The Startup Checklist for Success is a comprehensive guidebook that distills the complex world of entrepreneurship into practical insights, blending essential business principles and real-world wisdom to empower entrepreneurs. Why was this an important book for you to write?

I have worked in various industries since 1989 at the senior level in large public and private companies, and as an entrepreneur in companies I set up and ran, so I want to impart valuable nuggets of knowledge learned in a way that I know will help aspiring entrepreneurs. Too many startups fail because entrepreneurs don’t have the knowledge or skills, and I am encouraging women entrepreneurs to understand what they don’t know and arm themselves with the necessary knowledge and skills so that they will succeed.

What is one common misconception you feel people have about entrepreneurship?

Misconceptions are that they will be their boss and earn more money working for themselves, that it is easy, and that anyone can be an entrepreneur because they don’t know what they don’t know. Even if they have a great idea, some don’t have the skills or leadership ability to run a business. I have spoken to several entrepreneurs who thought their idea was worth much money, did not need cofounders to make the business happen, and were looking for funding without business plans. Ideas are cheap without the ability and funds to make the idea into a profitable business, and that takes pure grit, hard grind, courage, resilience, self-belief, and the willingness to take some risks. Getting to the point where you can fundraise involves many steps covered in Start-up Checklist for Success– the essentials you need to know. Because of our combined experiences as entrepreneurs and mentors, we have learned a lot about why start-ups succeed and fail.

Another misconception is that entrepreneurs do not realize the importance of managing cash from the get-go because it disappears quickly if you don’t control it daily. Many businesses fail because of cash shortages and insufficient time to raise more funding. When cash is tight and bills cannot be paid, it diverts energy from getting a business up and running.

What is one hurdle you often see new entrepreneurs face, and how can they overcome it?

In my experience, the biggest hurdle for entrepreneurs is raising finance and managing cash flows; the statistics will bear this out. There are also other hurdles, including, at the beginning having to become a jack of all trades, including bookkeeping, sourcing services, employing people, sourcing office space, and paying bills, but this is temporary.

In many cases, entrepreneurs need help understanding finances or financial jargon. They check their bank account and think it’s okay, but they have yet to learn of the commitments entered into that must be met on specified dates or the accruals in the accounts relating to expenses incurred that still have to be paid. The concept of accrual accounting is not understood, and they don’t prepare forecast cashflows which helps them to look ahead and see when cash will run low. It can take over six months to raise funds, from preparing a business plan to getting the cash into your bank.

CB Insights, in a report dated 3rd August 21, cited the top reasons startups fail, and the number one reason was “Ran out of cash/ failed to raise new capital. “These are critical issues entrepreneurs need to pay attention to be successful. Ref: Why startups fail: Top 12 reasons L CB insights. (2022, December 1). CB Insights Research. https://www.cbinsights.com/research/report/startup-failure-reasons-top/

What is the next book that you are working on and when will it be available?

Statistics show that there are few women entrepreneurs globally. Things are improving due to the efforts of many countries targeting support for women entrepreneurs. According to The World Bank’s Gender Data Portal, “Globally only 1 in 3 small, medium and Large businesses are owned by women. This rate varies across regions from as low as 18% to a high of 50% in Latin America and the Caribbean. “ref: Women entrepreneurs needed—stat! (n.d.). World Bank Blogs. https://blogs.worldbank.org/opendata/women-entrepreneurs-needed-stat

There are many biases that women have to overcome, significantly when raising finances. I explain the biases they may encounter during their entrepreneurial journey and how they can overcome them. I am writing my next book to encourage women to start their new businesses armed with the knowledge they need to succeed and give themselves time to prepare rather than rushing in head first and failing. I am also encouraging women to learn what technologies they can use, such as Artificial Intelligence (AI) and cloud-based systems, encouraging them to work smart to make their startups more efficient, enabling them to focus on what is essential such as leading their teams to success.

I cover subjects such as leadership, preparing business plans, raising cash and pitching to investors and how to source funding through other sources such as government support and tax-based funding, managing cash, managing risks, environmental, social, and governance matters, building a great team, building resilience and agility and balancing work and personal life. I also encourage women to think big because most women entrepreneurs start small businesses and don’t go global, and perhaps that’s because they fear going big due to a lack of confidence. The Title will be She’s Got This- Strategies for Women Entrepreneurs to Overcome the Odds and Achieve Success.

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