These Successful Women Share 5 Tips to Thrive As a Female Entrepreneur
Entrepreneur's New Year’s Guide
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The business world has long been a difficult place for women to thrive. Undoubtedly, this is a tough time for entrepreneurs everywhere. But women have always faced innumerable obstacles in the business world even otherwise. Founder of The Third Millennium Woman Maria Jones and Baby Shark Networks' CEO and founder Shomaila Niaz have seen it all. Drawing upon their vast collective experience, these successful businesswomen share five tips on thriving as a female entrepreneur.
Define your goals
According to Jones, every entrepreneur should practice turning their dreams into goals. "They don't do you any good just sitting on a shelf," she says. "Take action steps to create a real, feasible plan for accomplishing them," Niaz says that she always recommends writing out a timeline, complete with smaller goals regarding funding and marketing. "Break your larger target into smaller, more manageable pieces. And then stick to your schedule."
Negotiate for yourself
It would be ideal if promotions and raises would simply fall into the laps of hardworking women who deserve them. Unfortunately, this is not the case. "Oftentimes," says Niaz, "I've found that women don't like to ask for things. Learning to advocate for yourself is a legitimate skill that all women should learn." Jones is the founder of The Third Millennium Woman Instagram page, which she is working to turn into an app to inspire and encourage other female entrepreneurs. "Negotiating for yourself means stepping out of your comfort zone and asking for that raise, or that new responsibility. No one will give it to you if you never ask, and the worst they can do is say no."
Work hard but be comfortable saying no
"No question, launching your own business takes a lot of hustle," says Niaz. "Before Baby Shark Networks could successfully stand on its own, I took unpaid internships and worked long days. You need to commit to working hard to achieve those goals you outlined in step one." But both women agree that working hard doesn't mean not having boundaries. "Unfortunately, many bosses will take advantage of a strong work ethic," says Jones. "Practice saying no to things that are outside of your job description or that you are not being compensated for."
Be smart with money
"I recommend that every woman who wants to make it in business take a money management class," says Niaz. According to Jones, money smarts can be the difference between a successful venture and a flop. "Primarily, learn how to keep a monthly budget, finance loans, and market to investors," says Jones. "If you learn how to do these things, you can find the funding for your venture, even if you don't have the capital in your own bank account."