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Two things every woman should do before starting a new business

There are some critical considerations women need to make before giving their two-weeks notice so they can start their own businesses.

“I hear from people all the time who want to start their own businesses, which I love because it can be so energizing, interesting, and exciting. But it can also be really challenging — timing matters, team matters, luck matters,” says Sallie Krawcheck, the CEO of women-led digital investing platform Ellevest on a new episode of MAKERS Money. “So, don’t take the leap unless you have an idea you’re passionate—and I mean passionate with a capital P—about.”

Krawcheck spent nearly 30 years on Wall Street, holding high-level positions including CEO of sell-side research firm Sanford Bernstein, CEO of Smith Barney, CFO of Citigroup, and president of global wealth and investment management at Bank of America Merrill Lynch. She became an entrepreneur after being fired from Merrill Lynch.

On the sixth episode of MAKERS Money, Krawcheck recommends that aspiring entrepreneurs start a side hustle to explore the feasibility of their ideas and to prioritize networking, which she called the “No. 1 unwritten rule of success in business.”

On the show, she’s joined by Luvvie Ajayi, founder and blogger for Awesomely Luvvie and author of the New York Times best-seller, “Im Judging You: The Do-Better Manual.” 

Ajayi, who wrote as a hobby, became a full-time blogger after being laid off from her marketing job.

“I found a piece that I wrote on the blog the day that I got laid off that said, ‘It feels like the universe is pushing me to take the leap of faith that I wasn’t going to take myself,'” says Ajayi.

Ajayi has interviewed Oprah, and Shonda Rhimes and Betsy Beers’ Shondaland acquired the rights to her book to develop it into a cable comedy series.


(Editing by Julia La Roche)