Do entrepreneurs have a specific sex? Well, my answer is no! Have you ever heard, Men Entrepreneurs? No? So, if anyone thinks that entrepreneurs are men by default, they are wrong. I am not against the male human race. I have a very efficient and capable male co-founder. Now, if you are thinking, why am I writing all this in an article, who’s title starts with ‘Women Entrepreneurs’. The answer is that I wanted to bring this point and put it on the top of the checklist. If you are a woman, starting a new entrepreneurial venture, here is the checklist:
You are a woman, you are special
No matter how much we discuss and debate equality, men and women are not equal, no one is more and no one is less. Both are special in their own ways. So, as a woman you need to understand and believe that you are special, you need to discover the qualities that makes you special. Once you have discovered your good qualities (strengths) and bad qualities (weaknesses)—if you believe that you don’t have any weakness, that’s your biggest weakness—you are up for the game of war.
How good is your ammunition?
Entrepreneurs are like warriors; in a war, you can plan and expect but unless you are into it, you can’t predict the outcome. Therefore, it’s extremely important that you should have clarity about the objective of your business. You must map your strengths & weaknesses with the objective. This will give you a clear picture of what you should and should not do.
What must be avoided is more important than what must be done
When you start, ideas are unlimited and resources are limited. This means, you should know, what must be avoided and it’s more important than knowing what must be done. A few wrong steps can put you in a vicious circle. Sometimes these few mistakes become so grave that the businesses can go into ICU. It can also get into comma, wherein it stops responding to any stimuli. Trust me, you don’t want to get into this situation.
Time Play
Women of different ages have different time management issues. If you are an entrepreneur with kids, you are running two entrepreneurial ventures simultaneously. Both need your utmost attention. You worry about kids while doing business and vice versa. Time management is directly proportional to the success of the business in most of the cases for women entrepreneurs.
Revenue-Profit-Brand Equity
What makes you an entrepreneur? Do you want to attract investors by generating huge volumes in terms of revenues/customer acquisition; or are you in the game to make profit, everything is based on profit goals and top-line doesn’t matter; or do you want to build a brand with a long-term Brand Equity. You can focus on one or you can have a mix of all. Deciding this mix should be an important part of the business plan.
Everything said and done. In the age of technology driven innovation, the business situation has become very complex. The environment is ultra-dynamic and no rules or mantras are applicable to all women. Therefore, the prime mantra is being aware and being vigilant about your industry. Be aware, be a student, keep learning.