Financial Feminist – 122. What You Really Need to Know as a Woman Business Owner with Michelle Razavi

Intro

In this episode of the Financial Feminist podcast, host Michelle Razavi interviews Michelle Razavi, co-founder of Ilawi, a gut-friendly snack company. They discuss the challenges and successes of being a woman business owner, as well as insights on standing out in a male-dominated space and securing funding for your business.

Main Takeaways

Women in Business and Finance

• Women make 70% of purchasing decisions and prefer to buy from women-owned businesses.
• Having more women in leadership positions creates a better ecosystem for the next generation of women in business and finance.

Entrepreneurship Journey

• Michelle Razavi co-founded Ilawi to solve her own need for quick, nourishing, clean fuel.
• Ilawi faced challenges such as trademark lawsuits, supply chain delays, and zero marketing budget in their first year but now sells in over 300 locations.
• Being an entrepreneur requires hard work, sacrifice, and the ability to overcome fears in sourcing funding for your business.

Passion and Drive

• Michelle Razavi originally planned to work for the CIA but found her passion in entrepreneurship.
• Nikki, the founder of a nut butter company, was determined to avoid drugs and alcohol and pursued her passion for health and wellness.
• Both entrepreneurs followed their passions and strived for financial independence.

Funding and Pitching Investors

• Self-funding your business can teach you to be capital efficient and manage money effectively.
• Bootstrapping from the beginning can help build a case for investors and show your ability to do a lot with very little.
• When seeking funding, be clear about where the capital will go and how much you actually need.
• Building self-confidence is key in navigating the predominantly male investor space.
• Answering concisely and honing storytelling skills can make pitches more compelling.

Challenges and Opportunities

• Being an entrepreneur tests your limits and pushes you to see what you are capable of.
• It’s important to be disciplined, take breaks, and maintain a work-life balance to avoid burnout.
• Using social media platforms like Clubhouse can be useful for finding investors and growing your business.

Summary

Women in Business and Finance

Women play a significant role in purchasing decisions and prefer to support women-owned businesses. Having more women in leadership positions creates a better environment for future generations of women in business and finance.

Entrepreneurship Journey

Michelle Razavi co-founded Ilawi to address her own need for healthy snacks. Despite facing challenges in their first year, Ilawi has grown and now sells in over 300 locations. Overcoming fears and sourcing funding are crucial aspects of being an entrepreneur.

Passion and Drive

Michelle Razavi and Nikki, the founder of a nut butter company, both followed their passions and strived for financial independence. Their personal journeys and dedication to their respective industries have led to their success as entrepreneurs.

Funding and Pitching Investors

Self-funding and bootstrapping can be valuable experiences for entrepreneurs, teaching them to be efficient with capital. When seeking funding, it is important to have a clear plan and communicate the purpose of the capital. Building self-confidence and storytelling skills are essential in navigating the predominantly male investor space.

Challenges and Opportunities

Being an entrepreneur tests one’s limits and requires discipline and work-life balance to avoid burnout. Utilizing social media platforms like Clubhouse can be beneficial for finding investors and growing a business.

Conclusion

Michelle Razavi’s interview with Michelle Razavi provides valuable insights into the world of women entrepreneurship and the challenges and opportunities that come with it. From standing out in a male-dominated space to securing funding, the episode offers actionable advice for women business owners. It emphasizes the importance of pursuing passions, building self-confidence, and creating a supportive ecosystem for women in business and finance.