Entrepreneurship Tips for Women
While working on setting up a new business venture I thought it will be
great to share some of my experiences with others who are bitten by the
entrepreneurial bug!
We often hear about the power of ideas.If you do
not have the million dollar idea, explore some great minds and
rediscover a few ideas of the young entrepreneurs.They help to spark off
your grey cells and to understand what’s trending in the world.
Business plan
Though
the idea is important, but more important is the execution. To
implement your idea the foremost essential is a business plan. Not
having a business plan is almost like jumping into the river without
knowing how to swim. Business plan enables you to foresee the potential
of the idea, take stock of your resources ,understand where are the gaps
and what you need to fill the gaps. It also helps you to share your
idea with experts who may share some valuable advice and experience.
Here, I would like to highlight one component which needs special
attention -The Financials. It’s a reality check and something you will
be reverting to while in business. I have always used my plan, gone back
to it from time to time and revised as we have grown. I believe in
being modest with a plan as it’s a great feeling to over perform.However
if you are under performing it will immediately set you thinking where
and how you are missing the mark.
Team
Once the plan
is in place, the next most important component is your team. It's great
working with friends and family, but that should not be your aim
especially if that’s a cost saving tactic. Best Online magazine
Remember the following while building your team;
1. Choose people who are ready to grow with you.
2. Engage with people who have hands on approach and are a team player.
3. Take on people who are ready to learn and develop their skills.
4. Hire people with relevant experience.
5. Look towards multitaskers.
One
important thing to keep in mind; startups do not need dead weight, they
need super productive and effective workforce. A business needs to be
led by inspiration, team spirit and motivation.
Entrepreneurial idea,
plan and team in place you are good to go. Here we are not looking into
the daily operational part of the business but the important
ingredients which are required to set the process in motion. Before
ending an entrepreneurship tip for women, I will say, be cautiousand
alert of the competition, but NEED NOT follow them. It is ok to take
baby steps than a falling flat while taking a huge leap.
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