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If At First You Don’t Succeed, Build A Better Network

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Families play an essential role in the choice to become an entrepreneur. Having their support can be a source of resilience during the lows of entrepreneurship. Having that support withdrawn can be devastating and essential to replace.

Nyha Shree is a cofounder of Jumper.ai. Jumper is a conversational commerce platform that enables brands to engage with customers and convert sales right within social messaging. She is a serial entrepreneur whose prior companies, for the most part, had limited or no success. 

She grew up in India, in a very forward-thinking family. Her parents taught her to be independent, something that was not common for girls at that time. Initially, her family was supportive of her choice to become an entrepreneur. 

However, the path to entrepreneurial success is not smooth. It is a long, very rocky journey. Disappointments and setbacks are countless, from being turned down for funding to lack of customer enthusiasm for your product, from competition to staffing issues. Since Shree was not succeeding as an entrepreneur, her parents felt she should pursue a corporate career. They withdrew their support, which was devastating.

Evidence finds that entrepreneurs have a higher likelihood of depression and anxiety. Making matters worse is that startup entrepreneurs often neglect their health, which makes them less resilient. "You can get into a startup mode, where you push yourself and abuse your body," says psychiatrist and former entrepreneur Michael A. Freeman in an Inc. article. "That can trigger mood vulnerability."

To be honest and frank, this was a very lonely period in my life. There's not much acceptance of failure," Shree said. "Every support system that I had broke down." However, like Scarlett O'Hara, she believed that tomorrow is another day. "I started journaling my thoughts, experiences, and goals." In her heart of hearts, she knew that if she persevered, she would be successful.

"To be honest and frank, this was a very lonely period in my life. There's not much acceptance of failure. Every support system that I had broke down."

Nyha Shree, cofounder, Jumper.ai

Entrepreneurs may call it passion, persistence, and stamina but at least one psychologist calls this 'grit' — and it can outweigh IQ as a predictor of success, says Angela Lee Duckworth, Ph.D., assistant professor of psychology at the University of Pennsylvania. Grit, by her definition, is the tendency to sustain interest in and effort toward very long-term goals. Self-control, another critical characteristic of successful people, is the ability to regulate emotions, thoughts, and feelings in the service of valued goals. Those who demonstrate both traits may have the winning combination for creating a thriving business.

Having a support system outside those who love you is essential. Shree's cofounder and Jumper CEO, Yash Kotak, had many options for that support but the groups he joined were male-dominated and male-oriented. This year she joined The New York Fashion Tech Lab (NYFTL), which is cofounded and produced by Springboard Enterprises, the oldest accelerator dedicated to scaling female founders. It has helped 769 female founded companies raise $9.5 billion.

If you haven't walked a mile in a woman's heels, you can't understand the unique challenges she faces: less savings to bootstrap and financed at lower rates, lower levels of social and human capital, the demands and stereotypes related to motherhood, among other things. Despite evidence to the contrary, society holds on to the belief that women can't be successful founders. As it turns out, women are better leaders, outperform male founders, and deliver more revenue per dollar invested

Women also fear that if they share their issues, they will be seen as weak, needy, and emotional, particularly by male-dominated networking groups. As a result, an array of support options tailored to the unique needs of female founders is emerging — and growing.

  • Role models: There is a growing list of female founders success stories, as evidenced by Series A, B, C, and D venture deals as well as IPOs and exits, as summarized by the Female Founders Fund.  Role models are entrepreneurs you admire who provide important life lessons. As they say, “you can’t be what you can’t see”.
  • Training: accelerator programs specifically for women, such as Springboard Enterprises. Accelerators provide access to mentors, experts, funders, influencers who are dedicated to building high-growth companies. They also showcase participants at demo days.
  • Networking: Dell Women's Entrepreneurs Network connects women entrepreneurs across the globe with networks, sources of capital, knowledge, and technology. 
  • Peer support: Women Presidents' Organization are confidential and collaborative peer-learning groups that accelerate business growth, enhances competitiveness.
  • Coworking spaces: Luminary and The Wing are female-focused communities of empowered professional women and entrepreneurs with a space to develop, network, and connect.

While women face additional challenges when starting and scaling their companies, Shree doesn't want to focus on these limitations. "If I keep thinking about those challenges, I will not be able to overcome them," she said. "I focus on my goals. I don't want negative chatter in my mind to take my focus away from achieving my goals." 

Speaking to other women about how they stay strong can help you be strong. What entrepreneurial support systems will you use?

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