What does entrepreneurship require? A checklist

 

Entrepreneurship is not easy but it's always worth trying. Before jumping off the squirrel wheel and becoming an entrepreneur, it is required that one carefully weighs not only the business idea but also his or her abilities and prerequisites for becoming an entrepreneur. It is always advisable to familiarize yourself with it properly! By believing in yourself and developing as an entrepreneur, you can achieve your goals. Here is a checklist that those interested in entrepreneurship should go through before starting out!

 

Do you have a business idea?

 

Is the spark of entrepreneurship just long as the matchstick or did it come to you because you have entrepreneurs in your family. Did you get it by reading books on entrepreneuship? Whatever, it is, your decision to become an entrepreneur should be planned thoroughly. You may have a great business idea and a plan in head but you don’t know where to start. That’s ok! It’s worth if you start by understanding the existing supply and demand aspects and your rivals in the market. However, an idea is not enough even if there are no players in the field. You need to refine your idea to make your product unique. A great start requires a great business plan as it helps assess strengths and weaknesses of your idea.

 

Ask yourself why does entrepreneurship motivate you?

 

To become an entrepreneur there is no age bar. You can take up entrepreneurship even after you retire from job. It can also be part time along with your job. However, entrepreneurship is suitable for people with special skills. Do you want to use your skills in a way that nobody has done or offered before? Do you want to plan your schedule the way you want it to be without being afraid of long work days? If this motivates you, you can always give entrepreneurship a shot.

 

For some, entrepreneurship runs in the family. It’s a trait. Starting a business gets easier in a family where entrepreneurs are already on the go. Continuing a family business is natural in such cases. You can also end up becoming an entrepreneur if there are no jobs available in your field, but there is still a demand for products or services.

 

Are you ready to put in all effort to make your business successful?

 

Entrepreneurship is synonymous to responsibilities. An entrepreneur wears all hats of that of a CEO, marketer, salesperson, customer service executive of his company. Not everyone can afford all these positions and hire people right at the start or even before the first order is received. But if you are ready to juggle everything with a smile to realise your dreams , entrepreneurship is your call. You may get many setbacks but those should encourage you to trust your abilities and commit to becoming successful in business.

 

Do you have enough entrepreneurship within you?

 

Understanding your market and the business basics is desirable, especially for those dreaming of starting out big. Even small businesses require good industry related knowledge, of course, if one possesses the skills related to the business is beneficial. On the other hand, you need not have skills to run a business. In that case, you might require a team and need to delegate work to them. But having knowledge about the job is a plus. One should always have the urge to learn the skills or gather good knowledge about it in order to lead your team.

 

Are you ready to learn?

 

Successful entrepreneurs always learn new things. They keep their eyes and minds open to all the knowledge resources and all the possibilities around. Follow the entrepreneurs or companies whom you admire and try emulating them to learn and succeed.

 

Are you always ready for constant change?

 

Entrepreneurship is never static. Its always dynamic as the market where entrepreneurship flourish is always dynamic. Hence, entrepreneurs need to constantly keep learning. There are several ways to doing a job with both pitfalls and success as the outcome. But it should never discourage you from trying and testing the waters. Every entrepreneur learns to work better and more efficiently over the years, but if necessary, you can also get more training for yourself.

 

If the answer to all these questions above are yes, entrepreneurship is definitely your calling. The gap between your transition from wage earner to an entrepreneur is already narrowed when you find that you have a clear cut business idea in hand, you know that entrepreneuship motivates you to the core, you are ready to sacrifice your energy and time into creating something new, you are a constant learner and you are ready for constant change. Take the plunge then, why wait!

Entrepreneurship is emerging as a trend! For many, the first thing that comes to mind about entrepreneurship is the freedom to decide your own working hours and be your own boss.

What do women entrepreneurs need to succeed other than the capital

Capital, no doubt, is at the top of the list when turning the focus to entrepreneurship. Much of the capital goes into the business for various needs. Right from investment in machinery to small tools, salaries, and working capital for day-to-day requirements, capital is required everywhere. But there are certain things more important than money when it comes to women entrepreneurship. Need no mention, women-owned businesses are not very capital intensive.

As customers have migrated to internet shopping, women entrepreneurs are finding it easier to enter into e-commerce businesses with much ease than traditional businesses. Those in traditional businesses are also finding it necessary to come online. Online stores are becoming a must-have in present-day markets. It may not require the kind of capital required in a traditional brick-and-mortar space. But it does require knowledge about the web and how it functions. A great deal of e-marketing also goes into establishing a physical presence in the virtual space. E-commerce businesses are great opportunities for women entrepreneurs. However, the flip side is that women find it hard to match up their online sales with their male competitors for various reasons. Let us try to understand the other things that women entrepreneurs require to succeed in business.

Starting a website and selling online cost time and money. Women generally start small, either single-handedly or with a small team. A large chunk of the cash in hand gets invested in building a website for creating a reputable business online. Of course, there are large volumes of “how to” videos and literature available online to take help from. But not every material is cut out for each individual woman entrepreneur’s need. It requires a great deal of time to research which most of the time is difficult for women entrepreneurs to devote because they have other things to look after as well. Women entrepreneurs may thus require the help of experts to learn the precise tricks of the trade. Women entrepreneurs may benefit from access to strong networks of other entrepreneurs, mentors, and advisors who can provide guidance, support, and opportunities for growth. Women like learning more in a setting through discussions and talks, a natural trait that almost all women possess.

Women entrepreneurs also may need to learn digital marketing to reach out to their customers. Other than this, women may need to know the strategic business tools that other established businesses apply if they want to make their presence felt in the market. Customer Relationship Management tools are some basic strategic tools that can take businesses a long way. Accounting tools such as Freshbooks, Quickbooks, etc. can make accounting quick but most women entrepreneurs still use traditional accounting practices to run their businesses. Using tools speeds up the decision-making process and women entrepreneurs need to leverage these tools in order to grow their businesses.

Women need resources that go beyond the capital requirements. In the D-2-C market environment, meeting customer requirements is a real challenge. Women entrepreneurs require a supportive business community, mentors who can advise them on marketing and sales generation, etc. Supporting policies and regulations are other aspects that can create a more level playing field for women entrepreneurs. Interventions from government and policymakers are important to create a conducive environment for women entrepreneurs to increase their participation. Also, women entrepreneurs require a work-life balance more than anybody else as they juggle responsibilities at home and work. Support, courage and confidence building, and inclusion at all levels by removing all forms of stereotyping from society can be a great way to help women entrepreneurs grow. Overall, it's not only capital that determines women's entrepreneurial growth but a supportive ecosystem that includes access to money, education, training, mentoring, availability of strategic tools for running a business, supporting policies, work-life balance, and culture that values diversity and inclusion is needed for women entrepreneurs to grow and flourish. 

Women entrepreneurs in 21st century workspace: What difference they bring to the tables

The narrative around women entrepreneurship is that women need to be men to become successful. It takes aggression, assertiveness, and risk-taking abilities to run a business which are masculine qualities possessed only by men. Since women lack these qualities, they cannot make up for the cut-throat competitive world of business. Hence, women are often advised not to take up entrepreneurship. The discourse seems to be changing now as more women are embracing entrepreneurship and becoming successful. In both developed and developing countries, women entrepreneuship is celebrated as a powerful force of socio-economic change and growth. Women are breaking the barriers and entering a wide range of industries giving competition to their male counterparts today. Women entrepreneurs are proving to be resilient and innovative, developing new business models and approaches that are changing the face of entrepreneurship. So what all factors are contributing to the success of women ventures? Let us look at the qualities women bring in the arena of entrepreneurship that is helping them build businesses of value.

Leading with emotional intelligence in business dealings:

Men and women entrepreneurs have their own ways of doing business. Their varied lived experiences and values are bound to reflect in their entrepreneurship style. Men and women entrepreneurs may solve a problem differently and may behave emotionally in different ways in their ways of handling everyday activities of businesses. However, as compared to men, women entrepreneurs lead their businesses with emotional intelligence more than their male counterparts. Women have a different way of recognising, understanding, and managing emotions, as well as the emotions of others. They tend to have a greater capacity for empathy, communication, and relationship nurturing. Women are better at using certain soft skills that are crucial for effective leadership and superior business performance. Women entrepreneurs are skilled at conflict management and managing difficult conversations as they are adaptable. This helps to create a cohesive, strong, and motivated team at the workplace that is devoted to a common cause. Women possess greater sensitivity to any situation or circumstance which helps them foster stronger relationships with customers, suppliers, and other stakeholders. Though emotional intelligence is not exclusive to women, and men also exhibit this leadership style. But the important point here is that women recognize the value of emotions more than men, and hence women entrepreneurs lead their businesses with emotional intelligence differently than their men entrepreneurs.

Methodological in dealing with risks:

Generally, it is believed that women do not have a great appetite for risk. Businesses and their survival are built on the risk-taking abilities of entrepreneurs. It is taken for granted that men tend to be more comfortable with taking risks than women. Why not? Society and societal expectations have always favoured men after all. It's easy for men to raise debts and invest. On the other hand, forget society, even family members would think twice before lending money to women for business. Leaving these facts aside! Women are more cautious in nature and their decision-making is also different than males. Women are more detail-oriented and methodological. Before making any decision, women may plan to capture the ‘ifs’ and ‘buts’ of every individual aspect of their businesses. Unlike men who tend to be quick to react, women connect the dots to decide how to react to risk. Women entrepreneurs give weightage to the expertise of their team members as well.

Growth ambition:

Often it is said that women cannot become better entrepreneurs as they are less ambitious. One of the reasons why this myth persists is because there is gender stereotyping in society. Women are said to be less competitive, assertive, and less confident than men. This can lead to a biased perception of women’s ambition levels and may underestimate their actual drive and determination. However, there are various research to suggest that women entrepreneurs have great creativity, motivation, and resilience. They are more likely to be driven by purpose and long-term growth ambitions and aim to make a positive impact in their society. Since their vision is more oriented toward long-term growth, they are more detailed oriented and strive for steady and sustainable approaches in their business dealings. Women entrepreneurs seek the well-being of society as a whole through their businesses and hence take up businesses that are long-term. They are not the quick-entry and quick-exit kind and they don’t completely look at making quick profits. They are driven by the purpose of sustainable profits.

This article was an attempt to look at the discourse of women entrepreneurship from the angle of their strengths and not weaknesses. It looks at the qualities that women possess that are making them successful in the entrepreneurial world.

What small businesses can do to expand during recession

 

Recession is a period for small businesses to reconsider and re-align their strategies. During a downturn, small firms can look for fresh growth prospects by finding new markets, creating new goods or services, or altering how they run their businesses to cut costs and boost productivity. They can also streamline their operations to benefit in the future. Small firms can cut expenses and boost their bottom line by automating procedures, cutting waste, and improving their supply chains.

In order to survive a downturn, small firms may need to turn to new markets. By locating new markets, creating products or services that address their requirements, and putting new marketing techniques into practice to reach them, they can make use of innovation's power through the use of technology. Technology is an altering force for businesses. It can change how businesses run, and small firms can take advantage of this power of innovation by making good use of technology. Small businesses can stay ahead of the market and come out stronger from the recession by employing technology to automate procedures, enhance customer experience, and develop new products or services in a new market. Small businesses can access new technology, knowledge, and resources that can help them create inventive solutions and increase their consumer base by working with other enterprises as well.

Reaching customers during recession is a tough thing as customers tend to spend less. However, with the help of innovative and engaging marketing tactics, businesses can lure customers to purchase products that otherwise customers would not. Fresh marketing campaigns, social media marketing, and other types of digital marketing can go a long way in driving customer orientation toward buying. For example, food businesses that innovated their models from dine-in to home delivery succeeded through marketing themselves on food delivery company websites. Customer experience is crucial during a downturn, and small firms can concentrate on enhancing their customer experience. This may entail creating brand-new goods or services that satisfy consumer needs, enhancing their website or mobile application, or offering first-rate client support.

Small businesses can grow during recession by reviewing their business models, streamlining operations, switching to new markets, utilising technology, collaborating with other companies, developing innovative marketing strategies, and putting a strong emphasis on the customer experience. Small firms can adjust to shifting market conditions and weather the recession by adopting these methods into their business models. Small businesses can thrive even in difficult economic circumstances if they follow proper strategies.