Smart Financial Advice for Female Entrepreneurs
Although there have been some real advances for women in the workplace over the past decade, there are still challenges. Caucasian women earn 77 cents for each dollar a man makes and black and Hispanic women earn even less. Another challenge is funding - even though companies with at least one female founder outperform those with all men at the helm, women receive only 7 percent of venture capital funding.
One way to circumvent these challenges is to start your own business. At the Forbes Under 30 Summit in Philadelphia this month a panel of young achievers spoke to more than 1,500 young women keen to learn how to get ahead. Here are some of the points that the panel suggested:
- Believe in yourself and your ideas. Even if you face criticism and get knocked down again and again, be willing to get up and keep going.
- Do your due diligence. Find a niche or gap in the market, and focus on that.
- Create something exceptional, and file a patent for it if you can.
- Get noticed by the media. People can’t beat a path to your door if they don’t know where it is.
- Use the Internet and social media to connect with people.
Investing Your Money
Once you have achieved success, another problem arises – what to do with the money you make. Financial literacy is the first goal. Even women in favorable economic conditions are less financially knowledgeable than men, according to the report, “How Financially Literate Are Women?”
Find an advisor who can help you figure out what you need to do to protect your assets, and devise a sensible investment strategy. Take action, and ensure that your money is working just as hard as you do.
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