Its 2020 and the world is full of smart, intelligent, and ambitious women. From organizational to political management and hierarchy, women have come a long way. And currently, many women entrepreneurs want to work towards their dream project and business. The percentage of women entrepreneurship has increased in the past few years. Today, many women try to make their dreams come true by launching small business firms and focusing on a single or diverse service or product. Other than enthusiasm, they also have to manage a set of challenges and hurdles.
Eric J Dalius on small business problems and solutions
Gone are the days when the world used to look upon women and men business owners differently. According to Eric J Dalius, today’s challenges are equal for both men and women entrepreneurs, and it is essential to arrive at wise solutions.
Some of the crucial challenges faced by women entrepreneurs and their probable solutions are:
- “Asking for help is essential,” says Eric Dalius
Not every new woman entrepreneur will get things correct at the first go. There will be moments of doubts and dilemmas. And it is essential to ask for help. Today, there are expert business consultants who can guide women entrepreneurs in their journey and help them make the correct decision. They can also opt for online seminars and courses related to entrepreneurial studies available online. It will help them to enrich their entrepreneurial perspectives and vision.
- Managing cash
According to Eric Dalius, women entrepreneurs need to take their cash flow management seriously from the beginning. Many entrepreneurs keep the cash management aside; till such time, they make necessary investments and profits. It is essential to keep an emergency fund ready to count on during a crisis or a financial loss. The company in the nascent stage should have moving cash to pay for the bills and other expenses. Getting in touch with a business consultant can help them to plan things better.
- Informed decisions
Women entrepreneurs want their business venture to succeed. For this, they are always searching for the best business opportunities. EjDalius says that at times, the desire to attain success early and outshine the market players, makes women entrepreneurs overlook specific red flags of a business investment, which might go against them later. They must study the pros and cons of a business opportunity and invest only when it’s necessary. Analyzing business contracts and other project deliverables will help them make informed decisions that can save them from an impending loss.
- Team spirit
Business is replete with challenges! Hence, it is necessary for women entrepreneurs to stay motivated and enthused about every minute success and not get discouraged by any fails or roadblocks. They should also create a competent team that is skilled and positive minded to go ahead and fetch the goals and attain success. Women entrepreneurs should take time to select the best candidates and train them effectively.
If women entrepreneurs address and resolve these challenges effectively, they will go a long way in their business. Also, it is essential to know and believe that any problem comes with a solution as well.