National Women’s Day 2024: Three money lessons you can learn from these female entrepreneurs
Female entrepreneurs emphasize the importance of risk management and long-term financial planning on National Women's Day.
Finance doesn't have to be intimidating. Many of us feel anxious about numbers and finances, but when you break down the basic concepts, they're not as daunting as they seem. On National Women's Day (February 13), Livemint interviewed female entrepreneurs who emphasised the importance of risk management and long-term financial planning.
Three money lessons women investors can learn from these entrepreneurs
1) Consistency is key
Rachna Baruah, Founder of Madchatter Brand Solutions, highlights the significance of consistency in savings. “It could be a fraction of what you would save otherwise in an ideal case but consistency helps in building habits and a balanced portfolio in the long run,” said Rachna Baruah.
2) Long-term horizon
Baruah also stresses the importance of investing with a long-term perspective. While it may seem insignificant initially, she points out that every contribution compounds over time, ultimately creating significant wealth for the future and reducing financial stress.
Preety Singh, Co-Founder and Managing Director of Boomlet Group, adds that strategic fund allocation and effective working capital management are essential for long-term benefits. She encourages embracing calculated risks, as they lead to growth and financial wisdom.
“In the realm of investment, the crux lies in strategic fund allocation, directing resources toward areas conducive to long-term benefits. The key to achieving this is effective working capital management. Embrace risks with resilience, recognizing that calculated risks pave the way for growth and financial wisdom. Be prepared to take calculated risks, as doing so not only unlocks opportunities but also imparts invaluable financial insights,” said Preety Singh.
3)Financial literacy
Megha Chopra, Entrepreneur and Poet, underscores the necessity of financial literacy. Understanding investment complexities, budgeting, and cash flow management is crucial for making informed decisions, especially in entrepreneurship.
“A lot of accomplished female business owners stress the significance of financial literacy. Anyone hoping to establish a long-lasting company must comprehend the complexities of investing, budgeting, and cash flow management. A strong foundation for making deft decisions and negotiating the challenges of entrepreneurship is provided by financial literacy,” said Megha Chopra, Entrepreneur and Poet, First and foremost
National Women's Day 2024
February 13th is celebrated as National Women's Day in India, in honour of Sarojini Naidu, known as 'The Nightingale of India.' Naidu's pivotal role in the Indian independence movement and her advocacy for women's rights earned her this recognition. Her eloquent speeches and fearless spirit resonated deeply, particularly among women, solidifying her legacy as a symbol of empowerment nationwide.
Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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First Published:13 Feb 2024, 02:57 PM IST
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