Anna’s top 3 tips for female entrepreneurs
Here at Addidi, we’re lucky enough to work with several inspirational female entrepreneurs. We’ve learned a great deal from them over the years and have the following tips to pass on to the business owners of tomorrow…
Authenticity from day one
Entrepreneurs have a unique opportunity to set a culture and practices that reflect their values. Don’t underestimate how important this. Everyone knows you need passion and drive to get a business off the ground but inspiring and motivating others with your vision and purpose won’t work if it doesn’t genuinely come from the heart. Put your values at the centre of your decisions and you won’t go far off track. Analyse your skills, motivation and capacities and be honest with yourself. Ask for help when you need it. If you are authentic from day one, you’ll create something special that you can be proud of and stand by when challenges come along.
Know your business and your market
If you intend to raise finance for your enterprise you’ll need to demonstrate that you’ve done your homework. While it will be your passion for what you are doing that will engage and intrigue investors, it isn’t enough on its own to secure investment. Don’t shy away from the numbers. If it is not your strength, be honest with yourself (see above!) and get as much help, business and profit and loss management experience as you can to build your knowledge and confidence. Before going in front of investors make sure that you are clear on why your enterprise is both needed and viable. Think about your preferred exit strategy and what scaling up for long term growth will require. Understand your working capital needs as well as your P&L. Always expect to be grilled on the numbers – even by ‘friendly’ investors.
Network to build community and find mentors
Building a community of supporters and allies who share you values will help advance your enterprise. Many business leaders and successful entrepreneurs want to put something back and support women in business, so don’t feel uncomfortable about asking for advice and practical help. You can maintain networks and communities online, but real connections happen face to face. Meet people and get to know them to build rapport. If you are short on powerful advocates, take up a social activity or join a club that gives you access to influencers that can help your business take off.