Entrepreneurial Essentials

Start your business venture off right with advice from women who know.

By Andy East

Do you want to start your own business? You’re in the right place. Last year, the Austin/Round Rock metropolitan area was ranked 22nd-best in the nation for female entrepreneurs, according to personal finance website NerdWallet. Whether starting a business has been your lifelong dream or a recent inspiration, the journey can be a long and winding road with a steep learning curve. To help you make your business idea a reality, Austin Woman asked some of Austin’s top entrepreneurs and businesswomen for tips on how to avoid the common pitfalls that can plague new businesses.

Plan for the worst, hope for the best.

Kerry Hall

“From my perspective as a banker, what I see as the main mistakes that businesses make is that people only plan for the bestcase scenario and maybe 10 percent [less than] the best-case scenario. In actuality, there are so many things that can go wrong along the path that they cannot even conceive of…[and] they don’t build enough cushion financially for not-a-great-case scenarios. That is, to me, probably the biggest mistake that businesses make: They don’t plan enough cushion financially for things not working out as well as they hoped. Be sure you raise enough money. If something bad happens, you’re going to need more money. If something good happens, you’re going to need more money. And when you run out of money and it’s [due to] poor planning, it’s hard to get additional money.”

Kerry Hall is president of the Austin region of Texas Capital Bank. She has worked in commercial banking and lending for more than 30 years, helping businesses that are expanding and in need of additional capital.

Get a mentor.

Ingrid Vanderveldt

“Get a mentor, and there are lots of [mentors] in town. That would be the first thing. But along with that, learn how to secure the right mentor. How is what you are trying to do going to be in service of a person you would like to mentor you? And then surround yourself with a support group of women.”

Ingrid Vanderveldt is an entrepreneur, investor and philanthropist. She is also the founder of Empowering a Billion Women by 2020, an initiative that seeks to equip women with the tools and expertise to become successful entrepreneurs. Vanderveldt also served as the first entrepreneur-in-residence at Dell Inc.

Surround yourself with talent.

Rochelle Rae

“[One of the greatest misconceptions is] that being an entrepreneur means being in business for yourself or that you can do it by yourself. You may have a great idea or be great doing something, but there are so many other things you are terrible at doing, and that is OK. You need help. You need to find people who are really awesome at the skills you do not have, and there are a lot of them, whether you want to admit it or not.”

Rochelle Rae is the CEO and creator of Rae Cosmetics, a makeup line for active women and athletes.

Communicate the value of your company.

Jan Ryan

“Entrepreneurs often underestimate how hard it is to rise above the noise in an early market. It’s essential you communicate your value and how your product is unique at every touch point with the customer.”

Jan Ryan is an entrepreneur and founder of Woman@Austin, an organization of female entrepreneurs dedicated to making Austin the best place in the country for women-led businesses.