The number of women who are business owners are less worldwide. In US, just 29% women are entrepreneurs while in India, it is only 14%. However, with the coming of the digital era and today’s changing times that is looking favourably towards start-ups, this figure is slowly but steadily increasing.
Below mentioned are the Top 5 financial tips for women entrepreneurs to make it big in life.
Tip 1: Imbibe the art of Number Crunching
If you undertake a survey of all the successful woman entrepreneurs all over the world in order to analyze the mantra of their success, most of the responses will reverberate the fact that financial education does matter! Women who run successful businesses and have made it big in life say that they run their businesses by the numbers. Financial stuff like balance sheets, cash flows, etc are like nursery rhymes to them! Financial Reporting can be an extremely powerful tool when it comes to growing your business and if you ask me whether you need an MBA or not…naaahh, all you need might be a financially wise mentor or a business partner and a good accountant to start with.
Tip 2: Form an advisory board / group
The other tip for women entrepreneurs is to form advisory groups that might be formal and informal in nature. Working with other business owners is crucial for learning and growth and plays a critical role not only on the financial side but also in terms of strategy, marketing, industry insight, vendor management, etc
Tip 3: Always remember that it is business
The greatest challenge for women business owners is perhaps to draw that thin line on the human resource side between being professional and personal. It is quite common to see women entrepreneurs treat fellow workers as their family and not colleagues and hence struggles to make staff related decisions. For example, laying off an unproductive worker becomes a difficult task if one were to become overtly compassionate thinking about his/her family, etc. These issues are not really due to the fact that the entrepreneurs are women but mostly because the individuals have grown up in a society and in families which made sure they brought them up as women! If you are a women business owner, the tip would be to always talk it out with your employee and then take a decision which is good for them (as much as possible), but best for the organization (top priority)
Tip 4: Regularly update yourself with new technologies
In today’s era of constant digital dynamism, if one doesn’t keep himself/herself updated with the new technologies, he/she would be left far behind. This is true for everyone, specially more so for entrepreneurs, women or otherwise. Starting from latest transaction and money exchange platforms to brilliant social media tools for marketing your business, starting from amazing innovative technologies to hi-tech business tools, keeping oneself up to date with the technology is a sure shot way to be at the top of your game!
Lastly it can be concluded that business acumen, scientifically speaking, doesn’t depend on one’s gender…rather the grey matter in your brain cells. And the sooner you start exercising those with these above tips, the faster you get ready to take off for your future entrepreneurial journey!