Tag Archives: Women Entrepreneurship Development Program

Mr. Entrepreneur – Which hat are you wearing today?

As an entrepreneur, you need to manage wide variety of tasks, starting from making your business plan, marketing strategy, getting your clients, or managing teams etc. Its not just having technology skills or expertise in a specific area, as an entrepreneur ones needs to wear multiple hats. You will not only exercise ultimate power but will also be responsible for taking the most critical decisions for your business. But in my experience, many entrepreneurs misunderstand their role and limit themselves, which becomes the cause for many entrepreneur failures.

So what is the role of an entrepreneur? What makes him effective?

Be it a startup founder or an entrepreneur of large enterprise, few things remain unaltered. Following are most critical hats, which you need to wear as an entrepreneur:

  1. Connector – A successful entrepreneur has the ability to connect the dots and see the larger picture. A great example of a connector is Mr. Ratan Tata, ex CEO of Tata Group. The way he drove Tata group during all ups and downs and consistently evolved the organization as per the changing market dynamics for last few decades is an outstanding story. As an entrepreneur, it is required that they understand the strengths & weaknesses of the business, recognize the right opportunity and potential clients. A successful entrepreneur knows how the key drivers relate to each other for the business to grow.
  2. Collaborator – A successful entrepreneur can build effective relationships with their teams, clients, customers, vendors, investors and other stakeholders. They can leverage abilities to build their venture. They know that they need to build a strong team around him/her as he/she cannot manage all the tasks on his/her own. They are able to develop the art of tailoring the communication style that is open, honest, fair and appropriate to connect to all stakeholders.
  3. Core Mind setter– A successful entrepreneur is motivated enough to focus their energy to achieve and accomplish their goals. They have a core need for success and excellence that keeps them motived to compete and strive for success in spite of any challenges. Their confidence in their ability makes them bounce them from any set-backs.
  4. Conductor – An entrepreneur has the ability to analyze the world that helps them to implement the business plan to take their idea into action. An entrepreneur essentially needs to make right choices from the available set of alternatives. Ultimately, the success of the venture is dependent on his decisions. He needs to be the artist of business world.

A successful entrepreneur of a startup will be able to transform the venture from good to great, if he believes in himself and knows his strengths. All of these roles may be challenging to keep, but these are the ones, which sets an entrepreneur apart from other.

Do you know if you have what it takes to grow your business?
Take L.I.F.E Entrepreneur Assessment and know your strengths!

Women Entrepreneurship – Common Mistakes and How to Avoid them

Getting started with a business is electrifying, challenging, and exciting. Women entrepreneurs are generally faced with a multitude of obstacles along the way, but understanding the possible mistakes before you make them could make a vital difference between business success and business failure.

When I first started my business few years back, I was just a start up, both in business and in my entrepreneurial skills also. It took me almost 3 years to book any profits and in the journey while I made awesome amount of mistakes, I also learned a lot of things about myself and the business.

I have today tried to list out a few mistakes which I made and I believe that all women entrepreneurs commonly make, probably it will make your journey little smoother:

I will do It all by myself

Most women entrepreneurs have a native belief that they have to do it all by themselves. It doesn’t really matter if this conviction comes from family history, their surroundings, or psychology, what matters is that they have to recognize they cannot do it all. They need to learn to identify when help is required. Along with this they will have to believe and understand that it’s not a sign of failure to ask for help. It’s a sign that their business is growing, hence it needs to be viewed as a positive and not a negative. “You can’t do it all,” advises Pallavi (one of my close pals). “When I first started my gifting solutions business, my clients only wanted to work with me and no one else in my team. I learned to tell them that I was handing off things to staff members who were much more qualified than I to do certain tasks”

Financial Statements are scary

It’s great to have gut, intuition and creativity. But those don’t necessarily lead to profit and money growth. If you’re scared to deal with numbers, think of your profit and loss statement as a gardening job. Your money needs care, watering, weeding, fertilizing and pruning. Don’t avoid looking at your sales numbers or how much you’ve spent. Money is the life force of your business. Look after it.

The Mommy Guilt

Mommy guilt—it’s a feeling that no one will be able to understand unless they’re a mother. It is feeling which comes to most working mothers that they are not spending enough time with their children. Rather than feeling bad about this fact, you need to realize that this feeling is here to stay. As mothers, we will never feel like we’re doing enough for our children. Rather than lamenting the time you can’t spend with your kids as you build your business, make the time you do have with them the best it can be. If your kids are happy, you’re doing just fine.” Some time I miss spending enough time with my daughter”. I have spent last three years nurturing my business just as a mother would do to new born kid.  But at the same time, I firmly believe that “This Business is also like my kid. I need to give it time as well and it deserves equal attention as my 3 years old daughter”  

Avoiding sales and selling

Women entrepreneurs mostly hesitate going out for a sales job as think it is a man’s job to go out and sell. Here’s something many female owners don’t know: Women are born salespeople. Women inherently possess many a traits which are required to be a successful salesperson, such as great communication skills, strong will power, and a desire to serve. You will have to think about selling, because you can’t run a successful company if you don’t completely understand how sales are done. 

Self Doubt

It’s ok to have times of self-doubt, but you don’t give into them. Think about it, if you, yourself don’t believe in your capabilities, why would customers, vendors, investors, or anyone else? You have to get into a habit of building up your network of fellow business women and entrepreneurs that you can communicate with, learn from, and ask for help. Find a mentor who can help harness your ‘youness’ in you. You can do it.

It is important to know what traps you can fall in early in the business life cycle. Get to learn the tools and techniques to avoid succumbing to these mistakes by enrolling on our custom developed training programs. For details, please visit www.leaderinu.com/life.php or contact us at info@leaderinu.in