Why We Should All Love Female Bosses

In a career spanning more than two decades and three continents, I have reported to bosses of various nationalities, personality types and a solid mix of both sexes. My bosses have also run the gamut in ability and lack thereof. I have had smart, helpful and wise bosses as well as mean, incompetent, lazy and insecure ones. However, I can say without hesitation that given a choice I will always work for a female boss, despite the fact that I have had a few mean and incompetent female bosses.

Sure, I love the fairer sex but it has nothing to do with male-female attraction and chemistry and everything to do with management skill and competence. In my experience, women have time and again demonstrated vastly superior decision-making, judgement and people skills to those of their male counterparts; and it has little to do with aptitude, business intelligence or experience.

When I started working it was rare to find senior female executives within the management ranks, apart from in the advertising industry. My generation also grew up in a society where men served as the career role models and breadwinners, while mothers were predominantly homemakers. Even mothers who worked did not have ‘power’ jobs and it was very rare for them to harbour serious career ambitions.

Even though advertising had a larger percentage of women, there was still a stigma attached to reporting to a woman, something that was routinely discussed in hushed tones during male bonding and late night drinking sessions. Women were simply not taken as seriously as the men. While I never viewed women as inferior or lacking in ability, I had never experienced having a direct female boss either, so had no idea what to expect when I did for the first time in my second year. Despite the realities of a male-dominated world, I can say that I had no personal bias and approached my female boss on the same merits that I had every male boss. Perhaps this helped me where most of my peers struggled, but the point I want to make is not about having an open mind but about hard scientific evidence for the reasons women make better bosses and leaders.

I could wax eloquent about why I think female bosses are better than their male counterparts, but rather than have you take my word for it I want to reference the vast research now available to support my personal experiences.

A 2012 research study titled ‘Women vs. Men in Leadership’ featured in the Harvard Business Review found that “at every level, more women were rated by their peers, their bosses, their direct reports, and their other associates as better overall leaders than their male counterparts.” The study, based on 30 years of research, measured competencies used to define management traits required for ‘overall leadership and effectiveness’.

It further found that “…two of the traits where women outscored men to the highest degree — taking initiative and driving for results — have long been thought of as particularly male strengths.” (Source: Are Women Better Leaders than Men?).

Even in one of the last remaining bastions of male domination and chauvinism, the world of technology start-ups, a recent study by Illuminate Ventures finds that hi-tech companies run by women are more “capital-efficient than the norm” and companies “that are the most inclusive of women in top management achieve 35% higher ROE.” (Source: Illuminate Ventures).

Another analysis done by Dow Jones VentureSource of more than 20,000 VC backed companies in America between 1997 and 2011 found that the successful start-ups had more women in senior positions. “They had more than twice as many women in top jobs like C-level managers, vice presidents, and board members than their unsuccessful counterparts did.” (Source: Bloomberg BusinessWeek).

As I mentioned earlier, I do not believe this success is due to the fact that women are smarter than men, or that they possess some innate management skill that men lack; competence and experience in management vary with people but are possessed by both women and men. In my estimation the single most important reason women excel and make more effective leaders boils down to one fundamental difference between the two sexes: ego.

Here is how I can most simply explain it; the majority of my male bosses (and most men) are unable to take ego out of any equation. The male ego always gets in the way of better judgement and making a better decision. For the vast majority of men, anybody questioning a decision they have made is seen as a direct challenge to their authority. God forbid that a man has to admit that he was wrong; this is considered a cardinal sin and perceived by men as a sign of weakness. Even the notion of listening to other people’s ideas or changing their view based on input from their team can be construed as an inability to lead.

In fact, I would say that most men would rather be seen to be sticking to their guns than doing the right thing, especially if it means admitting they were wrong. The male ego is conditioned to be more concerned about projecting a powerful image and less about achieving the right outcome. This to me is the reason women excel and will continue to thrive.

The majority of women are able to put their egos aside when they need to and as a result also show genuine empathy toward co-workers, subordinates and direct reports. They are willing to admit when they are wrong and ask for help – all in the interest of achieving a better outcome. Women are not shy about seeking guidance from their teams or asking the advice of superiors when they believe it will help them make a better decision and lead to a better result.

This is not about not being tough. All the women I worked with could be tough as nails when necessary. It is about not needing to constantly project power the way men feel they must. In short, a man will do the wrong thing knowingly rather than admit he is wrong.

Interestingly, a new study in the field of psychology supports my theory and personal experiences about women in the workplace; “…in times of stress male subjects become more egocentric and less able to properly respond to social situations. Women react in exactly the opposite fashion, becoming more “prosocial,” and able to relate to others in times of stress.” (Source: PBS Newshour).

Many experts have opined that in order to break the corporate glass ceiling, women need to become more like men. I completely disagree.

I believe women need to continue being true to themselves and show men a better way to lead, one that empirical evidence shows can lead to healthier, happier and more productive work environments and employees, AND better business results.

p.s. my apologies to the male species for blowing the lid on the 200,000 years male created, perpetuated and dominated world!

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Art and Science of the Business Plan

If you are starting a business, you need to begin by writing a business plan; this much is obvious. However, asking people advice on how to write one can often be more complicated than writing it! Today, most people will tell you that investors (for whom most business plans are penned) are extremely time starved and have very short attention spans. Both these facts are true. So the logical conclusion one would reach is keep your business plan short but make it interesting, which also means not writing pages and pages that cannot be read on an iPhone screen.

That said I still strongly recommend to every entrepreneur I advise to always start with the old fashioned long form version BUT never to share that with investors. So why you ask should they bother? The reason it is really important to start with the long-form is because it helps accomplish two very important things; first, it forces you to really research and do your homework to explain and defend why the world needs your business, to study your competitors in-depth, to understand who would buy you and why – and explain how you think you can make money. Second, it is a great exercise (albeit painful one) that literally forces your brain to go through the rigorous process of thinking through your business fundamentals in the context of studying your category, customers and competitors in a way that helps you gain a depth and perspective that few entrepreneurs have when they start out. Trust me when I say that having a command of, and familiarity with this knowledge at your fingertips, will impress every potential investor. Once you complete the long-form version file it away and start work on the investor version. This should be no more than a 10-12 slide distillation of your long-form business plan.

It truly is a valuable process that one cannot appreciate unless they go through it. Not only will you feel more confident about your pitch but also have the laser focused essence of your big idea. Now there are good and bad ways to create slides. I suggest you start by thinking about it as a story; one that is personal and one that you have told millions of times. Your presentation should come across with this level of passion and familiarity. You should be able to bring the slides to life with rich details and anecdotes that help make it more real for your audience. Before you start to write the slides, imagine that your business is a short story and build an interesting plot around how you tell it. Think about an opening sequence, adding some tension and build-up before you do your great product unveil. Find ways to help your audience relate e.g. have interesting and real people to bring to life your target consumer(s), etc. Finally, remember that your slides are not there to do the talking – YOU are! This means that you should NEVER be reading off your slides (your audience can do that for themselves). Your job is to bring them to life by talking about all the things the audience cannot see or read on the slide. The slides are merely there to provide a point-of-focus for the audience and to move your story’s plot forward. You are responsible for making the story more interesting and exciting until your audience is so engrossed that they are clamoring to know how it ends. Most of all remember to have fun and don’t forget to be you. If you come across like a rehearsed robot, no matter how great, your idea will suffer too.

One final point to remember is that all smart investors make investments in people (and teams) and not an idea per se. The success of every idea is entirely dependent on how well it is executed; which is determined by the team’s passion, experience and combined talent. Investors already know that 90% of start-up ideas they invest in will fail but if they believe in the people, they also believe that one day these people will find success, even if it is not with their original idea.