Confidence Classic: How to Unlock Your Full Potential in a Changing World with Julia Boorstin
In this episode of Creating Confidence, Julia Boorstin discusses the gender gap in business leadership and funding, where women make up only 8% of Fortune 500 CEOs and receive just 3% of venture capital funding. She explains how this disparity stems from pattern-matching biases rather than intentional discrimination, and explores how some venture capital funds are working to address these biases through systematic changes to their investment processes.
Through interviews with female business leaders, Boorstin examines the traits and strategies that contribute to their success, including growth mindset, humility, and openness to diversity. The discussion covers how traditional top-down leadership is evolving, with modern leaders increasingly emphasizing adaptability, empathy, and data-driven approaches. Examples from companies like Zola, Planet Forward, Goop, and City Block Health illustrate these leadership principles in action.
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The Gender Gap in Business Leadership and Funding
Boorstin examines the stark disparity in business leadership and funding between men and women. Despite women's proven success in leadership roles, they represent only 8% of Fortune 500 CEOs and receive a mere 3% of venture capital funding, with 85% going to all-male founding teams.
Understanding and Addressing Leadership Barriers
According to Boorstin, this underrepresentation stems from pattern-matching biases rather than intentional discrimination. Investors tend to fund what they know - typically male-dominated models like Mark Zuckerberg. She highlights how some venture capital funds, like First Round under Josh Koppelman, are actively working to reduce bias through methods such as private voting on pitches.
Strategies of Successful Female Leaders
Boorstin's research reveals that successful female leaders share common traits: a growth mindset, humility, and openness to diversity. For example, Zola CEO Shan-Lyn Ma implements innovative meeting practices ensuring all voices are heard, particularly those of introverted employees, leading to more inclusive decision-making.
Modern Leadership Approaches
Traditional top-down leadership is becoming less effective in today's business environment. Boorstin emphasizes the importance of adaptability, empathy, and data-driven approaches. She introduces the concept of an "adaptability quotient" (AQ) as crucial for modern business success, alongside IQ and EQ.
Leadership in Action
Through interviews with various female leaders, Boorstin showcases different leadership styles. Julia Collins of Planet Forward demonstrates long-term thinking through her focus on sustainable agriculture. Gwyneth Paltrow applies vulnerability in her management at Goop, while Toyin Ajayi of City Block Health exemplifies a preventative approach to healthcare management, focusing on addressing root problems rather than short-term solutions.
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Counterarguments
- The percentage of women CEOs and venture capital funding may not fully account for the complexities of the issue, such as the number of women-founded businesses or the industries in which women choose to start businesses.
- Pattern-matching biases might be one of several factors contributing to the gender gap, including but not limited to differences in social networks, risk preferences, and access to mentorship.
- While private voting on pitches may help reduce bias, it may not address other systemic issues that contribute to the funding gap, such as the lack of women in decision-making roles within venture capital firms.
- The traits attributed to successful female leaders, such as a growth mindset, humility, and openness to diversity, are not exclusive to women and may be found in successful leaders of any gender.
- The effectiveness of traditional top-down leadership could vary depending on the industry, company culture, and specific circumstances, rather than being universally less effective.
- The adaptability quotient (AQ) is a relatively new concept and may not have the same level of empirical support as IQ and EQ, and its importance could be overstated.
- Highlighting specific leadership styles of female leaders might inadvertently reinforce stereotypes or imply that these styles are inherently gendered, rather than individual personal qualities.
- Focusing on preventative healthcare management and sustainable agriculture as examples of female leadership might unintentionally suggest that women leaders are predominantly concerned with certain types of industries or issues.
Actionables
- You can support female entrepreneurs by choosing to buy from women-led businesses for your everyday needs. Look for local or online stores, products, and services that are owned or managed by women. By consciously redirecting your spending, you're directly contributing to the growth of women-led ventures and helping to balance the disparity in venture capital funding.
- Start a peer-mentoring group with friends or colleagues to cultivate a growth mindset and diverse leadership qualities. Meet regularly to discuss personal and professional growth challenges, share resources, and provide feedback. This practice can help you and your peers develop the same successful traits observed in female leaders, such as adaptability and long-term thinking.
- Encourage inclusive decision-making in your workplace or community group by suggesting a rotation of meeting facilitators. Each meeting, a different person takes the lead, ensuring that various perspectives are considered, and everyone feels empowered to contribute. This approach can help break down traditional top-down structures and foster a more democratic and empathetic environment.
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The Gender Gap in Business Leadership and Funding
Boorstin delves into the disparity between male and female leadership in businesses, exploring the causes and solutions to bridge this significant gap.
Women Underrepresented and Underfunded in Business Despite Proven Leadership Success
8% of Fortune 500 CEOs Are Women, Receiving 3% or Less of Venture Capital Funding
Boorstin expresses disbelief at the fact that a staggering 97% of financing is not going to female CEOs and notes that an overwhelming 85% is given to all-male founding teams, leaving only a small percentage for co-ed teams.
Women's Underrepresentation in Leadership due to Biases and Perceptions
Boorstin suggests that the underrepresentation and underfunding of women in business leadership are not necessarily due to malicious intent but to pattern-matching biases where people fund what they know—and they know the male-dominated model epitomized by figures like Mark Zuckerberg.
Discussing diversity in business leadership and funding, Boorstin focuses on actions like those of First Round, a venture capital fund, and its CEO Josh Koppelman, who have tried to reduce bias in their investment decisions with techniques such as private voting on pitches to encourage diversity in investments. She mentions the wealth of data showing that diversity of ideas is financially valuable, which is why investing in a diverse array of founders, including women and people of color, can be financially advantageous.
Overcoming Biases and Expanding Leadership Archetypes to Access Diverse Talent and Strengths
Boorstin highlights the cycle of p ...
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The Gender Gap in Business Leadership and Funding
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Actionables
- You can choose to mentor or sponsor a woman in your professional network, helping her to navigate the challenges of leadership and gain visibility. By offering guidance, sharing your own experiences, and advocating for her work, you contribute to increasing the representation of women in leadership positions. For example, if you're in a managerial role, identify a female colleague with leadership potential and provide one-on-one mentorship, or recommend her for opportunities that can showcase her skills and expertise.
- Start a peer-to-peer investment club with friends or colleagues focusing on supporting women-led startups. This not only raises awareness of the funding gap but also allows you to directly impact the distribution of capital. You don't need to be wealthy; even small investments pooled together can make a significant difference. For instance, gather a group interested in technology, research women-led tech startups, and collectively decide on a company to invest in.
- Encourage and practice unbiased f ...
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Strategies and Mindsets of Successful Female Leaders
Julia Boorstin, through her interviews with leading CEOs like Hunziger, reveals that successful female leaders flourish through a growth mindset, humility, and an embrace of diversity.
Female Leaders Thrive With Growth Mindset, Humility, and Openness to Diversity
Boorstin's research points to common traits among successful female leaders: the relentless pursuit of personal development, the graceful acceptance of their own limitations, and the proactive inclusion of diverse perspectives in decision-making.
Seeking Skill and Ability Improvement
The CEOs, as highlighted by Boorstin’s interviews, dispel the myth that leadership skills are purely innate. These women leaders understand their strengths and constantly endeavor to enhance them, setting personal goals and tracking their growth self-referentially. Julia Boorstin underscores the presence of a growth mindset among all the female leaders she spoke to, noting their belief in the necessity and possibility of ongoing personal and professional development.
Acknowledge Knowledge Gaps and Be Open to Feedback
Humility emerges as a pivotal quality for effective leadership, especially among women, in Boorstin's conversations. She finds that these leaders are keen to learn from others, eschewing ego in favor of data-driven decision-making. They display an innate understanding of their own knowledge limitations, seeking help and being receptive to feedback. Boorstin shares her own experience in dealing with criticism, demonstrating how her recognition of biases an ...
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Strategies and Mindsets of Successful Female Leaders
Additional Materials
Counterarguments
- While a growth mindset is beneficial, it's important to recognize that some individuals may have a fixed mindset in certain areas, and this doesn't necessarily preclude them from being successful leaders.
- Personal and professional development is crucial, but it's also important to acknowledge that overemphasis on self-improvement can lead to burnout or work-life imbalance.
- Leadership skills can be developed, but some individuals may have a natural aptitude or predisposition for leadership that can give them an advantage.
- Openness to feedback is valuable, but leaders must also be able to sift through feedback and decide what is constructive and aligned with their vision, as not all feedback is beneficial or applicable.
- Data-driven decision-making is important, but it should be balanced with intuition and emotional intelligence, which are also key aspects of leadership.
- Seeking help and learning from others is a strength, but leaders also need to demonstrate deci ...
Actionables
- You can start a "Growth Diary" where you document your daily learning experiences and reflections. This diary would serve as a personal tracker for your development, allowing you to set goals and note progress in your leadership skills. For example, after a meeting, write down what you learned about your communication style and how it could be improved.
- Create a "Feedback Circle" with peers from different backgrounds and expertise. Organize regular, informal gatherings where you can present challenges you're facing and receive constructive feedback. This could be as simple as a monthly coffee meet-up where each person shares one challenge and the group offers diverse perspectives.
- Develop a "Decision-Mapping" tool for your personal use that requires you to list out the diverse viewpoints rel ...
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How Traditional Leadership Norms Need to Change
Julia Boorstin asserts the orthodox image of the CEO as the authoritative decision-maker is outdated.
Top-down Leadership Less Effective in Today's Volatile Business Environment
Adaptability, Empathy, and Data-Driven Approaches Are Key Leadership Qualities
Boorstin emphasizes the need for super adaptability in leadership, advocating for a responsive approach that listens to inputs from the ground rather than relying solely on top-down decision-making. This sentiment is echoed in practices aimed at diminishing the influence of the loudest voice in the room, advocating for a diversity of ideas and perspectives.
Boorstin also discusses the necessity of adaptability in crisis situations, where being prepared to alter set plans can be crucial. The concept of an "adaptability quotient" (AQ) is brought forward as a critical trait for modern business, on par with IQ and EQ. Leaders are encouraged to act with humility and objectivity by setting personal biases aside to analyze data accurately and make informed decisions.
Balancing Confidence: Less During Info-Gathering, More During Execution for Informed Decisions
Leaders are advised to moderate their confidence levels, practicing open-mindedness during the information-gathering phase to remain receptive to new insights. However, once data is collated and a plan is devised, leaders should project heightened confidence to drive effective execution. Real-time data and feedback are vital in avoiding the pitfalls of outdated initial plans.
Grati ...
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How Traditional Leadership Norms Need to Change
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Counterarguments
- While adaptability is important, too much emphasis on it could lead to a lack of consistency and direction, which can be equally damaging in a business environment.
- Top-down leadership can still be effective in certain contexts, especially in industries where rapid, decisive action is necessary, and too many voices could lead to paralysis by analysis.
- The adaptability quotient (AQ) is a relatively new concept and may not have the same level of empirical support as IQ and EQ, which have been studied for a longer period.
- Data-driven approaches are critical, but over-reliance on data can lead to ignoring intuition and experience, which are also valuable in decision-making.
- While humility is a virtue, too much of it can undermine a leader's authority and ability to make tough decisions that may be unpopular.
- Confidence moderation is important, but leaders who appear too uncertain during the information-gathering phase might inadvertently erode trust in their leadership.
- Gratitude and empathy are important, but they must be balanced with the need to make tough decisions that may not always please everyone.
- The correlation betwe ...
Actionables
- You can enhance your adaptability by setting weekly 'change challenges' for yourself, where you deliberately alter a routine or decision-making process to practice flexibility. For example, if you usually plan your week every Sunday, switch it up by planning mid-week and allow for adjustments based on new information or feedback you receive.
- Develop a habit of daily reflection to cultivate humility and objectivity by journaling about decisions you've made, focusing on the data and reasoning behind them. This practice can help you identify personal biases and consider alternative perspectives. For instance, after a work meeting, take five minutes to write down the key points and assess whether your conclusions were data-driven or influenced by preconceptions.
- Create a 'gratitude map' where you track acts ...
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Specific Examples Showcasing Different Leadership Approaches
Julia Boorstin, through her research and interviews during the pandemic, provides insights into the diversified and effective leadership styles of female leaders.
Julia Boorstin's Interviews With Female Leaders Show Diverse Leadership Styles and Mindsets
Amid her experience reporting for her book, Boorstin interviewed inspirational women, contextualizing her exploration of various leadership styles and thought processes among female leaders. By weaving together stories of 60 women with about 100 academic studies, she showcases an array of leadership philosophies among women at the helm.
Boorstin highlights how crises reveal leadership success, finding that managing adaptably in crisis situations is a common theme among the female CEOs and investors she interviewed. The willingness to over-prepare and adapt, particularly in times of crisis, emerged as a consistent theme. She tells fun stories of female leaders who inspire and navigate challenges, countering the typical tech mogul archetype and proving that successful and diverse leadership styles exist. Boorstin's observations reveal that female leaders committed to environmental or social benefits often engage in long-term planning and commonly express gratitude, linking such an attitude to sustainable long-term thinking in their work.
Julia Collins Founded Planet Forward, a Sustainable Snack Company
Julia Collins, former CEO of Zoom Pizza, refocused her career towards environmental sustainability after stepping down and becoming a mother. Her new venture, Planet Forward, produces snacks made entirely from regenerative agriculture. Collins looks a century ahead, emphasizing the importance of making a positive and lasting impact on agriculture and the environment. Despite uncertain times, like during the pandemic, she sustains this long-term perspective on her work, driven by gratitude for the opportunity to make a difference.
Gwyneth Paltrow's Vulnerable and Learning-Focused Management at Goop
Boorstin noted her surpris ...
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Specific Examples Showcasing Different Leadership Approaches
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Actionables
- You can adopt a century-long perspective in personal goal setting by envisioning the legacy you want to leave and working backward to create a roadmap. Start by imagining the impact you wish to have on your community or environment 100 years from now. Then, set incremental goals that align with this vision, breaking them down into what you can achieve in the next decade, year, and month. For example, if you aspire to contribute to environmental sustainability, your century goal might be to have a local park named in your honor for your conservation efforts. Your decade goal could be to plant a certain number of trees, and your yearly goal could be to volunteer a set number of hours with local environmental organizations.
- You can practice adaptive management in everyday life by preparing for potential challenges in routine tasks. Before starting any project, take time to consider what could go wrong and how you would handle it. This could be as simple as having a backup plan when hosting a dinner party, such as knowing a quick recipe if an ingredient is missing or having a board game ready if conversation lulls. This habit not only prepares you for the specific event but also trains your mind to think ahead and adapt quickly to changes.
- You ...
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