The crisis of COVID-19 led to unprecedented job losses worldwide. Millions of men and women lost their jobs worldwide. Still, according to the International Labour Organization (ILO), women were those hit the hardest. However, this probably wouldn’t be the case if the world had more women entrepreneurs. The World Bank reports that only 1 in 3 businesses are owned by women worldwide.
Women’s and girls’ empowerment is a critical component of the Sustainable Development Goals 2030 and vital to economic growth and development. To help women become entrepreneurs themselves, we need to teach them the skills to kickstart their businesses. What are the top skills business women need to be successful? Let’s find out.
Five skills for women entrepreneurs to be successful
Financial management
Having financial knowledge is one of the most needed skills for women entrepreneurs. It is something you should not outsource. Registrations, contracts, balance sheets, tax exemptions, and expense accounting may appear complex, but they are critical in any company. Understanding balance sheets will help you decide how much you can afford to spend. Keeping track of your business expenses or investments allows you to have a better idea of your ROI and make better business decisions.
Communication and negotiation
These skills are essential in your day-to-day business operations. Excellent writing and oral communication skills are critical. They greatly improve how you talk about or present your business and help build lasting working relationships. Negotiations can occur daily with your suppliers, potential investors in your business, customers or even your employees. Thus, mastering how you communicate ensures your business has the best representation possible.
Leadership
Women entrepreneurs who employ people in their businesses will also need to learn to become better leaders. Leadership is an important skill for anyone that takes on a managerial role or owns a business. Leaders are responsible for instilling in employees the vision of each company and constantly motivating them to be productive.
Delegation and time management
A woman entrepreneur’s ability to plan her day and manage her time is vital. You must know clearly what you need to do and have the capacity to multitask. Being a business owner will require many things to do from your side, like writing letters and emails, serving as the marketing director, or acting as the accountant. To not be overwhelmed, you need to have proper time management skills to prioritize your work and be able to delegate tasks to people you trust. Being a successful woman entrepreneur does not mean that you need to do everything yourself.
Networking
As a business woman, you need to build a network of people relevant to your industry. At the same time, you should be aware of industry events happening in your city like symposiums, panel discussions, and exhibitions. Being up to date with what is happening in your community or industry allows you to get to know firsthand people who could prove beneficial to your business. Also, knowing people in key positions in government would make your life as a woman entrepreneur a little bit easier.
Conclusion
Even if you have the proper background and skills, starting a business is never easy. However, mastering these essential skills will make the start-up process smoother for all prospective women entrepreneurs. These skills will give you a better chance to see your company grow and succeed!
The FIT EU Project
Women’s entrepreneurship is a vital source of growth, wealth, and poverty reduction, yet, it also allows women to act in favour of a more egalitarian society.
The overarching goal of the FIT strategic collaboration is to develop and test an upgraded program that is specially tailored to assist women entrepreneurs begin or restructure their businesses by utilizing circular economy business models and having a strong financial structure.
The circular economy provides a fantastic chance to implement new ethical business practices and fine-tune the profit and social responsibility balance. Financially knowledgeable women have the skills to build their wealth and give to causes they care about.
Learn more about the FIT EU project and stay updated with all its supportive actions on women’s entrepreneurship by visiting its official website.
