable businesses that are grown organically. They tend to choose businesses that are values-based. They tend to keep their expenses down and distribute payment more fairly across an organization. But they also tend to underpay themselves (often not drawing pay for prolonged periods of time) and undercapitalize – and take fewer risks when they should be going after the big prize. They tend to do more of the work instead of giving themselves time to think and strategize. And this is where I think effective mentoring can help. Mentoring is most effective when you: ■ understand who you can help; ■ pick the right mentee/mentor; and ■ give to the relationship to move the needle.

CONSULTANT VS. COACH: WHICH ARE YOU? There are two types of approaches to mentoring: the consultant versus the coach.

The consultant likes to share knowledge and experience, hopefully tailored to the mentee’s needs and specific situations.

Mentees who work best with the consultant type of mentor ask more questions; they want to solve issues like how to negotiate a loan with the bank or how to export to the U.S. Working with a mentor can help them avoid a long and sometimes painful learning curve.

Some mentors are more like coaches who ask key questions that shine a focus on key issues for the mentees. These mentors are good at helping mentees work out their own problems and give them a great sounding board.

It’s pretty lonely in a business on your own, especially if you don’t have peers. To keep morale up and the business running smoothly, entrepreneurs often don’t want to share their problems and worries with their staff. So just talking about issues is important. A coach-style mentor asks great questions like “How much time do you spend in sales?” or “What does success look like in your upcoming meeting?”

Understanding your mentoring style is important in selecting a mentee.

PICK A MENTEE TO MATCH YOUR STYLE Organizations like the Women’s Enterprise Centre are great at matching mentors and mentees in their programs. They provide a pre-interview that enables you to meet a mentee prior to a formal engagement. This first conversation is really important to help you determine if you have a style match and the experience or skills the mentee needs at this specific time in her business. Consider questions such as: ■ Does the mentee know her metrics? This tells you the level of control in the business. ■ Does the mentee have more than one issue? Do your skills match the issues? ■ Has the mentee worked with other mentors? What style worked best? Did she use the advice? Did it move the needle? ■ How committed is the mentee to the business? Is she juggling too many other projects? I recommend you gracefully walk away if you don’t think it’s a match. Truly, there are lots of people who need your help. The right person at the right time can make a big difference.

GIVE, GIVE, GIVE Finally, once you are in the relationship, give as much as you can.

Help is different depending on the age and stage of the business. I find that mentees need the most help when they are overwhelmed and stuck in growth. So helping to identify the strategic issues and next hires is critical to relieve pressure.

Roll up your sleeves. Often entrepreneurs need budgeting/financial help. I like to start with reading the financial statements. É

Terri Margo is an independent consultant who works with small to mid-sized businesses on general strategy and projects to improve the bottom line. She has been mentoring female entrepreneurs for over 10 years and has been mentoring through the Women’s Enterprise Centre for one year.

ROLL UP YOUR SLEEVES. OFTEN ENTREPRENEURS NEED BUDGETING/FINANCIAL HELP. I LIKE TO START WITH READING THE FINANCIAL STATEMENTS

TURNING GAPS INTO OPPORTUNITIES Female entrepreneurs and investors have the chance to optimize the economy and create a better world

JILL EARTHY

Capital is the essential fuel for any growing business. Yet female entrepreneurs are securing only a fraction of total dollars in small-business loans, conventional loans and venture capital. Why is this?

One reason for this funding gap is that women tend to be more “risk astute,” meaning we take more calculated risks through extensive research to understand the options available and take time to ask questions and to develop relationships. This is a good thing. Female entrepreneurs want to grow but tend to build businesses at a more sustainable rate of steady growth. The capital needed for this may be different and may include a mix of debt and equity, depending on the business model.

This slower rate of growth is hard when, in the technology sector, success is frequently defined by the amount of money raised. It is time to redefine this! Female entrepreneurs tend to focus on revenue growth through customer acquisition, making private technology companies led by women more capital efficient; according to the Kauffman Foundation, such companies achieve a 35% higher return on investment and, when backed by venture capital, 12% higher revenue than male-run startups. A report by Boston Consulting Group says that female founders deliver more than twice as much per dollar invested than male-founded companies, and according to Startup Canada, they contribute $148 billion annually to the economy while employing 1.5 million Canadians. These numbers demonstrate a significant opportunity.

Another reason women secure less capital is the lack of diversity in those making the investment decisions. As humans, we all have bias, and thus we need diverse perspectives determining how capital is allocated. We currently have an investing gap, with women representing just 17% of angel investors, 15% of venture capital partners and 13% of corporate venture capital partners, according to the 2019 Women in Venture report released by Female Funders and Highline Beta. By increasing the number of women investing in early-stage companies, we will see a shift in capital to support more diverse founders and a broader range of companies. We will see new models being created and new definitions of success.

With women expected to hold nearly a third of the world’s wealth by 2020, we have an opportunity to effect change. As women we often identify as advisers, mentors or champions but not always as investors. Angel investors are high-net-worth individuals who are willing to take a chance on an early-stage company, usually with a cheque of $5,000 to $100,000. Women possess the capital, expertise and leadership abilities to invest, so why aren’t more of us participating? In some cases, it is because we don’t know where to start. Investor education programs such as the one offered by Female Funders can help, as can investment platforms such as FrontFundr, which increases access for more people to invest in companies they believe in. Women tend to be risk astute as investors as well, conducting research and asking questions before handing over their cash. Guess what? A 2018 Warwick Business School study found that women are outperforming men when it comes to investing.

The research also shows that female entrepreneurs are building, and women are investing in, companies that are making a positive impact on the world. With the global climate crisis upon us, this is more important than ever. We need to close the circle. Female entrepreneurs need both financial and social capital to create the innovations shaping the future. Female leaders possess the experience, expertise and access to capital to support these companies. By connecting the two, we can increase the amount women own in equity from 49 cents for every dollar owned by men (according to Carta’s Table Stakes study) to enhance wealth opportunities – and continue the cycle.

The good news is that there are many new initiatives – such as Launch with GS, Goldman Sachs’ $500 million commitment to narrow the gender investing gap, and Melinda Gates’ commitment to invest $1 billion in gender equality – to help get us there. We know that having more diverse perspectives at all levels of decision-making results in stronger outcomes for all.

We each possess the ability to create impact through advocacy, leadership and the choices we make as consumers and investors. What action will you take to effect change? É

As a strategic adviser and consultant, Jill Earthy works on a number of projects to accelerate the advancement of female leaders, entrepreneurs and progressive companies. Her background includes being an entrepreneur, supporting entrepreneurs in various leadership roles and working at an online investment platform. She currently serves on the boards of Sustainable Development Technology Canada, Women’s Enterprise Centre and Forum for Women Entrepreneurs, and as co-chair of We for She.

BY INCREASING THE NUMBER OF WOMEN INVESTING IN EARLY-STAGE COMPANIES, WE WILL SEE A SHIFT IN CAPITAL TO SUPPORT MORE DIVERSE FOUNDERS AND A BROADER RANGE OF COMPANIES

PEER-TO-PEER POWER

MICHELLE HOPKINS W omen now account for 28% of all entrepreneurs in Canada, and the number is growing at a rate 3.1 times faster than that of men,

according to the Business Development Bank of Canada study A Nation of Entrepreneurs: The Changing Face of Canadian Entrepreneurship.

Released in November 2019, the study also found that the number of female entrepreneurs has quadrupled since 1976.

Realizing that female entrepreneurs didn’t have the same resources available to them that their male counterparts did, Barbara Mowat decided to establish a peer-to-peer group specifically for women.

“It is a well-known fact that women face unique barriers, whether it is accessing capital, supply chains, the proper networks and expertise relative to their male counterparts, and they have a harder time finding the mentorship to help them be successful in their entrepreneurial journey,” Mowat says.

In 2010, Mowat founded GroYourBiz (GYB), a membership organization offering monthly peer advisory boards for female entrepreneurs who want to take their business to the next growth level.

“I wanted to do something that supports all women in every sector of business, no matter if they live in an urban setting or in an isolated area anywhere in the world,” says Mowat, a trade and international business development specialist, who estimates she has helped tens of thousands of businesses over the past 30 years.

What makes GroYourBiz different from other networking groups for women is the use of innovative virtual boards connecting women across the globe.

“GroYourBiz is the first Canadian organization to provide peer business advisory boards for women business owners (WBOs) utilizing innovative virtual platforms to connect WBOs worldwide,” Mowat explains. “Utilizing technology allows members to ‘see’ each other, providing a closeness, from the comfort of their own home/office. This allows [women in] Indigenous and rural communities from remote regions to have the opportunity to grow their businesses, no matter where they live, through our virtual board.” Through these channels, GroYourBiz helps women become better leaders, make better decisions and achieve better results. That is achieved through monthly problem-solving meetings, expert speaker workshops and peer-to-peer accountability. That’s not all. “GYB members benefit from trusted advisers who participate on the boards and who are professionals from finance, accounting, legal and technology firms,” Mowat says. “The affiliated companies, such as BMO, Telus, Salesforce and others, have benefited from the knowledge of the GYB team and members, which has enabled them to support WBOs with more success.”

Today, GroYourBiz has 29 advisory boards across Canada and virtual boards around the world, including in the U.S. and the U.K. Membership costs $1,500 a year.

For Cathy Press, CEO of Chinook Helicopters, a private pilot-training school based at Abbotsford International Airport, the support from like-minded women has been instrumental in her success.

“When I was approached to join, I felt I had achieved what I wanted to, but Barb [Mowat] insisted there was more I could do to grow my business,” Press says. “With GYB members, I realize that the challenges I face in the aviation industry aren’t that much different from [the challenges facing] someone who owns a flower shop or is a graphic designer.”

Since joining GroYourBiz in 2013, Chinook Helicopters has grown to 45 employees from 15.

“GroYourBiz has given me the confidence to take my company to a whole new level,” explains Press, who says she was the first female flight instructor in the country and runs the province’s only female-run aviation school. “At each monthly meeting, our informal board of directors keep us accountable for our business goals. Barbara and the board

WITH GYB MEMBERS, I REALIZE THAT THE CHALLENGES I FACE IN THE AVIATION INDUSTRY AREN’T THAT MUCH DIFFERENT FROM [THE CHALLENGES FACING] SOMEONE WHO OWNS A FLOWER SHOP OR IS A GRAPHIC DESIGNER j Cathy Press CEO, Chinook Helicopters

GroYourBiz founder and president Barbara Mowat: “I wanted to do something that supports all women in every

sector of business, no matter if they live in an urban setting or in an isolated area anywhere in the world” • SUBMITTED

members have had a lot to do with flaming my trajectory to success.”

Vancouver Island member Dionne Laslo-Baker couldn’t agree more. When Laslo-Baker, who holds a PhD in medical science, founded DeeBee’s Organics in late 2013, only two stores agreed to carry her healthy popsicles.

For many female entrepreneurs like Laslo-Baker, one barrier is raising capital. She says that, after banks kept shutting the door on her dreams, Mowat reached out to a lender and “everything changed.” “Because of Barbara and GYB, today we are in 14,000 stores around the world,” Laslo-Baker says. “Meeting Barbara and becoming a member of GroYourBiz were pivotal moments for me and my company.” Both Laslo-Baker and Press say GroYourBiz mentors and peers inspire them, hit them with reality checks on their capabilities and successes and help them grow and learn from their outside perspectives and experiences.

“GYB offers a robust support network they believe is essential for entrepreneurial success,” says Press. With the majority of the high-level business world still dominated by men, it can be hard to blaze your own path and facilitate introductions and connections to like-minded entrepreneurs who can offer suggestions – that’s what GroYourBiz does.

“Barbara and GYB are champions for female entrepreneurs,” Laslo-Baker says. “If it weren’t for GYB, I wouldn’t be where I am today. Barbara is a pioneer, one who walks the talk.” É