With a sudden gust of women empowerment, there emerged as almost twice the number of women, who are aiming for entrepreneurship. Women are exploring business and sectors of every industry. From construction to technology and from professionals to entrepreneurship, no line is left unexplored. The sectors and lines of business that women wishes to be in are as varied as the women themselves.
Let us walk you through some of the really beneficial tips for all those superwomen out there:-
Start a business that fits you and your life:
There is no real definition for a perfect business. For some, it may mean trading in hundreds of millions while for others it may mean a generous salary with a work-life balance. Women entrepreneurs need to decide for themselves what their ideal vision for the perfect business is. Small concerns do not always mean, small profitability. They too can be successful enough when a target is set on an untapped niche market.
Do not sweat Bureaucracy
A lot of women would be -entrepreneurs, find themselves stuck on the point where they can’t actually decide whether to go for a startup or not because the legal obligations and compliances associated are so that scary that it already wipes out the entrepreneurial spirit. But the truth has a different tale to tell. It, in fact, isn’t that spooky, all you need is to visit a couple of offices, a few registrations and payment of fees and you’re sorted. Do not let this legal requirement get on your nerves. For starters, you’ll need to have sound business ideas and some really good management skills to ease you in. This is where you should put your energy and efforts rather than worrying over these legal hurdles.
Every business has lean days.
In almost every startup, the situation of undercapitalization arises, where funds fall short to absorb the ever rising overheads. Do not let these overheads be your headaches for they are the indicators that your business is gaining momentum. You do not need piling of funds to suffice you through. All you need is to plan up and have a cost effective approach. There exist a number of instance of businesses that started on a shoestring: Apple computers, the mega successful business started in a garage, Hewlett –Packard from the dining room. Generally speaking, it’s the creativity and cost effective approach that works for a startup than the spend-it-all approach.
For expansion financing, Banks are not the way to go.
One of the concerns most commonly cited by women entrepreneurs is Startup Financing. And Banks are probably the last to offer help as they only lend to creditworthy firms or firms who have a track record of success. Now the dilemma that these entrepreneurs face where to go and where not to eventually kills startups. But to heal their grievance there exist some saviours. Some sources that woman should definitely look for. These are Women Business Centers, and Community Development financial Institutions. Women Business Centers exist nationwide and focus on supporting women entrepreneurs through business training and counselling, in addition, they provide access to credit and capital. CDFI’s are the organisations certified by the U.S treasury, a fast growing segment of business financing market specialising in loans to underserved communities and populations. Plus a bonus of gaining expertise to shape up your competencies.
Thus there is nothing a woman can’t do. And entrepreneurship is no different. It’s all about thrill and will. You need to take it as a ride all the way from assuming risk to profitability. You may run out of cash, you may find things in oblivion, but do not be intimidated by them for they are the stepping stones to success.
There is no royal flower-strewn path to success. And if there is, I have not found it, for if I have accomplished anything in life it is because I have been willing to work hard – Madam C.J. Walker, America’s first female entrepreneur and millionaire and an inspiration.
About The Author: