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Business News/ News / India/  Key things women entrepreneurs should keep in mind before starting their business
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Key things women entrepreneurs should keep in mind before starting their business

Starting a business can be challenging, and having a strong support system can help you navigate the ups and downs

Women entrepreneurs must remember that success in business is not just about profitability, but also about creating meaningful change and adding value to people's lives.Premium
Women entrepreneurs must remember that success in business is not just about profitability, but also about creating meaningful change and adding value to people's lives.

Women entrepreneurship is on the rise, with more and more women starting their own businesses and pursuing their dreams. If you're a woman looking to start your own business, Here are a few things to keep in mind. Before you start your business, make sure you have a clear vision of what you want to achieve.

Arti Jain, Co-Founder, The Fragrance People

It's important to have a clear understanding of your target market and what their needs and wants are. A new business requires capital, and you may need to secure funding to get your business off the ground. This can include loans, grants, or investments from friends, family, or investors.

Starting a business can be challenging, and having a strong support system can help you navigate the ups and downs. Surround yourself with people who can offer advice, support, and encouragement when you need it. Also, starting a business can be overwhelming, and it's important to stay focused on your goals. Remember why you started your business in the first place and keep your eye on the prize.

Nidhi Aggarwal, Founder, SpaceMantra

Conducting market research can help you better understand your target audience, their needs, and how you can meet those needs. It can also help you identify potential gaps in the market that you can capitalize on. A well-crafted business plan can help you outline your business goals, strategies, and financial projections. It can also serve as a road map for your business, helping you stay on track and make informed decisions. Also, Starting a business can be expensive, so it's important to secure funding. This can include seeking out investors, applying for loans, or crowdfunding.

Last but not the least, it's important to believe in yourself and your abilities. Starting a business can be intimidating, but with hard work, determination, and self-confidence, you can achieve your goals and succeed as an entrepreneur.

Amandeep Kaur, Founder & CEO, Phoenix TalentX Branding

For me entrepreneurship is genderless. If I were a man or a LGBTQ2+ person, I would have still followed these guidelines. Entrepreneurship really tests your mettle, so enter this space only if you are absolutely convinced that running your business is what you really want to do. · Ensure you have capital and expense coverage of at least 1-2 years so that you can focus on building the business and not worry about cash burnout. · Research the competition and qualify your business/customer value proposition and build your digital brand assets around it. · Your first set of customers will always come from your immediate network so remember to actively ask for work or promote your business.

They need to build additional guardrails like having a strong network and support system in place before they scale their business.

Shweta Tanwar Mukherjee, Entrepreneur & Content Creator, Founder, SociallKnot

It is crucial to understand the purpose behind your entrepreneurship and the impact you want to make. What problem are you solving? What value are you providing to your audience? Having a clear understanding of your purpose will keep you motivated, focused, and resilient in the face of challenges. Remember, entrepreneurship is not just about following trends or doing what everyone else is doing. It is about believing in yourself, your vision, and the potential impact you can create. With dedication, hard work, and a strong sense of purpose, women can build sustainable and profitable businesses that make a positive difference in the world."

Minal Anand, Founder & CEO, GuruQ

As a woman entrepreneur, I have learned that the journey toward success is not always easy, but it is always worth it. Starting your own business requires courage, perseverance, and determination, but the rewards are immeasurable. Second, don't be afraid to take risks and embrace failure. Every setback is an opportunity to learn, grow, and improve. Seek feedback and advice from others, and use it to refine your approach.

Surround yourself with people who believe in you and your vision.

Finally, never lose sight of your passion and purpose. Starting a business is not just about making money but about creating something that has the potential to change the world.

Saroja Yeramilli, Founder & CEO, Melorra

Entrepreneurship is an extremely tough journey- be it for women or men. My advice to women entrepreneurs would be to remain confident in one's abilities and have high resilience. Women tend to be tougher on themselves - this would only create unnecessary additional pressure. Entrepreneurship is a marathon and not a sprint. So, pace yourself well. Women are naturally strong multi-taskers. This is a very strong asset in being a successful entrepreneur. So, take advantage of natural skills. Women entrepreneurs should create a supportive eco system around themselves and should freely ask for help in personal and professional life - women are usually reluctant to do so and that hesitation to seek help should be dropped.

Women entrepreneurs must remember that success in business is not just about profitability, but also about creating meaningful change and adding value to people's lives.

By keeping these things in mind, women entrepreneurs can increase their chances of success and build thriving businesses that make a difference in their communities and beyond.

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
Catch all the Elections News, Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Updated: 06 Mar 2023, 10:58 AM IST
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