Alright – so today we’ve got the honor of introducing you to Vera Phipps. We think you’ll enjoy our conversation, we’ve shared it below.

Vera, appreciate you joining us today. Do you take vacations? How do you keep things going – any advice for entrepreneurs who feel like they can’t step away from their business for a short vacation?

Having spent most of my life in Europe, I’ve learned the importance of balancing work and avoiding burnout. Discovering the world is in my blood, and if I don’t make time for it, I question why I’m working so hard in the first place. Therefore, taking vacations is absolutely essential for my happiness and well-being. Happiness and satisfaction are integral parts of success.
Traveling also broadens your worldview and helps you think outside the box, which can be incredibly beneficial for your business. If you’re afraid to step away from your business for a short vacation, it likely means you’re hesitant to delegate and may not fully trust your team. It’s crucial to find someone you can rely on to manage things in your absence. With modern communication tools, there’s no reason to be completely out of touch.
I recently returned from a month in Asia, which not only cleared my head but also reinvigorated my passion for work. So, my advice to fellow entrepreneurs is to prioritize vacations—they’re vital for your mental health, broaden your perspectives, and contribute to the overall success of your business.

Awesome – so before we get into the rest of our questions, can you briefly introduce yourself to our readers.

I am the Co-Founder and CFO of donut, the first social network designed to connect donors and volunteers with nonprofits, enabling them to solve the problems they are passionate about. At donut, we aim to create a meaningful impact by facilitating connections between donors, volunteers, and nonprofits. We believe in the power of community and the positive change that can result from collective efforts.

Throughout my 15-year career in investment banking and financial strategy, I’ve played a pivotal role in mergers and acquisitions, debt restructuring, and capital financing. I’ve had the privilege of fueling growth for companies across various sectors, including fintech, construction, and commodity trading in Europe and the Middle East. My recent foray into the tech world through MIT xPro has further enhanced my understanding by exploring the intersection of machine learning and finance.

Currently, my focus is on corporate finance consulting and mentoring women in their financial relationships. I believe in empowering women to take control of their finances and make informed decisions. My passion for psychology complements my diverse knowledge, allowing me to approach client relationships with a comprehensive understanding that goes beyond just numbers.

Resilience and the ability to pivot and grow from adversity are important parts of my heritage and character. These qualities have been ingrained in me through my upbringing and personal experiences. Whether facing the challenges of the financial world or the broader trials of life, I’ve learned that true wealth lies in an indomitable spirit and the wisdom gained from overcoming obstacles.

Have you ever had to pivot?

Six years ago, I decided to leave my favorite company and take a break to start my own business. Little did I know that my sabbatical would lead me to getting married and moving to a different continent. Moving to California from Ukraine meant starting from scratch, leaving behind a great career and reputation, and dealing with a significant blow to my ego. It was extremely challenging.

To avoid starting from entry-level positions, I took on the task of crisis management for my husband’s business, which he was ready to abandon. During this time, I also started a CBD brand, took on various consulting gigs, helped a friend build a jewelry brand in Europe, and even learned coding through MIT.

When the war in Ukraine began, I had to bring my family to California and take care of everyone amidst intense anxiety. During this tumultuous period, life presented a new opportunity—my friends invited me to co-found a tech startup. This venture allowed me to utilize both my old knowledge and newly acquired skills, along with the flexibility of mind, to create a successful product.

Looking back at all the steps I had to take to start from scratch, I can now see a shorter path. I’ve learned my strengths and discovered that I’m capable of starting over repeatedly, using each fresh start as a trampoline to propel myself further.

Any advice for managing a team?

The key to managing a team and maintaining high morale is providing clarity. Clearly communicate what your business is all about, your mission, your values, and realistic deadlines. When deadlines are unrealistic, the team may think you don’t know what you’re doing. Transparency extends to spending as well.

Trust and rely on the people you hired—they were chosen because you believed in their capabilities. Show your appreciation by saying “thank you” and acknowledge mistakes with a sincere “sorry.” Being human and respectful goes a long way in building a positive work environment.

While everyone works towards the same goal, it’s important to recognize that you cannot demand the same level of effort from your team as you would from yourself, as a business owner. Demanding work is not an effective strategy; it’s counterproductive. Instead, motivate and lead by example.

If possible, hire a good coach. A coach can significantly improve the team’s attitude and overall approach to work, fostering a more cohesive and motivated environment.

Contact Info:

• Website: https://www.donutsocial.com
• Instagram: https://www.instagram.com/verypersonalspace/
• Linkedin: https://www.linkedin.com/in/vera-phipps/