As a potential Female Entrepreneur whatever is holding you back from starting, just put it to one side, and let’s start!
Calling all Businesswomen: Have you been waiting to start your own business? Not sure where to begin? This blog post is for you.
Following on from highlighting the invaluable economic, social, cultural and environmental impacts of female entrepreneurs in our blog post, $multi-billion opportunity: The Rise of the Female Entrepreneur,
it is now time to get you motivated towards being an Entrepreneur.
So, let’s discuss the following:
· You Want to Be a Businesswoman? Here's What You Need to Know
· How to Turn Your Passion Into a Successful Business
· Why Business is Perfect for Female Entrepreneurs
· What It Really Takes to Be a Female Entrepreneur: The Top 10 Traits of Successful Female Entrepreneurs
· What are you waiting for? Just start!
The starting point is you, and Marina Abramovic offers the most important piece of advice:
“The only thing I have learned is to find strength in yourself. No one can help you, no one can do anything for you, you have to do the work yourself.” – Marina Abramovic
You Want to Be a Businesswoman? Here's What You Need to Know
There are a lot of women across the globe who are already successful Female Entrepreneurs, but there is plenty of room for more. The more women we have in business, the greater the number of changes we can make.
From the start business advisers and others are going to tell you that you need to complete this list to start, and be successful:
You need to be passionate about your business idea.
You need to be willing to work hard.
You need to be organized and have a plan.
You need to be able to sell your product or service.
You need to be able to market your business.
You need to be able to finance your business.
You need to be willing to take risks.
You need to believe in yourself.
It’s enough to make you walk away before you have even started!
Whilst all these things need doing, please do not let them put you off. The most important thing you need is to ‘Believe in Yourself” because if you don’t believe in yourself, no one else will. I believe in YOU, and that’s as much as you need to get started.
There are plenty of successful businesses that are owned and operated by women, so:
Why not you?
I am going to keep this simple, so you can do the things as a checklist, and from there just start building the actions.
If you haven’t already tried the Fantasize exercise, I suggest you do it before starting your checklist.
Know your business.
It is important to have a clear understanding of what your business will be about.
What product or service will you offer?
Who is your target market?
What makes your business unique?
Answering these questions will help you develop a strong Foundation for your business.
Business is not complicated and you should not be put off by thinking it is. In fact, the simpler you can keep your business, the easier it is to manage.
Put simply, business is about identifying opportunities and seizing them.
What are the opportunities in front of you?
What is the biggest opportunity in front of you?
Are you ready to grab it?
As an example: When I started my first business I was in poverty, and had no qualifications or business management skills. I was a single parent and a survivor of domestic violence. My confidence levels were zero!
You would think “Very few opportunities!”?
Correct – There were no opportunities to work for someone else, which is why I started on my own. It was my opportunity to show the world that I was not going to be a victim and that I believed in myself.
I can hear you saying, “OK great, but you can’t make a business out of that!”
Again, you would be correct. BUT once I had understood that I was the opportunity, I wanted to show the world, I was not going to be a victim …. It was the self-belief that then became my trigger to find something to do.
I began making samosas, (Indian snack foods), in my kitchen at home, because the business opportunity was to offer real handmade Indian snack foods to the shops.
That became my business product.
My target audience was English people who loved Indian food but couldn’t get it locally.
My business was unique because it was handmade products with authentic Indian spices, and not mass-produced.
My story is quite long, and it is in detail in my book Madi No Excuses! if you would like to read more about it. The book shares how I went from my kitchen at home to 2 factories and received the award of Asian Woman of Achievement. It goes on to share how my ONE goal in life is to turn ‘7 billion ideas into action – including YOURS!’.
No matter what your background or experience level, if you're considering starting your own business, there's no reason to wait any longer. Get out there and make your dream a reality!
As a female Entrepreneur, you have the unique opportunity to turn your passion into a successful business. My passion was cooking, and people. I love sharing my food with others and learning about them, whilst letting them know they are loved, and that I am here to listen. Food is a great way to do this.
How to Turn Your Passion into a Successful Business
The first rule of business is to ‘Follow Your Passion’. If you’re passionate about something, chances are you’ll be good at it and customers will be more likely to flock to your business.
So, do a little market research -This does not have to be complicated.
Test your product or service on friends and family and ask for honest feedback. You can also do research over the internet or in your local area to find out what others are doing, and how what you are doing is different.
Never be afraid of competition.
Look how many coffee shops there are on any high street – and that number is still growing. It’s just a cup of coffee! Or is it?
The venue, the cups, the taste, the cakes, the staff, the ambience, the reputation, and the service …. All these make people choose one coffee shop over another.
How are you going to put your passion into your business?
Always keep notes, this is a continual learning process.
Always keep going back over your notes. This is how you build a strong business built on fact, not an assumption.
Let’s talk Business Plans.
At Madi Group, my company, we don’t believe in business plans.
Truth be told, there is not a successful business that started with a business plan. They all start with an idea.
People test their ideas out first, learn from the feedback and then start to test the market by selling more and more.
At the same time, they are making more and more notes, learning by doing, and adjusting their processes according to their learning.
As the business grows, SOME businesses need investment – This is the point that you need a business plan. The point where the notes get turned into something official.
However:
If you are starting your business to attract investment, you are starting your business for the wrong reason.
Your business must be led by your idea and your passion, not the search for money!
All that said, the business plan model can help you better understand the things you will need to think about whilst running your business.
But remember,
It is not mandatory that you complete a business plan before starting your business.
It is a working model, something to be completed, re-read and revised regularly.
It should be open on your desk, not stuck in a drawer somewhere collecting dust
The business will never follow the exact description you have in your plan... Especially not the financial forecasts or the assumptions!
You must keep thinking about how you can sell more. Having a business is about making money – even if you are a Social Enterprise, or a Not For Profit.
Otherwise, it will be making a loss – and you are funding that loss!
Putting it plainly: You are in business because you have an idea that you want to turn into action. You are not going to do it for free!
Are you?
How will you ‘Market Your Business’? – That means,
How will you let people know you are in business?
How will you tell them what products or services you are selling?
How will you attract new customers? (You cannot keep supplying only family and friends)
It’s all about getting the word out there about your new business. You can use word of mouth, or flyers if it’s a local business, or social media to reach a wider audience.
Customers will not buy from you if they do not know they you exist!
Success doesn’t happen overnight.
The fact is, running a business does take hard work, dedication, and determination.
You need to stay focused on your goals and don’t give up when things get tough – if you believe in your idea and business, anything is possible!
Why Business is Perfect for Female Entrepreneurs
There are many reasons why women make great Entrepreneurs and businesspeople.
Whilst it is a stereotype, in business, it is a reality that women are often very good at multitasking and taking care of multiple responsibilities at the same time.
They are detail-oriented, which is advantageous when running a business.
They are good at networking and building relationships and establishing trust quickly, which can be helpful in developing a successful business.
Women are natural problem-solvers. They are good at identifying problems and finding creative solutions to them. This is a valuable skill in business, as it allows them to quickly find and fix problems before they escalate into bigger issues.
They are very good at communicating with people and understanding their needs, which can be helpful in customer service or sales.
Women are generally more resilient than men. They are better able to bounce back from setbacks and failures. It allows them to persevere through tough times and come out stronger on the other side.
As times are becoming tough as the world goes into a global recession, this is the ideal time for women to start their businesses. When the recession ends, the businesses are already operational and ready to fly!
Whilst women are considered to be ‘more risk-averse’, I would argue that this should be ‘women manage risk better’. They carefully consider all the potential risks and rewards of a venture before taking the plunge. This managed approach can help prevent costly mistakes and increase the chances of success.
Recommendations:
My recommendations to you, now, before you start your venture, and throughout your journey to success are:
Never underestimate yourself.
Never underestimate your abilities, skills or strength. Don’t accept self-doubt and always show your confidence. Believe in yourself and your capabilities, and don't be afraid to take risks.
Don't be afraid to ask for help.
You do not have to do everything yourself. There is no shame in asking for help, and it can avoid fatigue, frustration and burnout. It's okay to ask for help when you need it and to delegate tasks and seek assistance from others to free up your time and energy. This way, you can Focus on what's most important.
Stay focused on your goals
It can be easy to get sidetracked when you're running your own business. There are always new things popping up that need your attention, but it's important to stay focused on your goals and not get caught up in the day-to-day details. If you keep your eye on the prize, you'll be more likely to achieve success.
I know, because I have gone through it, and I can tell you, that all those women I have mentored and coached wanted to be Entrepreneurs.
The fact that you have read this far down the blog, means you too, want to be an Entrepreneur.
I am telling you; YOU CAN DO IT!
I know That you can do it because even though you may never have considered it before, you have the traits of what it takes to run your own business.
Here is the list, check for yourself:
What It Really Takes to Be a Female Entrepreneur: The Top 10 Traits of Successful Female Entrepreneurs
No 1. Passion: You need to be passionate about life, about your business and your ideas. It is that passion that will see you through to success because passion means you are always looking for ways to improve yourself, your life and your business.
– And never let anyone tell you that you are “too passionate” -There is no such thing!!
No 2. Self-Belief: Self-belief is the one thing no one can teach you; it must come from inside you. And I will say it again, “If you don’t believe in yourself, no one else will.” Having self-belief means that you trust yourself and your decisions, even if there is a risk. When you believe in yourself, your confidence grows and that’s when you can share your passion with others and really thrive. – I believe in you! You can do whatever it is you want to do and succeed in it!
No 3. Confidence: Shoulders back, chest out and know you have the ability to take on the world, and everything it is going to throw at you. When your body language and Face show that you are confident, those watching you will also understand that you are confident and trust your own abilities and judgment. Believe in your vision and believe that your business will bring you the success you desire, however you define it.
No 4. Persistence: Business is 99% perspiration and 1% inspiration – It is hard work, but the rewards are worth it because you take control of your own life and the way you live it. Female entrepreneurs are persistent in the face of adversity. They don’t give up easily, and they are always looking for ways to overcome challenges.
– Something to remember “Everything can look like a failure in the middle” – Just keep working at it!
"Everything can look like a failure in the middle. Winners redefine setbacks as detours en route to success, and they redouble their efforts to find a way around obstacles."
No 5. Motivation: Not the same as passion, or persistence. Motivation is what drives you and makes you get out of bed in the morning. Female entrepreneurs are highly motivated to succeed in business. They set high standards for themselves, and they strive to meet them every day. You are already motivated, so channel that motivation towards success through your business.
No 6. Innovation: Be creative, think outside the box, and find new and innovative ways to grow your businesses. Identify solutions to problems, and things that need changing, and make that into an opportunity for your business. Innovation is about new opportunities - Grab them, do not FTI (Fail to implement. Here’s a secret – There is nothing new in the world: “Innovation is having an idea and not remembering where you stole it from!!”
No 7. Organization: Women know how to organize their time and resources efficiently. This is a fundamental Foundation of business. When you have a clear vision for your business and the goals you are trying to achieve, everything will fall into place, because you will start to plan and make sure everything is where you need it, when you need it.
No 8. Resourceful: There are many challenges in business: finances, staff, supplies, legislation, and family… The good news is women are great at finding (creative) solutions to their problems. They know how to make the most of what they have, and they are always looking for new ways to get things done.
No 9. Networking: Women are brilliant networkers and this makes it easier to find potential customers, staff, partners, and investors. Building strong relationships with others strengthens your business and brings you more opportunities. Women naturally connect with people quickly and build relationships easily because they communicate effectively to find common ground with others. Listening is a key skill in business and networking, as it helps identify solutions to other people's problems, presenting another opportunity to be seized.
No 10. Leadership: Something you may not consider for yourself or for Entrepreneurs. As a woman, you are a leader, an educator, and someone who inspires and motivates others. You may not get an award or recognition for it, but you have the leadership quality necessary for a woman in business. Good leaders often have to make tough decisions and stick to them. They have excellent communication skills and resolve conflict effectively, and most importantly they lead by example. You are a great leader – I am following you!
You can download the poster of our 10 Traits of Successful Female Entrepreneurs here. Pin it somewhere you can see it, to remind yourself that you have ALL the traits necessary to succeed as a businesswoman.
“The important thing is not being afraid to take a chance. Remember, the greatest failure is to not try. Once you find something you love to do, be the best at doing it.” – Debbi Fields, CEO of Ms. Fields Cookies
So, what are you waiting for? Just start!
If you're a woman with an entrepreneurial spirit, there's no time like the present to start your own business. Just think about all the incredible opportunities that are out there for you.
With more women than ever before starting their own businesses, there's no reason why you can't be successful too.
The sooner you get your business up and running, the sooner you can start achieving your goals.
So, if you're ready to take the plunge, go for it!
WHETHER YOU ARE A START UP, A POTENTIAL FEMALE ENTREPRENEUR OR A GROWING BUSINESS – WE ARE HERE TO HELP YOU
You will become a member of our Paying It Forward Community.
Our website and blog will keep you updated and informed with relevant guidance to support your continued development.
We will also provide you with templates, e-books and downloadables that we have created to add momentum to your quest – Meaning: You will achieve your ambitions faster, overcome any challenges, and be ready to grasp new opportunities as they appear before you.
Gandhi said, “You must be the change YOU want to see”
Madi says, “You must be the change YOU want to see – NO EXCUSES!”
Founder Madi Group www.madisharma.org
Founder Women’s Eco-nomic & Social Think Tank www.westtworld.com
Author Madi No Excuses! www.madinoexcuses.com
Entrepreneur, International Speaker, Freelance Journalist
Listed as 1 of apolitical’s 100 Most Influential People in Gender Policy in 2018
@MadiSharma1
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