The findings of The Global Entrepreneurship Monitor (GEM) report also provide significant evidence for two important conclusions:
Great opportunities exist for governments at all levels to tap into the underutilized potential of women. Across the world, women from a variety of backgrounds are showing increasing interest in expressing their entrepreneurial spirit.
And yet, many women hesitate to transform their business ideas into action.
Women entrepreneurs have to deal with the same basic business essentials as men. But it should be no problem. On the contrary.
Compared to men entering business, most women are:
Still, fewer women start a business than men.
At the same time women entrepreneurs are often better managers than men. They know by experience how to lead a group of people because they have often been the managers of their own family.
If you have three children, a mother in law who does not think you are good enough for her son, few money to buy food for, parents that depends on you, a husband you might love but who is not always that caring combined with evening classes in computing and you still manage you are quite a manager.
Managing a business is less difficult that managing an extended family.
As a woman entrepreneur you have many of the needed skills to run a business.
Running a newly established company is a very personal thing as its owner is
typically the only one present in the company. Therefore, it is important to
emphasise to yourself and others alike that you do possess the capacity and
resources necessary to run a business. As a woman entrepreneur you are probably
better than you thing yourself.
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Product or Service
The product or service you offer is the lifeblood of your business. Thus, it is
important to analyse its various aspects. Special attention should be paid to
what the customers demand from the product or service.
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Before you are able to carry out any sort of sales or marketing action you need
to identify the market you want to penetrate. A good marketing result requires
thorough market and customer insight.
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Sales and Marketing
Sales and marketing are your tools to approach potential customers in order
to rise an interest in your product or service. Whether to run local newspaper
advertisements, direct mails, work out an internet solution, or attend
international trade fairs, is entirely dependent on what you sell and what
customer profile you want to approach.
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Organising Business Start
You need to describe the every-day running of your company and also take into
account the cost of arranging and running your business.
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It is hard to think 3-4 years ahead even before your business is up and running.
It would, however, be an advantage if you at this early stage can envision the
outlines of an even bigger and more interesting company than the one you start
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Budgets are the above topics described in economic terms. The more specific
the plans, the easier it becomes to work out budgets. Budgets will also
contribute to the concretizing of the plans and it is ok to go back and change
plans if the budgets prove them unrealistic.
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Financing merely means: "How do I raise the funds that I need to start my
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A good idea is only a good business idea if you are able to make enough
money from it for you to live independently.
Once you have got an idea, in most cases it needs adjusting and further development before it turns into a commercial concept.
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Don’t limit yourself. Many people limit themselves to what they think they can do. You can go as far as your mind lets you. What you believe, remember, you can achieve.
– Mary Kay Ash, Mary Kay Cosmetics Founder