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. 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.