Who doesn’t like being their own boss and flexible working hours? Haven’t we all harboured the dream of becoming an entrepreneur and starting our own venture? But starting a business and running the same are two different things. Whether big or small, running a business, making it sure that the business is successful is no small feat. There isn’t any magic lamp that would give you superpowers in the world of entrepreneurship. But, let me share with you a few secrets that can help new women entrepreneurs run their business better.
When starting a business in a corporate setting it’s easy to take on all of the responsibilities required to run your business — though it’s not easy to manage them all. Delegation helps you prioritise your work. It not only helps lighten your load but gives your employees and stakeholders more important responsibilities making them feel that they are a part of the business. It helps you build and lead a great team that is self-driven, talented and focussed.
2. Use Your Rolodex
The best tool for an entrepreneur is his/her Rolodex – a network of contacts. Your networks can help you understands what you’re going through and can help you navigate any potential problems you may face. Networking and engaging with your peers is a great way to access and improve business knowledge. Community-based platforms are created for the benefit of entrepreneurs to come together and share their knowledge, struggles, problems, and solutions. Joining industry groups on social media is also a good way to initiate and create a personal network of support. Professionals within these groups can be a great bouncing board for new ideas. Connect and network with other women because there lies a huge strength in the sisterhood of entrepreneurs.
3. Be Aware
Irrespective of genders, all entrepreneurs have to be aware – about their business, competition, technology, etc. Be in the know of everything – know your customers, your employees. If you intend to be a successful entrepreneur, make data-driven decisions to create a healthy road map for your business. Be tuned to the recent developments in business laws and regulations. Feel the pulse of your business and understand what’s driving its growth or failures. Learn from the environment you live in. Be mindful of every personal and technical aspect of your business – your team, your clients, your product users, your competitors and stakeholders.
4. Be Wise In Finance
Indian women have excelled at managing home and home finance, but there still seems a long way to go when it comes to money. Always keep money aside for business operations and investments. Get a quick refresher on matters related to finance. Understand the concepts of fixed and variable costs. Learn how to be bootstrapped yet attain reasonable profits. Focus on how to get investments in your business by understanding the concerns of the investors to keep a tight leash on cash flows of a start-up venture. Educate yourself of all financial terms which will definitely come in handy throughout the life of your venture.
5. Keep Evolving
For an entrepreneur, the learning never stops. Nor does the constant process of evolving. Learning new skills, gathering business knowledge, and creating a work-life balance all adds to your progress as an entrepreneur. indulge in everything that empowers you as an individual to grow and lead growth for your business. It takes a good amount of time to build a business. Always have a positive outlook and be willing to learn from your mistakes. It is an endless process that will help you to implement newer practices in your business. The tenacity and determination in you to face the challenges that will help your business flourish and make you wiser and a better entrepreneur.