Female Founders: Laura Adams of FreeAdvice.com On The Five Things You Need To Thrive and Succeed as a Woman Founder
An Interview With Candice Georgiadis
…Staying focused on desired outcomes. Often, founders get approached with new ideas or product lines that aren’t part of their core competency or vision. Saying “no” can be the key to focusing on what’s truly important to your business growth.
As a part of our series about “Why We Need More Women Founders”, I had the pleasure of interviewing Laura Adams.
Laura Adams is a personal finance and small business expert, award-winning author, and host of Money Girl, a top-rated weekly audio podcast and blog. She’s frequently quoted in the national media, and millions of readers and listeners benefit from her practical financial advice. Laura’s mission is to empower consumers to make smart money decisions every day through her speaking, spokesperson, and advocacy work. She received an MBA from the University of Florida and lives in Vero Beach, Florida.
Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit more. Can you tell us a bit about your “backstory”? What led you to this particular career path?
You might be surprised that I didn’t set out to become a finance expert or writer. As a young high school kid, I enjoyed managing money and couldn’t wait to get my own checking account. But after college graduation, I fell into the trap that so many people do: living above my means. I rented apartments that I couldn’t afford, spent too much on vacations, and became a shopaholic.
Since then, my passion for spending has turned into a passion for saving, investing, planning, and every aspect of personal finances. Over the years, I became a serious finance student and received my MBA from the University of Florida.
My career has been diverse. I’ve worked in accounting and real estate, owned a floor covering business, consulted and trained for a Fortune 100 company, and been a COO for a small company.
Now, I’m passionate about working as a spokesperson, analyst, and consumer advocate to promote critical financial topics in the national media. Since 2013, I’ve completed more than 2,500 live and taped interviews with national TV and radio show hosts, news reporters, and print and online journalists. My mission is to help over 100 million consumers and students live richer lives through my podcasting, writing, spokesperson, and advocacy work.
Can you share the most interesting story that happened to you since you began leading your company?
The most interesting or exciting thing that’s happened since founding my company is the feedback I receive from readers and podcast listeners. Countless people have told me that I inspired them to start businesses, begin saving for a child’s education, or get their finances in shape after a hardship. The comments and questions that I receive fuel me to continue writing, speaking, and podcasting about complex financial topics in easy-to-understand ways.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
With my first book, I had the latitude to write about any personal finance topic of my choosing. My editor offered to work with me chapter by chapter, but I wasn’t used to having such close oversight and deadlines. While I submitted the book manuscript on time, it required many revisions for the chapters and sections to flow correctly. I learned that when experts offer their help, you should always take it, especially when you’re doing something for the first time. Their knowledge and guidance can save you a tremendous amount of time, money, and hassle.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
My friend Mignon Fogarty, founder of the Grammar Girl podcast and the Quick and Dirty Tips podcast network, invited me to host Money Girl in 2008. The show was one of a few personal finance podcasts at the time, and it took off. The financial reward was minimal; however, later, the network was acquired by Macmillan Publishing. Suddenly, I had lucrative book deals and new, unexpected media opportunities.
Ok, thank you for that. Let’s now jump to the primary focus of our interview. According to this EY report, only about 20 percent of funded companies have women founders. This reflects great historical progress, but it also shows that more work still has to be done to empower women to create companies. In your opinion and experience what is currently holding back women from founding companies?
In many cases, women get held back from founding a company because they don’t have the same connections to potential venture capital sources as men. Breaking into a network of men who fund men can be challenging for women, no matter how innovative or hardworking they may be.
Can you help articulate a few things that can be done as individuals, as a society, or by the government, to help overcome those obstacles?
Having more government-backed business loans available for female founders could be a solution. Also, creating startup incubators and networks available exclusively for women may encourage more females to have confidence in their business ideas.
This might be intuitive to you as a woman founder but I think it will be helpful to spell this out. Can you share a few reasons why more women should become founders?
Since women tend to make most of the buying decisions in a household, women founders often have an innate ability to easily sell and market products and services to in-market female consumers. They also understand the importance of empathy and community when it comes to creating loyal employees and customers.
What are the “myths” that you would like to dispel about being a founder? Can you explain what you mean?
I think the biggest myth about being an entrepreneur is that it’s easy. Founding a company or running a solo venture requires you to wear many hats and work more than you ever would in a day job.
Is everyone cut out to be a founder? In your opinion, which specific traits increase the likelihood that a person will be a successful founder and what type of person should perhaps seek a “regular job” as an employee? Can you explain what you mean?
Given the right circumstances, I think there’s an entrepreneur in everyone. However, I don’t think everyone is suited to start and run a large business. It takes a headstrong visionary who isn’t afraid of risk to create an organization around an idea, product, or service. Therefore, if you tend to be risk-averse or enjoy a predictable schedule and income, having a regular job may be the right work for you.
Ok super. Here is the main question of our interview. Based on your opinion and experience, what are the “Five Things You Need To Thrive and Succeed as a Woman Founder?” (Please share a story or example for each.)
- Staying focused on desired outcomes. Often, founders get approached with new ideas or product lines that aren’t part of their core competency or vision. Saying “no” can be the key to focusing on what’s truly important to your business growth.
- Surrounding yourself with talented people. Whether you have a solo venture or build a large company, having the best employees or contractors can make or break your success.
- Getting support from your family, spouse, or life partner. Having a healthy home life with family and friends who believe in your work can make you a better entrepreneur.
- Dedicating time for deep work. Founders who try to wear too many hats in their business may find it challenging to step away and work on deep strategy and growth opportunities.
- Being open-minded about new opportunities. While going in too many directions can hurt a founder’s success, being willing to pivot when needed is critical.
How have you used your success to make the world a better place?
After completing almost 3,000 interviews with media outlets and having more than 40 million Money Girl podcast downloads, I’ve had the honor of reaching millions of consumers who are seeking financial advice.
When I hear from podcast listeners that an episode inspired them to take action, such as saving for emergencies, participating in a retirement plan, or purchasing essential insurance, I feel honored to have made a positive impact on their current and future financial wellbeing.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good for the greatest number of people, what would that be? You never know what your idea can trigger.
I would inspire a movement of entrepreneurial empowerment. As I mentioned, I think there’s an entrepreneur in all of us. You unlock it by valuing your unique talents and skills and creating win-win solutions for customers, which can be life-changing!
We are very blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them.
I’m a huge fan of freelance reporters and correspondents, such as Clarissa Ward, who put their lives at risk to witness, uncover, and relay the truth about events and conflicts around the globe.
Thank you for these fantastic insights. We greatly appreciate the time you spent on this.
Female Founders: Laura Adams of FreeAdvice On The Five Things You Need To Thrive and Succeed as was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.