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"Is this a good use of my time?" Lessons from an 8-Figure Entrepreneur

Author

Thamina Stoll
October 17, 2024

Hi Sheconomist Insider 👋 It’s Thamina, Founder of The Sheconomist. This is your bi-weekly dose of celebrating the female economy where I help ambitious, purpose-driven women like yourself flip the script on money, career & wellbeing conventions so you can live life on your own terms.

TLDR:

  • 💫 Lessons from 7- and 8-figure Entrepreneurs

  • 📺 Looking for a mentor? Check social media.

  • 💰 Why I’m prioritizing VC & Angel Investing in my 30s

  • 💜 Featuring Adriana Carvajal, Founder of @adri.zip

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🧪 Freedom Formulas

2 key 🔑 lessons you can learn from 7- and 8-figure business owners.

Two weeks ago, I had the very unique opportunity to attend an incredibly special business retreat in Beverly Hills, hosted by my mentor Danielle Canty, co-founder of bossbabe.

And let me tell you this: These were 2 of the most transformative days of my life!! 💥

Not only did I, alongside 17 amazing women from all over the world, get to learn from Danielle who has founded and scaled an 8-figure and several 7-figure businesses herself, but she also invited incredible guest speakers including:

  • Matthew & Audrey Hussey (New York Times bestselling author, speaker, and coach specializing in confidence and relational intelligence. His YouTube channel is number one in the world for love life advice, with over half a billion views.)

  • Neha Kumar (former COO & CFO of Create & Cultivate, Co-Founder and COO of Full Glass Wine; projected to make $125M in revenue this year, less than 1.5 years after founding the company)

  • Ashley Stahl (CEO of Wise Whisper Agency, counterterrorism professional turned highly sought-after speaker & coach who helps her clients land their spot on the TEDx stage)

Here’s a quick video recap ⬇️

To be honest with you, I’m still processing my time at the retreat because it was so magical.

But here are two key lessons I wanted to share with you. Lessons that are applicable to anyone with an entrepreneurial growth mindset, no matter their profession.

1️⃣ “Is this a good use of my time?”

👉 Successful entrepreneurs are ruthless about protecting their time and energy.

👉 Set a hypothetical (aspirational but yet realistic) hourly rate for yourself and outsource everything that costs you less than your hourly rate (both personally and professionally).

👉 Stop making $100 decisions, start making $100,000 and $1,000,000 decisions.

2️⃣ Your progress is dependent on your identity shift

👉 You can’t move on to the next chapter if you keep rereading the last one.

👉 Don’t ask yourself: “What do I need to DO?”

👉 Ask yourself: “Who do I need to BE?” or better yet: “Who do I GET to be?”

👉 Shifting your identity to uplevel yourself often requires making investments upfront (time, money) months and years before they start paying off.

No matter if you want to get that promotion, make that career pivot, or significantly increase your income, you need to hold yourself accountable to take uncomfortable action.

If it was easy, everyone would do it.

❣️ Thamina’s Top Picks

💜 Big fan of what my Internet friend Ruffin has been building with Brydge Club - let’s close the $1.7T gender funding gab!!

✨ This week’s Moodboard

🤫 You can save this image for inspiration and/or share it on social media. Pls tag me @thaminastoll

💸 Cooking up Wealth

In my 30s, I’ll be prioritizing Venture Capital and Angel Investing. Here’s why you might want to consider it too.

I've decided to make a strategic shift in my investment approach by prioritizing Venture Capital (VC) and Angel Investing over the next decade.

This isn't JUST about seeking higher returns; it's about aligning my investments with my values, particularly by supporting women-founded companies.

Here's why this path feels rewarding and why it might resonate with you as well.

For me, investing isn't solely a financial endeavor—it's a means to uplift women entrepreneurs.

Most of us are aware of the horrific stats: Only about 2% of all VC funding goes to all female-founded startups, a number that has unfortunately held steady for many years now.

By directing capital towards women-led companies (who on average, yield higher returns and operate more capital efficiently!), I'm not only contributing to a more inclusive and diverse business landscape, I’m also creating more leverage for myself.

While VC and Angel Investing come with higher risks compared to traditional assets (e.g. stocks), they also offer the potential for significant rewards.

To make it more tangible: VCs are typically looking to return 3-5x of their entire fund size to investors who invested in the fund over the course of 7-10 years. That’s a lot higher than the average annual return of 7-10% you can expect from the stock market.

Now, I would never invest money in VC or angel check that I can’t afford to lose.

Incorporating VC investments into your portfolio isn't about putting all your eggs in one basket—it's about diversification. By balancing traditional investments with a selection of high-growth potential startups, you create a more resilient financial strategy. This mix can help mitigate overall risk while opening doors to substantial returns.

And there's something profoundly fulfilling about investing in companies that reflect your beliefs and aspirations. Supporting women-founded startups means championing gender equality in the entrepreneurial world. It's an investment in a future where diverse voices lead to broader perspectives and innovative solutions.

My goal is to become work optional in my early to mid 40s. But in order for that to actually happen, I have to start creating as much leverage as possible in my 30s. It takes an average of 7-10 years to see a return from venture capital.

The time is now.

Disclaimer: This is not investment advice and for educational purposes only. Always do your own research.

🌊 Woman Making Waves

Exciting news: I’m revamping our “Women Making Waves” section.

Creating visibility for and uplifting other women and their work has always been part of my advocacy work. And while I’m already doing that throughout this newsletter, I’m taking it a step further by introducing a feature section where I highlight a diverse set of women who are passionate about their work and uplifting other women along the way.

So without further ado, here’s your first featured “Woman Making Waves”: My dear friend Adriana.

Adriana Carvajal, Founder of @adri.zip, a platform that democratizes access to Big Tech and professional development education to an audience of 1.5M+ professionals

In one sentence: What's your purpose in life?

“To make quality opportunities accessible to everyone, everywhere.”

It's not bragging if it's based on facts. What's an accomplishment you are proud of?

“Building a business that allows me to live a creative life. Growing a global audience of over 1.5M professionals. Making a living working on what I love.”

What financial goal or milestone are you currently working towards?

“Turning my business into a 7 figures business.”

What is the greatest challenge young women are facing today?

“Overcoming societal conditioning to stay humble and not stand out, which often prevents us from fully embracing our talents, expressing our ideas, and taking bold steps forward.”

How do you define success?

“Success is a social construct. As long as you're fulfilled by your own journey and are making others’ lives better in the process - you're good.”

What's your favorite woman-owned/-founded brand?

“Canva!!”

Follow Adriana’s work here:

Enjoyed this? Don’t forget to refer a friend (or five 😉) to start winning prizes. You can find your unique referral link below.

In abundance,

P.S.: If you want to work with me directly, you can do so here.

Please note that I may receive commissions for some but not all my recommendations. I will never recommend something I don’t actually genuinely believe in or haven’t used myself.