Founder Spotlight: Mina Fung, Co-Founder of Wifa Global
Updated: Nov 6, 2020
Money, Power and Learning Curves
Listen to the podcast interview here.
Wifa Global is a social learning platform for emerging and established women leaders to connect with accomplished peers locally and globally. It is casual by design, to encourage the crowdsourcing of ideas. “So they can share their challenges with simple questions,” says Mina Fung, Wifa Global co-founder, “and help close the gender gap much faster.”
Mina says that she was inspired to launch Wifa Global to counter a spike in deceptive online groups that appear to provide entrepreneurial opportunities to women, but in reality are veiled sales pitches for get-rich-quick home businesses or multi-level marketing companies. We discussed that especially since the pandemic has disproportionately financially impacted women, some may be more vulnerable to misleading messaging right now.
“I see that trend in marketing,” says Mina “people are selling dreams. Lots of people are in desperate situations and want to buy the dream. But that’s the wrong space for lots of people, [even those] who can afford it, or [who] think that’s business: in 6 weeks they can get it done and become a millionaire. It’s never been done before — unless they win the lottery! But of course, that’s not what people want to hear.”
“When you say it’s hard, people just don’t want to join you!”
“Building a business is about solving a problem which people are willing to pay for,” says Mina. “It’s not just about building your passion and then all of a sudden you become a millionaire. It’s not about working less, then making lots of money passively. There are lots of things that go into being an entrepreneur and building a business. There are a lot of learning curves. The part people need to know is you will go through so many highs, [...] and you’ll go through many Valleys of Despair. So they have to be able to stand that punch in the gut that is very painful. And be able to stand up and keep going again.”
In contrast to “selling the dream” and MLMs, Mina is working to build Wifa Global into an honest, valuable platform for women to build their professional competencies, while learning from each other. But here’s her challenge: “When you say it’s hard, people just don’t want to join you!” she laughs.
Mina speaks candidly about her own startup struggles. Her Valley of Despair has been anticipating that Wifa Global’s membership would be larger at this point, and her frustration in watching groups who attract membership with click-bait messaging explode instead. However, to stand that punch in the gut she warned of, Mina and her co-founder take confidence in choosing a path of honest messaging and slower, organic growth that aligns with their values.
On the upswing, Wifa Global’s moments of Success and Fulfillment have come from their informative finance talks. Mina’s background is in finance and accounting, and empowering women through financial literacy is something she’s passionate about. Mina says that they have seen strong engagement and positive feedback from these talks. And this premium content is attracting the type of high-quality membership that Wifa Global targets.
"If you can land on messaging that aligns with your values, even if growth is slow at first, you’ll attract the right tribe in the end."
Following that passion, Mina believes that women tapping into their financial power is key to closing the economic gender gap. In our chat, (podcast below!) she references Melinda Gates’ Equality Can’t Wait initiative and the World Economic Forum’s statistic that at the current pace, it will take 208 years to close the gender wage gap (in the US that is, in Canada it’s only 164 years🤑). As Mina puts it, “you’re kidding me. What’s missing?”
So, Wifa Global is doing its part to close the gender gap with their upcoming Power talk series. Follow Wifa Global on Linkedin to receive updates on upcoming dates.
Selling hard work is always difficult — that’s why deceptive marketing exists, think of every DIY home painting advertisement you’ve ever seen. And what DIY painting is really like — but if you can land on messaging that aligns with your values, even if growth is slow at first, you’ll attract the right tribe in the end.
Listen to the podcast interview here.
Connect with Mina Fung and Wifa Global:
Mina’s 10X Vision podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/10x-vision/id1466696246
Mina Fung Linkedin: https://www.linkedin.com/in/minafung/
Wifa Global Linkedin: https://www.linkedin.com/company/wifaglobal/
Wifa Global Instagram: https://www.instagram.com/wifaglobal/
Mina Fung Twitter: https://twitter.com/FungMina
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Until next week.
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