Here is Why Women are Good at Running Bootstrapped Businesses
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Even though there are not many women entrepreneurs as compared to men in the country, it is only the matter of time that the ladies would be bitten by the entrepreneurial bug.
And once bitten, there is no shying away from the life of an entrepreneur. While there are many aspects of a newbie entrepreneur’s job, bootstrapping is less spoken about. Bootstrapping is an art and here is why it comes to women naturally.
Vrutika Dawda, Director, IdeateLabs shares that it helps businesswomen to overcome various obstacles that come their way. The internal and external people of the organization feel that they are important and respected. It helps women entrepreneurs to motivate their team and ensure a cohesive working environment.
“I personally feel that a better leader is the one who not just ensures her growth, but also her team. Better communication enables business women to showcase empathy, sharpen their team member’s problem-solving skills and get new mergers and acquisitions. It helps in hiring the best talent for the benefit of the organization. It is not just one part of work that needs to be taken care of but, the entire organization that needs to be managed,” she added.
For example, women are better negotiators than men. Period.
Even if you plan to argue this fact, there is no winning moment for you. According to Komal Lath, founder Tute Consult feels when a woman enters a negotiation meeting with a win-win attitude and therefore her success rates are higher as the opposition doesn’t feel like they’ve lost the deal.
“This boosts esteem on both ends of the negotiation. This also helps us in the future to maintain healthy business relationships as my adversary will never look at me like the woman they lost to rather they’ll look at me like the woman who helped me notch another victory to my belt,” she points out.
In the beginning, every venture has a high probability of failure, so it’s extremely important that the entrepreneur doesn’t let ego come in the way and starts small in a very lean way.
Neha Bagaria, Founder & CEO, JobsForHer says, “Boot-strapping forces you to start small and make every penny you spend count. Women are usually good at doing both and especially women who have restarted their careers.”
The Empathy Factor
While on the other side Archanna Das, Associate Director, ASCENT Foundation feels women being more empathetic are able to build and maintain a network which over a period of time grows beyond just professional relations.
Developing these relations while being bootstrapped go a long way in the development of a business.
“Empathy also results in women being good listeners and having the ability to listen to the requirements of team members, vendors, stakeholders etc. Listening especially when a business is in its formative or in its bootstrapped years is immensely helpful as listening to the right advisors and being empathetic towards your organization can help businesses grow in a robust manner,” she said to Entrepreneur India.
Multi-tasking comes naturally to women as they have mastered the art work-life blend and women successfully don multiple hats at any given point in time. Having a balance in their personal and professional lives makes them happier and enthusiastic to achieve their goals and objectives.
Dawda notes, “Having a fixed budget helps women entrepreneurs to make measurable and realistic plans. Every investment done by the company is calculated and wisely used. This enables women entrepreneurs not just to achieve their business objectives, but also ensure to grow their profitability a few times more than the planned ones.”
To top it off, being planners by nature, in situations that are crisis led or need intervention, Das elaborates that women are able to work around solutions in a much tactful and calmer manner.
“Often bootstrapped businesses see the founder in multiple roles such as being the torch bearer, the customer service rep, the HR, marketing etc. Being nimble is a primary requisite of all businesses especially for businesses that are in their formative years. Since the inception years have their own challenges, women who are flexible in their business approach have shown to be more successful in their bootstrapped ventures,” she explained.