7 Things Women Should Know Before Starting a Business

Want to start a business in the midst of a pandemic? Why not! According to the 2020 ASEAN Youth Survey conducted by the World Economic Forum on 68,574 young people aged 16 to 35 years in ASEAN, 31% of them succeeded in finding the latest business model and chose to start becoming entrepreneurs during this pandemic. Do you intend to become one of these young businesspeople? Here are the seven best pieces of advice from female entrepreneurs that Aviva managed to collect. Listen!

Show people why they need your efforts and business

Christina Mercando, founder and CEO of Ringly, an accessories and jewelry company, said at the 2016 Women's Entrepreneur Festival in Manhattan, United States, "If you are a business woman and want to start a business that also targets women as buyers, you will It's a little difficult for you because the majority of investors are men. When I first pitched to an investor—who was a man—they didn't understand the product I was selling because they didn't use it did a lot of research on why women want AND need my products I then found out that women spend an average of USD$1200 a year on jewelry And yes, women don't like to wear the same jewelry every day, so they need more than one piece at a time . This way I can show that there is a broad market opportunity out there for investors."

Know when to say no when building your business

Jennifer Martin, co-founder of mini-popcorn company Pipsnacks, said in an interview, "I was someone who would say 'yes' to anything, but I've learned that saying 'no' can be one of the keys to wise decisions. A a show called Shark Tank approached me and my brother when our company was just starting out. I thought, how do you say no in front of 11 million viewers when you have the potential to get additional funds? , and we couldn't present our brand in a way that would increase our chances of winning the money. We finally said no and asked the producers if they would come back the next year. we managed to get USD$2 million and a contract."

Make sure you believe in yourself

Kelsey Recht, CEO and founder of VenueBook, advises: "After giving a series of presentations to so many investors, I thought: Wow, it's so hard for women to get investors. I even heard that people thought I wasn't aggressive enough when it came to presentation. I thought, do I need to go in and pound the table and act strong like a man? But it turns out I misinterpreted what people were talking about, and I realized that what they wanted was my confidence before pinning their hopes on my business. This is what I learned: Before making these investors believe in your business, you have to believe in your business first. It's all about your story, and you have to show it with your head held high There are various suggestions and questions that can overturn your confidence. At this moment, when they question your abilities, what they want from you is to stand tall and say, 'No, you are wrong. I'm confident the future of this business will be as I predicted, and if you don't believe it, it won't change my mind.'"

Change your way of thinking when facing problems

Rachel Shechtman, founder of Story, a retail boutique, said, "We are used to seeing failure and problems as a negative thing. But I decided to look at all the challenges in my business as 'Rachel University'. If something goes wrong then hope, instead of being sad, I think, ' Well, I'll never use it the same way,' and also, 'What lesson can I take when I fail this time?' I would see it as a lesson rather than a failure. It's a Jedi mind trick. You can admit your steps are bad and feel down because of it, but this way of thinking will give you the strength to move forward with your business in a smarter, better, and faster way. ."

Use copycats to your advantage

Bdier's father, founder and CEO of littleBits, said that copycats can provide their own benefits. "It's sad when you see your work being copied, but this is also beneficial for me, because it makes me more enthusiastic and reminds me that I can't stop here and must continue to move forward. When there are other companies that make very similar products with the products we were selling, it kept me awake for several days. I kept thinking about what I should do with them. And in the end I decided: We should look at these copycats as prototypes of what we could do. So, instead of thinking about them, I decided to pay attention to what they were doing and use it to see which steps were the right ones and could work for my product later. I then didn't have to try different campaigns and methods to sell my product, because I was already paying attention them and see which sides are interesting and which are not for my future products."

Use your passion when facing difficult times

Sonia Kashuk, founder of Sonia Kashuk Beauty, said, "When I first launched this product line, what made me successful in facing various challenges was the idea that the more problems I faced, the more I learned, and the more I wanted to I know. When you love what you do, it won't feel like work. And the more contributions you make to your business, the better it will feel to build your business.

Stay confident even when you face sexism

Ann Yang, co-founder of MISFIT Juicery, a drink that uses food waste or "ingredients that do not meet the minimum criteria for supermarkets or factories" as their main ingredient, often receives sexist treatment when looking for investors. "As women, we are often watched. During one of the pitching sessions, the presentation coach told me that my voice intonation was lower than my colleagues and that made me sound less confident. And when my voice intonation was higher, I was seen as rushing Hurry. Whatever I say out of my mouth, it will be monitored. Besides, in various meetings, people will ask questions directly to Phil— my co-founder and partner—who is a man -the thought that we are a second-class gender, that we live in a racist environment. But that doesn't make me stop. Instead, I become more enthusiastic about expressing my opinion and providing answers.

What about the tips? Are you increasingly enthusiastic about running your business?

Before embarking on a business venture, there are 7 crucial things that women should take into consideration. It is important to be aware of these key factors in order to increase the chances of success in the highly competitive world of entrepreneurship.

Good luck, girls!