Tag Archives: female entrepreneur

What are some common mindset of every entrepreneur?

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The common mindset of an entrepreneur for their business how they can accomplish goals and maximize business growth. It is important for every entrepreneur to remember that the ways they can accomplish their business goals and achieve the targets.

Sell dreams, not products

What is the first reaction of people when they see you trying to sell you something? Most would reject you but that’s okay – it’s part of sales process.

But what if you come to a person with an idea or a dream of how you can fix his or her life. What if you tell her that you have a solution to our everyday lives?

Your chances of grabbing people’s attention are much higher isn’t it?

People are tired of sales people. Quite frankly, sales often get the bad rep despite of its importance to every company.

But, if you come with a solution, people might perceive you differently and become more accepting of what you have to say.

So, stop selling your products. Sell a dream.

Planning

What is the important equipment or technology that is important to manage the information? Efficient business can always qualify to give better results. Make sure to manage CRM, communication, data, inventory, and more in an automated way, minimizing the mistakes and maximizing efficiency.

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Expense

Before moving ahead you need to be clear in your budget and what are the important financial planning. Make sure the budget and technology have a good balance. Deploying the technology can be one time investment for your business and using it a efficient way can give long term benefits.

Implementation

Implementation of the techniques or plan for your business. The implementation of technology efficiently can help to improve your business performance. This stage you check how your business is performing, this way can calculate the changes before and after implementation.

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Manage your business with good Ideas

Now you can manage your business, and apply ideas to get better results. Keep doing quality work and get quality results with upgrade technology.

Upgrading your business e.g retail business, hotel management, Restaurants operation, eCommerce and more with technology is always the best idea to grow your business ahead

Top 5 Female Entrepreneurs You Must Know

1. Denise Coates

Denise-Coates

Company: Bet365

Age: 51

Net worth: $3.9 billion (£3 billion) (2018)

Denise Coates owns the site Bet365. It’s a betting site which took her a year to develop and launch. She bought the Bet365.com domain name back in January 2000 and looked poised to success.

She raised a whopping £15 million loan from Royal Bank of Scotland to help fund her run the business.

Today, Bet365 has grown into one of the world’s largest online gambling sites.

Today, Denise’s net worth is an astonishing $3.0 billion.

 

2. Cher Wang

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Company: HTC Corporation

Age: 60

Net worth: $1.6 billion (£1.2 billion) (2018)

Cher Wang is one of the pioneers at producing new and innovative smartphones in China.

She founded the tech company HTC – which quickly grew placing itself next to other tech powerhouses such as Apple, Samsung and Huawei.

Cher Wang was born in 1958. She received her degree in economics from the University of California in 1981.

About a year later, she joined the company ‘First International Computer. Later on, she co-founded VIA in 1987 and HTC in 1997.

Cher has been featured on Forbes world’s billionaires numerous times in 2010, 2011 and 2012 – having a net worth of 1.6 billion.

3. Folorunsho Alakija

Famous Female Entrepreneurs - Folorunsho Alakija

Net Worth: $2.5 Billion

Folorunsho Alakija is an unknown to many. She’s actually the richest female entrepreneur in Nigeria. She may not be as popular as other female entrepreneurs, but she has a net worth of around $2.5 billion

She started out founding a tailoring company called Supreme Stitches. She founded the company after being employed at Sijuade Enterprises in Nigeria; and the First National Bank of Chicago.

Later down the line, Alakija started looking to various industries for investments once Supreme Stitches started to become very successful.

She’s also named as Forbes’ 96th most powerful woman in the world.

4. Gina Rinehart

Famous Female Entrepreneurs - Gina Rinehart

Net Worth: $11.7 Billion

Gina Rinehart is considered to own a personal fortune of $11.7 billion.

This makes the Australian billionaire not only the richest person in Australia, but also places her 6th riches woman in the world.

She’s the chairman of Hancock Prospecting Group; a giant mining company which produces up to 30 million tonnes of iron ore per year!

Rinehart took over the mantle as chairman of the company when her father passed away in 1992, and has become one of the riches female entrepreneurs in the world ever since.

5. Wang Laichun

Wang Laichun Famous Female Entrepreneur

Net Worth: $1.5 Billion

Wang Laichun, is another pioneer in the Chinese electronics manufacturing industry. She’s the chairman of the company which supplies Apple much of its parts.

She is also known as one of the world’s youngest self made female billionaires once the company becomes a success.

It’s been estimated Laichun’s net worth is around the $1.5 billion.

7 Women Entrepreneurs You Need To Know

I’ve decided to write something else this time. It’s rare to see stories written about successful women entrepreneurs around the world. Not that they need any more recognition than they already have – but I feel the time was already due to write about these ladies in my blog.

I remember the first time I saw SlideShare back in the university days. Years later, I was shocked that LinkedIn bought it for $118.75 million in 2013. Curious, I started researching about the company and its history (a nerd I was).

What caught my attention was not the fact Rashmi Sinha, the founder, is a woman, but the fact she studied PhD in neuropsychology – nothing to do with web technology at all. It just shows the level of aptitude she possesses which impress people in the business world.

She co-founded the company with Jonathan Boutelle in 2006 who became the CTO before being sold to Linkedin which has more than 16 million registered users now.

Another company that grew to become a giant, Cisco. The idea was born out of the problem where the founder Sandra Lerner experienced difficulties to email with her then-husband Len Bosack while working at Stanford University. This problem has led her to design the multi-protocol router – a platform which catapulted Cisco in 1984.

In 1990, it was reported Lerner walked away from the company with $170 million from the sale of her stock options. Her entrepreneurial career did not end there, she continued on to start Urban Decay, a company specialized in cosmetics and a farm based in Virginia.

Flickr was founded in 2002 by duo couple Caterina Fake and Stewart Butterfield. The popular photo sharing website was an offshoot of a game which Fake was developing with her husband at the time.

Three years later, Yahoo bought the website from the couple for a reported $35 million in cash and stock options. Fake went on to co-found another another website called Hunch – a site that makes recommendations based on users’ preferences. She was even named to the board of directors of the very popular online marketplace Etsy.

4. The Body Shop

Anita Roddick was not a stranger to the entrepreneurial life when she founded The Body Shop in 1976, England. Right after running a hotel and a restaurant, she used the experience to create a livelihood for herself and her two daughters – thus creating the company.

Her business concept became a hit and Anita launched her second branch within six months after launch. Realizing she hit jackpot, she soon launched The Body Shop franchise program which enabled her company to open stores all over the world.

The company’s success led to its first public offering in 1984 and 2006 later on. It didn’t end there. Anita and Co finally sold to L’Oreal for a reported $1.4 billion which today, we see there are more than 2500 stores in 61 countries.

Katie Rodan and Kathy Fields were classmates who studies together at Stanford University. Both ladies agreed to the need of finding a better acne treatment since they have also suffered similar ordeal at some time in their lives. At a certain point in their lives after Stanford, the pair noticed the problems acne posed for people of different ages which led them into developing a new way to treat facial blemishes.

Over a five-year period of researching and testing, they have developed an effective acne skin care system which is know as Proactiv Solution. It was a combination of acne medicine and soothing botanicals to create a much more effective acne fighting system designed to leave the skin smooth, clean and clear.

6. HTC

Cher Wang is the co-founder of the famously known mobile technology company HTC with an estimate worth of $1.6 billion according to Forbes. She was born in 1958 and studied degree in economics from University of California in 1981. A year later, she joined First International Computer company, which led her to co-found VIA in 1987. 10 years later, she went on to co-found HTC in 1997.

Cher has been featured on Forbes world’s billionaire list multiple times from year 2010-12 having a net worth at an estimated 1.6 billion dollars making her one of the most powerful women in 2012.

7. The Huffington Post

No one familiar with digital media world has not heard of The Huffington Post. The founder, Arianna Huffington  even plays a huge role in the company after selling it to AOL for $315 million.

Arianna is also an accomplished author having shared her experience in book Thrive: The Third Metric to Success where the book still remains featured on the website.

My Final Two Cent

What do you guys think of the list? I’m sure there are more ‘women-preneurs’ which I missed hustling and working hard around the globe. Let me know any women entrepreneur which you feel very interesting and ‘must-know’. I’d really like to find out more about them.

5 Weaknesses That You Need to Get Rid to Become an Entrepreneur.

Yes, running new business is exciting. The idea of success and the bountiful benefits which come with it are truly desirable. But, can anyone just do it? Can anyone who dives into this achieves success?

Recent report that 90% startup in USA fail is enough to scare away people from venturing into the entrepreneurial world. Apart from the distinct weaknesses in the technical department, what the article fail to realize is also the required mindset in order to achieve the difficulties and challenges of entrepreneurial world.

Having said that, here’s a list of weaknesses you need to get rid of in order to make the entrepreneurial journey less difficult:

1. Escape from your 9-5pm job

Majority of my clients began startup as a mean to escape from their 9-5pm job. I caution you if that is what you’re looking for. Starting your own business is just as difficult, if not more.

You are no longer just working at a company. You are running it which means every business activity needs to be at your fingertips. Your responsibility becomes broadened. You no longer check in and out at 5pm.

As an entrepreneur, your work continues making sure your budget is balanced. That you have enough money to pay salaries, rent and utility bills. You’ll begin to worry ‘what if’ you can’t afford to pay your employees end of the week if business not going well. You also need to consider your loan repayment and its interests (if you did take one).

Once done, only then you start thinking about getting your pay – unless you are a dishonest person, taking the share early leaving everyone else who worked for you ‘dry’. Something which I do not advocate and strongly condemns.

I’m hopeful that I did not scare you away with those rants, I was just stating the truth. This is the reality of starting an honest business from scratch and I have barely scratched the surface.

If you feel this person is you, then I’d recommend you to eliminate this thinking and prep yourself in facing more challenges as an entrepreneur. Otherwise, I’d recommend you keep your job until you are mentally and physically prepare for it.

2. You Look for Quick Results

I’ll be honest. Every millennials (myself included) fancy the idea of making quick buck. We mistook the idea of internet available everywhere enables us to reap results fast – along came Mr Zuckerberg’s Facebook and Systrom’s & Kriger’s Instagram which were considered as an ‘overnight’ success at the time.

Ever since then, we take pride in the idea that ‘if Zuckerberg can do it, so can I’ often leads to impatient approach and taking shortcuts even if it means to lie and cheat. We also start making ridiculous short-term business objectives for the purpose of making it ‘big and quick’.

And whenever we don’t get the results we set out, we falter. We began questioning ourselves and raise doubts over the business. These are the setbacks of looking quick results or in other words, an instant success.

This particular characteristic is dangerous as I have seen quite a number of young entrepreneurs who fell for the ‘quick buck’ mentality. They went down not only at the expense of being demonised by their unpaid staff, but also at the cost of owing more money to the bank at a very young age.     

3. Quick Diversification

At a certain point, entrepreneurs have always been reminded to diversify their business activities. This is true, but needs to be applied the correct way at the right time.

Diversification somewhat implies your business is growing. However, quick diversification could cost your business too. Businesses that grow rapidly could cause strain to activities that support your growth. Once a business’ growth exceeds its supporting functions, it will cause a reaction to its failure.

For example, your business grows quick till it does not give enough time and support to its departments which drives growth in the organisation. The quick and large diversification of business activities will strain them and eventually will lead to organisational failure due to lack of support and time to recover.

In short, quick diversification overloads your departments from functioning properly due to lack of support and time to recuperate.

I’d recommend you to diversify your business, but only when your business is ready to grow. Take your time, understand the market you intend to enter and; implement new principles to your business and its staff patiently.

4. You’re Connecting for Sales, not Relationship

This is somewhat related to ‘looking to get quick results’ section mentioned above. Making sales is fun and great. However, it does not guarantee customer retention and referrals.

Entrepreneurs can be very financially-driven – at least from my experience consulting. Whilst it is great to see our sales performance skyrocket, it does not ensure that next annual performance could maintain, if not better.

Many entrepreneurs tend to forget that building relationship with your customers is just as crucial. They would normally spend a lot of time and money on selling their product to customers and less on customer relationship. This could end up to confusion and dissatisfaction in the customer service department. And sometimes deceit.

The barrier between the business and customers will likely have the latter ends up not supporting due to lack of confidence and trust. You can forget about customer retention and referrals – two of the most sought after customers in business.

At the end, building relationship is just as crucial as making sales. It requires more work especially dealing with demanding customers, but the outcome of these relationships is long-term. By communicating and resolving their issues, customers will be more willing to support you and don’t mind referring peers to your business which they truly feel honest and trustworthy.

5. ‘Maverick-Lead’

Maverick leadership is an old concept of team management which is no longer applicable in this century. Exchange of information is quick and there will always be people smarter than you. You can no longer make decisions based on your ‘hunch’ alone without any supporting evidence to back you up. You are just going to get heckled by your staff when things go wrong.

In this modern era, even the slightest mistake will have you ruined. One man or woman can’t run the organisation alone. You need to be good at management, delegation, teamwork and inclusive decision-making process.

A true leader sees leadership as a responsibility, not a privilege in which anything can be done as pleased without reasoning. You need to listen, have open discussions and accepting criticisms.

The more you listen, the better your decisions will be having to consider wealth of information from bottom-top of your organisation.

Having said that, also learn to accept the amount of information gathered is enough and not more is needed – which purpose is to prevent information overload.     

6. Final Two Cent

While all these weaknesses or misconceptions sound easy to deal with, doing it practically is far more difficult. Aspiring entrepreneurs have the tendency to ‘make it big quick’. I guess everyone does. This is where your long term business plan is crucial. Stick to it. You have done the homework, now is the time you learn to trust it.  

7 Women Entrepreneurs You Need To Know

I’ve decided to write something else this time. It’s rare to see stories written about successful women entrepreneurs around the world. Not that they need any more recognition than they already have – but I feel the time was already due to write about these ladies in my blog.

I remember the first time I saw SlideShare back in the university days. Years later, I was shocked that LinkedIn bought it for $118.75 million in 2013. Curious, I started researching about the company and its history (a nerd I was).

What caught my attention was not the fact Rashmi Sinha, the founder, is a woman, but the fact she studied PhD in neuropsychology – nothing to do with web technology at all. It just shows the level of aptitude she possesses which impress people in the business world.

She co-founded the company with Jonathan Boutelle in 2006 who became the CTO before being sold to Linkedin which has more than 16 million registered users now.

Another company that grew to become a giant, Cisco. The idea was born out of the problem where the founder Sandra Lerner experienced difficulties to email with her then-husband Len Bosack while working at Stanford University. This problem has led her to design the multi-protocol router – a platform which catapulted Cisco in 1984.

In 1990, it was reported Lerner walked away from the company with $170 million from the sale of her stock options. Her entrepreneurial career did not end there, she continued on to start Urban Decay, a company specialized in cosmetics and a farm based in Virginia.

Flickr was founded in 2002 by duo couple Caterina Fake and Stewart Butterfield. The popular photo sharing website was an offshoot of a game which Fake was developing with her husband at the time.

Three years later, Yahoo bought the website from the couple for a reported $35 million in cash and stock options. Fake went on to co-found another another website called Hunch – a site that makes recommendations based on users’ preferences. She was even named to the board of directors of the very popular online marketplace Etsy.

4. The Body Shop

Anita Roddick was not a stranger to the entrepreneurial life when she founded The Body Shop in 1976, England. Right after running a hotel and a restaurant, she used the experience to create a livelihood for herself and her two daughters – thus creating the company.

Her business concept became a hit and Anita launched her second branch within six months after launch. Realizing she hit jackpot, she soon launched The Body Shop franchise program which enabled her company to open stores all over the world.

The company’s success led to its first public offering in 1984 and 2006 later on. It didn’t end there. Anita and Co finally sold to L’Oreal for a reported $1.4 billion which today, we see there are more than 2500 stores in 61 countries.

Katie Rodan and Kathy Fields were classmates who studies together at Stanford University. Both ladies agreed to the need of finding a better acne treatment since they have also suffered similar ordeal at some time in their lives. At a certain point in their lives after Stanford, the pair noticed the problems acne posed for people of different ages which led them into developing a new way to treat facial blemishes.

Over a five-year period of researching and testing, they have developed an effective acne skin care system which is know as Proactiv Solution. It was a combination of acne medicine and soothing botanicals to create a much more effective acne fighting system designed to leave the skin smooth, clean and clear.

6. HTC

Cher Wang is the co-founder of the famously known mobile technology company HTC with an estimate worth of $1.6 billion according to Forbes. She was born in 1958 and studied degree in economics from University of California in 1981. A year later, she joined First International Computer company, which led her to co-found VIA in 1987. 10 years later, she went on to co-found HTC in 1997.

Cher has been featured on Forbes world’s billionaire list multiple times from year 2010-12 having a net worth at an estimated 1.6 billion dollars making her one of the most powerful women in 2012.

7. The Huffington Post

No one familiar with digital media world has not heard of The Huffington Post. The founder, Arianna Huffington  even plays a huge role in the company after selling it to AOL for $315 million.

Arianna is also an accomplished author having shared her experience in book Thrive: The Third Metric to Success where the book still remains featured on the website.

My Final Two Cent

What do you guys think of the list? I’m sure there are more ‘women-preneurs’ which I missed hustling and working hard around the globe. Let me know any women entrepreneur which you feel very interesting and ‘must-know’. I’d really like to find out more about them.