Female Founders: Yetunde Hofmann Of Solaris On The Five Things You Need To Thrive and Succeed as a Woman Founder
An Interview With Candice Georgiadis
You will lose friends. This is especially true when you step out of a high-profile role with a degree of influence into the unknown. When I worked in the corporate world as a Global HR Director, there were consultants, suppliers, freelance coaches who were willing to have that coffee with me to bounce around ideas. I had colleagues internally who wanted to spend time with me and do things on my behalf. The moment I stepped out, my phone calls to many former colleagues who I thought would remain close were not returned. Suddenly they were nowhere to be seen! Going out on your own can be a lonely place in the beginning. The encouraging thing is that, with time, you soon find another tribe, a tribe with similar values and outlook to you and from whom you can draw comfort and reassurance.
As a part of our series about “Why We Need More Women Founders”, I had the pleasure of interviewing Yetunde Hofmann.
Yetunde Hofmann is an executive leadership coach, global diversity and inclusion expert, entrepreneur, board member, TEDx speaker, author of Beyond Engagement and founder of pioneering new leadership development programme for black women Solaris.
A former Global HR Director of a FTSE 25 company and founder of renowned leadership consultancy Synchrony — Yetunde has worked in and with organisations such as Unilever, E.ON, L’Oréal, Barclays Africa (ABSA) and GSK.
Yetunde is a Non-Executive Director of Treatt Plc, Board Trustee of IBE, Non-Executive Director of the CIPD and Visiting Fellow at Henley Business School.
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?
I was tired. I was working in a FTSE 25 business, living in one part of the country, working in another during the week and travelling abroad for work a significant percentage of my working life. In my last three years in the corporate world, I spent the first half driving a global project that was to change the operating model of that company from one that was manufacturing-led into one that was consumer-marketing led. This was a company that earned its stripes and credence through acquisition after acquisition and cost-focused bottom-line management. Not only was I given the opportunity to drive this change, which was unusual for someone of my background — I will come to that later — it was also being done at a time of significant uncertainty in the business, as the CEO was going to change.
My programme and project team of country business leaders, and diverse professions from across the organisation, many of them senior, were unsettled by the imminent change, not to mention the individuals who would be on the receiving end of having to execute any recommendations approved by The Board. The recommendations were approved and so I spent the second half of my last three years as the Global HRD for the commercial divisions of the same organisation, leading the execution of that change in the midst of constantly moving parts in the organisation.
Now, I said this was an opportunity that is rarely given to an HR professional, but it was one that I was given, I grabbed with both hands and the valuable experience I gained has contributed significantly to the success of my business and life today. In the remaining few months, my time was taken up with constant travel and dealing with employee relations issues that whilst necessary to address, did not excite me.
I was also the only black woman in senior management and one of only 5 women. It could at times be a lonely experience. And when a member of my team walked into my office and said ‘Yetunde, you are losing your mojo’ I knew it was time for me to move on, so I jumped with nothing to go to. I had the luxury of being able to take some time out to recharge, reflect on who I want to be, where I want to go and why and this led me to a place where I wanted to focus exclusively on doing what I love and enjoy, making a difference where I can and for the kinds of clientele I love and enjoy. I wanted to play to my own unique and innate strengths and that is what I do now. I love nothing more than helping people and organisation get the very best out of all of who they are because, when we are operating at our very best, it’s amazing what results we can create not only for ourselves but also for and with others.
My tenets in life are Love Leadership and Results and I try to live my life through those tenets. This permeates through my businesses. Love is the unconditional acceptance of self and others, Leadership is the belief that we are all leaders and the values of being authentic, building trust, being responsible, committed, accountable and living a life of contribution; Results are about impact and making a difference to the lives and success of others.
I now lead an international consulting business, Synchrony Development Consulting; a Community Interest Company called The Enjoyable Life Series; and I founded a Global Executive Leadership Development Programme targeted at the Black Female Executive or indeed the woman who identifies as Black in organisation, Solaris.
Can you share the most interesting story that happened to you since you began leading your company?
Gosh, there are so many stories I could share but one that is not only interesting but also shaped my attitudes today lies in the area of what to charge my clients. Firstly, I’m a person who hates rejection and secondly, I find it difficult, and still do, to talk about money! I arranged to meet with a business leader and owner who had been in business much longer than I am and in asking him about advice regarding how to cost my services, the one thing he said to me was ‘know the worth of what you are offering and put a value on it’. The second thing he said to me was clients can negotiate down but you’ll find it difficult to negotiate up so hold your ground. The third thing he said to me was this: “Never be afraid to walk away when you reach an impasse. A rejection is not about you, it’s business and no matter what level your fee is, it is not an indication of what you are worth as a human being”. As we drew our meeting to a close, he said to me, “One last thing Yetunde, if you are unsure what to say or do, then buy yourself some time. No client will deny you some more time to reflect on the meeting and return with a response or quote.” All this made perfect sense. I left our meeting feeling empowered and clear on what I would do in my next major client meeting, the most important of which was to hold my ground on my fees.
Now what I did not anticipate was the person I would meet sitting across the table from me. I had done all my preparation on what and nothing on my how — how I wanted to be experienced, what I needed to do to thwart my inner critic and believe in who I am. I walked into the meeting, and I could feel the blood drain from my face as the client spoke so elegantly and fluently about their challenges, how they thought I could support them and over what period of time. Then it got to the place where they wanted an idea of what the potential investment would be, and my question was: “what can you afford?” it came out of my mouth like an out of body experience. I couldn’t stop it. They responded with a figure which was less than 50% of what I anticipated and then I said “of course” we can deliver for that! We did deliver for that and thanking God for kind clients, they were willing on the second stage of delivery to revisit the investment levels agreed and (although not to the level that I would have liked) they did agree to a rise.
My biggest lesson and one that I do my best to adhere to consistently is to prepare — not just in the what but also in the how, anticipate and role play with yourself or with someone else the potential style and nature of your stakeholders and thoroughly research the background and context of any potential client.
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?
The funniest mistake I have made is finding out that no one reads the script you send to them. One afternoon, I went into a prospective client meeting. The night before, I’d stayed up preparing, thinking of all the possible questions that may be asked of me. I’d even done my research on the individual, their teams, their company, their interests and much more. You know what I mean?
Of course, in the process, I’d played repeatedly in my mind all the possible ways the meeting could conclude: You’re wonderful. You’re just what we need. I’d like you to meet our CEO today! I’d like you to introduce you to all my senior leaders who I know will welcome your support. In my mind’s eye, I walked out of the meeting with a smile, having sealed the deal. Oh, how well it had gone. Oh, what excellent preparation I had done and if only others would prepare the way that I do and so on — let’s say I was slightly bordering on self-adulation.
Well, the day did arrive, and I had the meeting. We shared ideas. We swapped notes. I shared my insights and considered learning. I was thought provoking, engaging and knowledgeable. I was interesting and interested. I could feel myself puffing up at the chest: “this is good!” I said to myself. At the end of the meeting, the prospective client smiled, thanked me for my time and invited me to meet again in the future. They also offered to introduce me to others in their team for further exploratory discussions and concluded by inviting me to help myself to a coffee on the way out.
I was on the floor with disappointment. I felt my chest constrict. My palms started to sweat. How come? Why were my expectations not met? The problem is this: They had not read and learned my script! The one I wrote for them that outlined exactly how they should respond. In fact, I had not remembered to send it in advance. I therefore went into a meeting with my own expectations — and very high they were — only to have them not be met by the other party who indeed was unaware of them and of course had not bought into them.
I learned that day that the antidote to writing a script of any kind and in any situation is not to write one at all. We should have an open mind so that we can be truly and fully in the present. And in being present, we are not only able to listen to another with all of our being, but we are also able to open ourselves much more to the miracles and possibilities no matter how faint they are in the moment and that are ready to emerge more strongly if only they were noticed.
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?
Yes indeed. There are two in the story I want to share because they work together. When you are MD of your own business and are about to go on a foray into a particular niche that may draw criticism or indeed attention, having the benefit of a sounding board and a cheer leader that encourages you to keep going; to get up after you’ve fallen over time and again is invaluable. When I wanted to launch Solaris, I was surprised at the amount of resistance I received from potential nominating organisations and from individuals that I felt would immediately rally round to support me. I also approached some search firms that I thought would be willing to provide their insight and knowledge as to how to go about finding the right type of delegate and client and still I met resistance and rejection, all delivered with sophisticated eloquence.
Then I turned to Sapphire Partners and asked two angels — Kate Grussing and Sally Springbett who said yes before they drew a moment’s breath. And have unconditionally provided a listening ear when needed, a connection when lost and a word or shout of encouragement when my shoulders drooped. They champion Solaris, provide their time, their wisdom, and their encouragement and today I can proudly say that our launch this year exceeded my expectations.
To whoever is reading this, I want to say if you have your eyes and heart set on a business idea that may seem like it might not live or walk, if you believe in it, be intransigent. Keep going and you will find someone, some people, somewhere, often where you least expect, who will step up and walk with you to the starting position and maybe even all the way to the finishing line.
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 my opinion, there are several factors that currently hold women back from founding companies and they may range in degree of prominence depending on the woman as we all are individual. Here are some of those factors:
The opportunity to network effectively
Networking is a critical method of sourcing potential backers, meeting people with ideas, or people who can open the right doors. These networking events sometimes happen at times of the day when women, many of whom can be principal carers and/or have young children, may not have access to. Covid has also exacerbated the issue. Women are the most negatively impacted demographic, as reported in this BBC article. It means that even if there is the opportunity to network, the ability to make the time to do so may be challenging. In addition to that, men and women do network differently and in the main conduct conversation in different ways. If networking events are dominated by men, then the outcome is likely also to be different for the man than it is for the woman and the result can be seen in the percentage of women founders vs men today.
The Fear of rejection and/or self-doubt
To found a business, an entrepreneur must appreciate that every yes and breakthrough that comes, many nos and shut doors will have been in the way. It comes with the territory. However, some of these shut doors and nos, may be real and others may be self-imposed; Limitations that are unreal and yet put in place because of personal and unreasonably high standards and a tendency to worry about ability. This Forbes article highlights the plight of the woman entrepreneur and the self-doubt — internal glass ceiling — that sometimes gets in the way of her own success.
A lack of access to capital
As it says in this Business Leader article, women can find it harder to access capital to establish their businesses — and may also lack access to guidance on how to get funding. On top of that, when they do get the opportunity and apply, they may experience gender bias, as highlighted in this article in the FT. Lastly, the amounts granted are likely to be much less, as expressed in this open letter written by male and female entrepreneurs to the government and published in the Telegraph. And yet we know that businesses run by women can be successful, make a difference to communities and to society. The majority of businesses founded by women tend to be small businesses of 1–10 staff and if they have a desire to expand and grow, which will require additional funding, gaining access to this is doubly challenging, as less than 5% of funding goes to women led start-ups.
Visible Role models
There are an increasing number of visible role models of female founders in the start-up world. Women who inspire and who are willing to give their time to share their life stories, challenges they’ve faced and overcome and the secret of their success. This is great news and the rapid development and evolution in technology has made accessing these stories a lot easier. However we need more. Role models are a great source of inspiration and encouragement because they signal to the female founder “if I can do it, so can you!” Having female founder role models is key to changing our world into one of hope for younger female entrepreneurs. The skills required for effective leadership — empathy, kindness, love, compassion and so on — are skills and attributes that women have, making this even more important.
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?
There are so many things that can be done by all of us — society, individuals, government — to help overcome these obstacles and here are some for consideration:
As individuals
I would encourage every individual woman who has in her heart the desire to start a business to write a plan, no matter how unfinished and share it with another woman who also wishes to start a business and swap ideas. Spend some time on the internet searching for sources of funding — it’s amazing how much knowledge is stored on the net. Call your bank manager, as many banks today in the UK are beginning to wake up to the power and untapped potential that lies within the female founder and the mutual benefit of investing in women. These high street banks are launching specially tailored plans that include not only the provision of funds but also providing training in finance, money management, business development etc and access to business mentors and coaches, as well as loans with attractive interest rates and pay back periods. Some will even help to strengthen your business plan. There is no time like today to pursue your goal of starting your own business.
As government
It is important that the government overtly and visibly backs female entrepreneurs. It is encouraging that the government is already starting to do this, as illustrated in this press release from the government some months ago. In addition to this, where possible, the government should put in place flexible options, for example, for deadlines for funding application submissions, as called for in this article. Providing government backed assistance on how to navigate the various processes around funding, declarations, VAT, etc — which can be daunting for young founders — would also go a long way to lowering the barriers to founding a business.
As society
The Sustainable Development Goals (SDGs) — which include the eradication of gender inequality — and the drive by many governments to call people to support and promote the SDGs have been a great help for society and societies all over the world. The stereotype of the woman and how she is perceived is diminishing, though not as fast as it could be. The availability of technology and women becoming digitally fluent has also been a positive step forward. What society can do, however, and that means all of us, is challenge the stereotypes, microaggressions and unsubstantiated assumptions that women, at times, face. It means challenging and being challenged, celebrating every female founder and business owner, enabling focused networking and discussing topics that are tailored specifically to her needs and unashamedly so.
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?
Firstly, we know that diversity in teams, organisations and communities enables innovation and creativity. This in turn will result in new product development or improvements in existing product offerings that will be benefit all. The more female founders we have and the more diverse the perspectives and ideas that emerge the better for us all.
Secondly, there is a commercial benefit — when women are part of teams and are founders their businesses do well economically. There is plenty of research to back this and this is the case regardless of where in the world you are. For example, this research done by Data shows that female founded businesses can even outperform those founded by men.
Thirdly, the natural style of leadership that a woman tends to have lends itself to business success today. We are living in a VUCA world and, in a time of uncertainty and volatility, where the unexpected has become the norm, we need a leadership style that demonstrates service, security, fortitude, compassion, empathy, kindness, nurturing and so on. These skills lie firmly within the gift and domain of the woman. There is no time like today for women founders to emerge.
Finally, there is an increasing number of women focused networks and support groups available that can be a source for mentoring, peer feedback and connections. This is therefore a good time for a woman who has an idea to explore. The flexibility that some organisations are putting in place to make their working practices more inclusive means that it is possible to start your business as a side hustle, to dip your toe in the water and have a go, before going full out.
What are the “myths” that you would like to dispel about being a founder? Can you explain what you mean?
That you need a lot of money to start a business
What you need is a great idea or a semblance of an idea that, with some encouragement, you can take forward. Now, for some ideas — for example to start a coffee shop that will then turn into a franchise of coffee shops — you may need an amount to start off for equipment, sourcing of supplies and even premises. But what is important is a clarity of purpose, an idea that can be grown and a network of support to encourage you. From there, opportunities for growth will come.
You must be an expert in the area you want to found your business
What you do need is access to people with knowledge and complimentary skills and capabilities to yours. No one is an island, and it takes more than one person to make an effective team. What is important is to have a personal leadership board — what I mean here is the various individuals who can support you and whom you can support. Conduct thorough research into your route to market, your customers, and consumers, the needs your service or product will be meeting, a gap analysis on where you need expertise and then go out to find that expert and engage him/her/them for what is needed and for how long.
If the market is too crowded, you are likely to fail
This is one that may play into the hands of the overly cautious. There so many restaurants, coffee shops, clothes shops, Tech Start-ups and so on. Some succeed and some fail. The reasons for each one failing will vary. A crowded market is not a reason to deter you from starting your business. It is important to focus on the reasons to do so versus the reasons not to do so. There are banks and investment houses, including private investors who, when excited by a story, even within a crowded market, would be willing to mentor you, to provide funds and to sit on your board as an investing non-executive director.
If you don’t have instant success, you’ve failed
Nothing good comes easy (unless you win the lottery!). What is important is the mindset with which you proceed, your intention to learn from every experience you have and a willingness to stand up every time you fall. This is where the benefit of having mentors and sponsors and champions comes in. It is also where the benefit of having a credible network of similar founders can come in. For example there are several credible networks for women founders in the Tech industry, like the Tech London Advocates for Women and for Black Women both of which have resources, ideas, opportunities that support female founders in the Tech industry and outside of it. You also have organisations like Weconnect that are especially geared to introducing women owned businesses to organisations keen to diversify their supply chain and supplier pipeline.
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?
I believe in the power of the human spirit and the unlimited potential that we have as human beings. I think what drives us is our personal preferences and how hungry or determined we are to pursue a particular goal or purpose. Sometimes it is a pull that propels us into starting a business and other times it is a push. I’ve met several people in my life to date who because they were made redundant and unable to find a job, were forced into starting something on their own and then have gone on to be successful. I’ve also met people who have an entrepreneurial spirit and have chosen to stay within the corporate space and be Intrapreneurs. It’s not right or wrong. It’s simply different. For anyone wanting to start out on their own, whatever the route taken, like any change, or objective, it is important to research what is needed, including the skills, the attributes and what you may need to love doing to maximise the likelihood of your success. If you are someone who loves a steady income and knowing each week or month how much will be paid into your account, then perhaps establishing your business as a side hustle may be a good place to start. Job security is a myth too because no job is certain, no one can guarantee tomorrow in life. What you can do is be certain of who you are, what you are choosing to do and why.
Ok super. Here is the main question of our interview. What are your “5 Things I Wish Someone Told Me Before I Started” and why? (Please share a story or example for each.)
- You will lose friends. This is especially true when you step out of a high-profile role with a degree of influence into the unknown. When I worked in the corporate world as a Global HR Director, there were consultants, suppliers, freelance coaches who were willing to have that coffee with me to bounce around ideas. I had colleagues internally who wanted to spend time with me and do things on my behalf. The moment I stepped out, my phone calls to many former colleagues who I thought would remain close were not returned. Suddenly they were nowhere to be seen! Going out on your own can be a lonely place in the beginning. The encouraging thing is that, with time, you soon find another tribe, a tribe with similar values and outlook to you and from whom you can draw comfort and reassurance.
- Prepare to be ghosted. I remember meeting the CFO of a large global company at a networking meeting. I told him about my business and in conversation we learned that there may be an opportunity to work together. I gave him my business card (in the days when cards were still exchanged) and we agreed to meet up for coffee to have a more focused discussion. He was enthusiastic and immediately shared the number of people in his team that he would like me to coach. As is commonly expected, he said he would set up ‘chemistry’ meetings for me and the individuals but first we should discuss fees. I told him the fees, he negotiated a little and we agreed on what that fee would be. We left the meeting having shook hands. The next day he reminded me to send in the proposal, as discussed. I sent it exactly as we agreed. He thanked me, returned it signed and then I waited for the introductory emails to his team members. They didn’t come. I sent a reminder by email and waited and then another reminder. Nothing came back. I then saw the same CFO at another function, and he walked past me like he didn’t know who I was.
- Your help will come from unexpected places. Having decided to set up my own business I wanted to talk to someone who would not only share his or her experience with me but would also give me some key advice on what to avoid. I also needed to be encouraged as I was full of self-doubt. My help came in the guise of a former Chief People Officer/Group HR Director of mine from many years back when I was just in the early stages of my career and he was the Group HRD of the global company in which I worked. I had not seen or communicated with him in almost 15 years and yet when I reached out to him for advice, he responded immediately and said to me ‘all you need to do is buy me a coffee and you’ve got me for as long as you need’. Until today, it has been one of the most rewarding and valuable coffee conversations I have had in my life as an entrepreneur. He not only gave me chapter and verse of his experiences, but he also offered to look at my ‘offer’ critically and gave me some of the most helpful advice around positioning. I am thankful.
- Just because a company is global doesn’t mean its willingness to invest. A global consultancy invited me to bid to produce an online set of teaching videos that would be available to their large workforce across the world at any time of the day or night. We agreed all the details and I submitted what I thought was a reasonable bid and when I had the call with the client to discuss the outcome of my bid, the budget they quoted as a counteroffer left me with my jaw on the floor. When I recovered from the shock, we agreed to disagree and to part ways amicably. I left appreciating that wealthy consultancies certainly do not make their wealth by spending!
- Beware of the “see mores”. It is easy to fall for a charmer and a person who acts like the key decision maker in an organisation. I came across one such individual in the early days of starting my business. These are the see mores. This person worked for a large manufacturing firm headquartered in London and, after seeing my proposal asked ‘May I see more of this, and may I see more of that; May I see more of how you would approach x or y.’ Each of these additions, resulted in a mini additional proposal being written on top of what was already agreed and all with a promise of a decision being made the following week and the next. This went on for over 9 months and then I got a phone call in which ‘See More’ said “I now will share this with my boss and my other stakeholders and will come back to you with their thoughts and if they had additional information they would like to see”. At this point, I realised that unless you are in front of and/or dealing with the key decision maker and gate keeper it is best to cut your losses. Ensure you know the role and purpose of the individual with whom you are dealing. That was a good lesson learned.
How have you used your success to make the world a better place?
I am doing my best and still have more to do. Through The Enjoyable Life Series CIC, we run events — called Episodes — and conferences designed to build community amongst diverse groups of people who wouldn’t ordinarily network in the same spaces. We also raise monies for charities whose purpose is supporting the currently disadvantaged in society. Our annual December conference, What’s Your Story? in London has leaders from all walks of life sharing a personal story about times of overcoming adversity, being stuck and finding purpose. It encourages people to see each other for who they are as human beings not for what they do or have. My ambition is to impact one million people and if each one then impacts another, imagine the impact on the wellbeing — in body, in mind and in spirit. It would be good.
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.
It would be to establish love-based leadership movement in cultures and organisations across the world. This is the key to unlocking productivity, diversity, inclusion, wellbeing, and joy at work. Without Love we only scratch the surface. The value of love-based leadership needs to be explored, the difference it would make investigated and the barriers to its establishment identified so that they can be demolished. This is the only way to genuinely drive change and create a world in which, no matter who you are or where you are, you belong and know that everyone, without exception, has something good to contribute and has a right to be given the opportunity to do so.
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 would love to meet Michelle Obama because of who she is and what she has accomplished. I know that if she was inspired by the notion of love-based leadership she would be brave enough to join the movement. Can you imagine the change that would bring to a world that so dearly needs it? It would create a butterfly effect that would be unstoppable.
Thank you for these fantastic insights. We greatly appreciate the time you spent on this.
Female Founders: Yetunde Hofmann Of Solaris On The Five Things You Need To Thrive and Succeed as a… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.