When it comes to being an entrepreneur, Women Entrepreneurs have always strived hard to get a seat at the table, but the trend is slowly shifting and many women entrepreneurs are emerging. People are becoming broad-minded and accepting the fact that Women in Business is a normal thing.
The following tips are universally accepted by famous Women Entrepreneurs:
- Don’t be afraid of failure – Success and Failure are part and parcel of life. You have to move out of your comfort zone, break the cultural barriers and always remember and say,’ Nothing can limit the success of my business.’ Don’t let failure affect your confidence, you have to keep moving on. Failure is an inevitable part of success, we learn from our mistakes.
- Getting constant feedback – For any business to be successful in the long run, feedback is important from consumers, internal and external stakeholders, experts in the field etc. Pay close heed to reviews, understand where the gap is and exploit them by making sure your product/service fills the gap for customers.
- Keep learning and updating – We all know Knowledge is power and with appropriate knowledge, innovation and success are evident. Every successful entrepreneur is an avid learner. Constantly updating yourself with the latest trends in the industry you are operating in gives you an edge over your competitors.
- Follow your gut feeling – There will be times when you have to follow your gut feeling because you are the one who has to look at the best interest of the company. You started the business with a vision in mind which may not be shared by others, they may try to move your thoughts to a different direction that doesn’t feel right, don’t do it.
- Having a mentor – During the initial stages of a business, having a mentor experienced in the industry can come in handy. A mentor can guide you on your decisions, criticize you when things are not right, can help you connect to important people in the industry.
- Sticking to the business model – Every entrepreneur has a business model ready i.e. who the target market is going to be, the key partners associated with the business such as Corporate Service Providers, suppliers, distributors etc. Channels, Revenue streams, Cost structure, etc. Having faith in your model can give direction to your company.
- Networking is key – To build a large and successful business, networking is key. Networking helps you with important collaborations and connections that can be invaluable for your business. Networking doesn’t mean interacting with people in your own industry, it can be with anyone in any industry. For e.g., You want to Incorporate a Company in Singapore with all related rules and regulations to be taken care off and a connection of yours knows a famous Corporate Service Provider in Singapore, he/she can help you connect with them.
- Change direction when something isn’t working – Even after careful and proper planning, decisions taken might not be working as expected, even after giving it sufficient time to work. It is “OK” to try different approaches, no decision is final. After a set timeframe change plans if they are not working and come up with a better plan.
- Dream Big – Women often underestimate themselves and the potential of their business and fail to dream the potential scale of the business. It is important to ask the inner self the reason behind your business and what kind of legacy you want to leave behind. We all have heard,’ If your dreams do not scare you, they are not big enough.’
- Be Confident – Confidence takes you places and difficult things will seem to appear small and achievable. It is important to believe in yourself even though the journey is rugged. There is always light at the end of the tunnel.
Once women are equipped with knowledge and tools, innovation begins towards making the world better.
Singapore is positioned eighth in the list of cities worldwide ranked for their ability to attract and foster women-owned firms. It is even ranked as the top city in the APAC region on the list compiled by Dell and IHS Markit. It is even known that cities in the APAC region hold huge opportunities for Women Entrepreneurs with Singapore being at the forefront.
We at CorpServe Asia are happy to be part of this ecosystem to empower Women. We Offer Free Singapore Company Incorporation* for women entrepreneurs.