Female Founders on Enty: 5 Inspiring Stories

Usually we present nothing but straight facts in our blog but this entry starts with a point that might be argued by some: it feels like society still typically considers running a business to be a patriarchal thing.

To prove this point, let’s dive into stats for a bit. It’s quite hard to determine the percentage of female entrepreneurs. Numbers differ from report to report but it appears that females make up from 15% to 31% of all entrepreneurs in Europe. Both numbers seem rather horrific in the modern age. If we look at percentage of female e-Residents in Estonia, we can see that the percentage is growing but the current figure still remains around 17%.

In celebration of Women's History Month and ahead of International Women’s Day, we’ve decided to talk with female founders who use Enty and our own co-founder. We asked them about their business, background, and what they think should be done to change the current situation. Meet 5 founders and dive into their inspiring stories!

I realized that there are still a lot of businesses that are missing out on the opportunity the internet and digital marketing provide nowadays. That’s why we want to support these businesses and boost their visibility online.

Yes, I definitely think that such statistics are an issue. We are at a point in the 21st century where a huge part of the population worldwide is still marginalized, doesn’t have a say in important decisions and doesn’t get to reach their full potential. And too often this is based on gender bias.

We need to think about the potential we could create by simply enabling more women to succeed in their careers, to have their say and be encouraged to help making a positive impact in our world.

My passion lies in identifying problems and crafting effective solutions, which has been the driving force behind my career as a product manager and my two experiences as a startup founder. Having spent five years in the tech industry, I discovered a strong desire to return to the startup world and pursue my passion for creating things from scratch. I find that building things independently often provides a faster and steeper learning curve compared to working within a larger organization.

As an entrepreneur in the fintech industry, I have faced several hurdles while starting my company. While I have a deep network and knowledge of fintech, the industry is vast and continually evolving, and it can be challenging to stay up-to-date with the latest trends and developments. Additionally, since we are building something new, there were many challenges, and many of the out-of-the-box solutions didn't work for us.

Despite being told by “fintech experts” that it wouldn't be possible to build what we have built, we had to think of new and innovative ways to approach things. We often had to convince the experts that our solutions could work.

Furthermore, we have also adopted a lean approach to our business, trying to get as much done for free, whether it's through customer acquisition, partnerships, or working remotely from a park to save money on co-working space. Which means we had to work extra hard.

Regulations have been a significant hurdle in the fintech industry. The process is very complex, non-intuitive, and often, I have questioned why the regulations are the way they are because I could poke holes in them. However, as an entrepreneur, I have a fear of making mistakes that could have serious consequences for my company. Therefore, I try to hire lawyers, consultants, and compliance officers to help me navigate the regulations. Unfortunately, these professionals often come with a hefty price tag and don't always explain things in simple terms that I can understand. So I had to spend time making sure I became an expert in these as well. But I have been shocked at how many of “experts” don't want to think outside the box and offer cookie-cutter solutions that don't work for our unique situation/business.

Overall, starting a business in the fintech industry has been challenging, but with perseverance, creativity, and a willingness to think outside the box, we have been able to overcome these hurdles and build a successful company.

The low representation of women in entrepreneurship is a significant issue as it restricts the diversity of problem-solving approaches and perspectives in the business world. Women have a unique way of coming up with solutions and addressing problems, resulting in the creation of different companies. In the fintech industry, the percentage of women founders is even lower, approximately 2%.

Women face challenges in accessing resources and networks that can unlock opportunities, and they often struggle with a mindset that assumes that only the most knowledgeable or perfect individuals should be involved in entrepreneurship.

To address these challenges, it is necessary to continue mentoring women and making funding more accessible to them. Men need to learn to understand how women communicate and pitch, which can be different from how men communicate and pitch. This can help to create a more inclusive and supportive environment for women entrepreneurs, enabling them to overcome the barriers they face and succeed in the business world.

It won't be easy, there are still a ton of barriers & gender stereotypes you will have to overcome so get mentally prepared for that. How? Remember: you do know more than them, don't take things personally, be concise in your answers, don't over-explain or over-justify, and get surrounded by a network of believers. And most importantly, put yourself first.

We women tend to be loving and caring which often means we prioritize others above us. As a business owner, you cannot operate like that anymore. You have to put you first for your business to thrive.

To start a business you need to have several things certain: you want to live a startup lifestyle, you have a clear problem you are passionate to solve, you have solution(s) you've tested that solves that problem, and you have hypothesis on how this could be monetized. Ideally you'd also get a partner who compliments your skill sets. However, if you are not sure about starting, then don't.

Business is a huge commitment and a very different lifestyle. If you do not want that lifestyle, then don't do it. If you are not sure about your capabilities, also don't do it. Insecurity will devour you throughout the journey & it will require a lot of fake it til you make it. It's not for everyone and that is completely ok.

I was already doing this job before striking out as a consultant. I have more than 15 years of experience in my field so to me, it is about the quality of the work, the clients, and projects that motivate me and the ability to NOT be stuck in meetings on Friday afternoons. I get to travel the world with my sausage dog while working.

I wanted the freedom to live my life. I love building a business and a lifestyle that I am in total control of. Furthermore, I want a business that aligns with my personal ethics and my unique skill set.

Figuring out WHERE to start. I had the HOW, I had the WHY, the WHEN came naturally and the WHO and WHAT were clear. The main hurdle for me wasn't finding clients, it was a finding a structure that made sense to me as a digital nomad. I wanted something clear, easy to set up, modern and compatible with digital nomad lifestyle. Figuring out WHERE to start. I had the HOW, I had the WHY, the WHEN came naturally and the WHO and WHAT were clear. The main hurdle for me wasn't finding clients, it was a finding a structure that made sense to me as a digital nomad. I wanted something clear, easy to set up, modern and compatible with digital nomad lifestyle.

Such statistics are an issue and I am tired of having women be expected to somehow “balance things out”. This problem is an old and systemic one. Governments should aim to reduce the gap by understanding the hurdles women face when trying to establish their own business. My partner and my peers never had to deal with clients inviting them for coffee to receive their payments for work already done.

You will never feel ready, but at some point, you will know that going back to whatever office you feel trapped in is NOT a possibility anymore. That's how you'll know the time is right. My main piece of advice: make sure you tell everyone in your network you are available as a freelancer or as a brand-new company. That is a very important step: do not be shy, people need to know.

I already had a freelancer business as Digital Strategist for 7 years while living in Italy, and at the same time I was employed in several companies as Brand Manager, as well as Digital Marketing Manager. I'm still employed by an Estonian company now, and I'm a Senior Product Marketing Specialist, taking care of product launch of online courses in international markets.

Because I'm constantly learning and willing to create new project in diverse areas, and having my own company allows me to have the flexibility of working with who I want, whenever & wherever I want.

I don't see few women as founders an issue per se, but I truly believe that women are very much needed in high-level positions in companies in order to give different perspectives and points of view, so to enrich the conversations and take better decisions.

Spend the right time to identify who are your clients: what are their needs, believes, fears, what do they value and where do they look for information. Then craft your product/service accordingly, answering to specific needs. If you make sure you solve a problem, and you do it in a way that is unique, then you can build a business on it.

I worked at a consulting firm and as product manager in several products. I think there are 3 major stages before starting Enty:

1. Worked with huge banks to help them formalize the logic of converting securities;
2. Tried to push innovations at Deloitte
3. Joined a private consulting firm, where I met my future team.

Together we tried launching several products and step-by-step we found a product-market-fit with Enty.

It’s been pretty scary. However, I think there are 2 main pain points:

1. Resources. It is not that easy to find money to pay salaries and spend on marketing;
2. Boring back-office (even for us). Once you start a company there is so much administrative work. Finding an accountant, setting up payroll, thinking about IP. One of the main reasons why we saw a place for Enty on the market is that we’ve faced will all these issues ourselves.