As Women's Day approaches, we celebrate the voices of resilience and innovation echoed by three inspiring women entrepreneurs: Aparna Accharekar, Tanya Malik and Ankita Sharma. With diverse experience spanning social communities, biohacking, and mental health advocacy, these pioneers share invaluable insights on the intersection of finance and entrepreneurship. Her reflections, shared on the women-focused coto platform, resonate with Web3 principles, which promote the inclusion and empowerment of 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 incomes, their stories serve as beacons of inspiration for aspiring entrepreneurs. This Women's Day, let's amplify these voices that are helping to reshape industries, foster financial inclusion, and champion a more equitable business landscape.
1. How important is financial guidance for women entrepreneurs?
Aparna Accharekar, Co-Founder, Preserve:
Financial coaching is crucial for women entrepreneurs as it equips them with essential skills to understand taxes, banking and budgeting, contributing to informed financial decisions and sustainable business practices.
Tanya Malik, founder of The Biohackers Co.:
Financial guidance is exceptionally important for women entrepreneurs, given the lack of emphasis on financial management skills in our education. Plays a key role in managing corporate finances and managing the complexities of fundraising.
Ankita Sharma, Co-Founder, TalktoAngel:
Financial coaching is vital for women entrepreneurs as it provides them with an understanding of various industries, including finance, which is essential for running and scaling a business.
2. What are some of the key aspects that women entrepreneurs should consider when planning the finances of a business?
Aparna Acarekar, Co-Founder, Preserve:
Women entrepreneurs should focus on strategic planning and budgeting, with the goal of creating realistic budgets, forecasting income and expenses, and understanding effective cost management strategies. Mentoring and networking, in addition to encouraging innovative thinking, are also crucial.
Tanya Malik, founder of The Biohackers Co.:
Women entrepreneurs should hone unit economics, optimize cost and revenue structures, and strike a balance between sustainability and growth when planning finances. It is essential to create a delicate balance between profitability and strategic risk taking.
Ankita Sharma, Co-Founder, TalktoAngel:
Key aspects include knowing financial needs and preferences, creating a realistic financial plan, seeking professional advice, and monitoring and evaluating financial performance.
3. Should a founder always think about maintaining the profitability of her business or are risks necessary?
Aparna Acarekar, co-founder, preserve
Risk taking is crucial to the growth of a company. While profitability is important, strategic risk-taking can lead to innovation and expansion, contributing to the overall success of the business.
Tanya Malik. founder, The Biohackers co.:
While returns are significant, taking risks is a necessary catalyst for growth. Profits matter, but strategic risk-taking can propel a company to new heights, opening doors to innovation and expansion.
Ankita Sharma, Co-Founder, TalktoAngel:
Profits and losses are part of every business journey. Women entrepreneurs should be willing to take calculated risks as they are necessary to explore new opportunities, create value and gain competitive advantage.
4. If not, why? And if so, how do you determine when to take a risk?
Tanya Malik, founder of The Biohackers Co.
Determining when to take a risk should be purpose-driven. Purpose-driven risk taking aligns with overall goals and contributes to desired outcomes, avoiding risks for the sake of it.
5. How important are online platforms in increasing a woman's income today, especially in terms of financial inclusion and digital entrepreneurship?
Aparna Acarekar, Co-Founder, Preserve:
Online platforms are essential for women entrepreneurs and offer opportunities for financial inclusion and digital entrepreneurship. These platforms allow women to overcome traditional barriers and build a strong online presence.
Tanya Malik, founder of The Biohackers Co.:
In today's digital age, online platforms are essential for women entrepreneurs. They amplify profits, create financial inclusion and enable digital entrepreneurship by overcoming traditional barriers.
Ankita Sharma, Co-Founder, TalktoAngel:
Online platforms are crucial for women entrepreneurs, providing opportunities to showcase talent, reach a broader audience, and maximize earning potential. These platforms allow women to expand their services beyond local borders.
6. Any financial tips you would like to know before starting your business?
Aparna Accharekar, Co-Founder, Preserve:
The importance of focusing on unit economics, constantly adapting the product/service to meet current consumer demand, and having flexible and open strategies to allow for mid-course corrections.
Tanya Malik, founder of The Biohackers Co.:
One financial tip is to focus on unit economics, refining the cost and revenue structure at the fundamental level, ensuring profitability and resilience in the face of challenges.
Ankita Sharma, Co-Founder, TalktoAngel:
Cash flow management is an essential financial key to running any business, emphasizing the importance of creating a detailed, structured and nuanced cash flow plan during the expansion phase.
