Championing Women in Business: Insights from Successful Female Entrepreneurs on Women's Day 2024
As Women's Day approaches, we celebrate the voices of resilience and innovation echoed by three inspiring women entrepreneurs: Aparna Acharekar, Tanya Malik and Ankita Sharma. With diverse expertise spanning social communities, biohacking and mental health advocacy, these trailblazers share invaluable insights at the intersection of finance and entrepreneurship. Their reflections, shared on the women-centric platform coto, resonate with the principles of Web3, promoting inclusion and empowerment for women by women. As we delve into their thoughts on financial guidance, strategic planning, risk-taking and the importance of online platforms in increasing women's earnings, their stories serve as beacons of inspiration for aspiring entrepreneurs. This Women's Day, let's amplify these voices that are contributing to reshaping industries, fostering financial inclusion and championing a more equitable entrepreneurial landscape.
1. How important is financial mentoring for women entrepreneurs?
Aparna Acharrekar, Co-Founder, Coto:
Financial mentoring is important for women entrepreneurs, as it equips them with the skills needed to understand taxation, banking and budgeting, contributing to informed financial decisions and sustainable business practices.
Tanya Malik, Founder, The Biohackers Company:
Financial mentoring is exceptionally important for women entrepreneurs because of our upbringing's lack of emphasis on financial management skills. He plays a key role in managing business finances and navigating the complexities of fundraising.
Ankita Sharma, Co-Founder, TalktoAngel:
Financial mentoring is important for women entrepreneurs, as it provides them with an understanding of various industries, including finance, that are essential to running and scaling a business.
2. What are some key aspects for women entrepreneurs to keep in mind while planning to finance a business?
Aparna Acharrekar, Co-Founder, Coto:
Women entrepreneurs should focus on strategic planning and budgeting, aim to create a realistic budget, forecast income and expenses, and understand effective cost-management strategies. Mentoring and networking are also crucial aspects, along with encouraging innovative thinking.
Tanya Malik, Founder, Biohackers Company:
Women entrepreneurs must improve unit economics, optimize cost and revenue structures, and strike a balance between sustainability and growth while planning finances. A delicate balance must be struck between profitability and strategic risk-taking.
3. If no, why? And if so, how does one decide when to take a risk?
Tanya Malik, Founder, The Biohackers Company.
When to take a risk should be based on a defined objective. Objective-driven risk taking aligns with overarching goals and contributes to desired outcomes, avoiding risks for their own sake.
4. How important are online platforms for increasing women's earnings today, especially in terms of financial inclusion and digital entrepreneurship?
Aparna Acharrekar, Co-Founder, Coto:
Online platforms are integral to women entrepreneurs, providing opportunities for financial inclusion and digital entrepreneurship. This platform enables women to overcome traditional barriers and build a strong online presence.
Tanya Malik, Founder, The Biohackers Company:
An online platform is essential for women entrepreneurs in today's digital age. They remove traditional barriers to increase earnings, create financial inclusion and enable digital entrepreneurship.
5. Any financial tips you wish you knew before starting your business?
Aparna Acharrekar, Co-Founder, Coto:
The importance of focusing on unit economics, constantly adapting the product/service to current consumer demand, and having a flexible and open strategy to allow for mid-course improvements.
Tanya Malik, Founder, The Biohackers Company:
The financial tip is to focus on unit economics, refine the cost and revenue structure at a fundamental level, ensure profitability and resilience to face challenges.