She Talks Money: Why Entrepreneurs Need To Save Better
As I set to put my thoughts on this topic, I feel relieved as I can feel associated with it as an entrepreneur and not just a Woman!
Of the many definitions of the word entrepreneur, the one that appeals to me the most is: An Entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.
Two very important phrases here – risks and hope!
Risks can be irresponsible, calculated or proactive! Hope is perpetual!
Entrepreneurs carry the dual responsibility to save better than the employed as she (now as me) sets up the business for progressive growth and its longevity. Early gains in a business can be deceptive as there could be a latent demand for the product or service of the enterprise, the business marketing and packaging could be more aggressive or innovative.
With an early positive response an entrepreneur could get swayed and with the “I have arrived” syndrome may tend to spend the surpluses on personal extravagance or things not so high on the priority list.
But businesses are all about sustainability and sometimes dependent on the prevailing ecosystem and in today’s times an open opportunity for Innovation and Research & Development is imperative; and that my dears, requires funds.
A disciplined saving regime is the best practice that all entrepreneurs should follow not only for the above reasons but also to establish a good credit for borrowings in the future.
The responsibility for making our enterprise a successful venture is triple; apart from that has already been stated, a woman sets out to start a venture to not only have the regular and clichéd financial independence, but more so because she starts it with a passion and nurtures it like her own children. And saving comes naturally to her!
So while she has taken the calculated and proactive risk she is always hopeful of tremendous gains I end it with a slight customised and tweaked version of the common proverbs:
“ Easy Lies Her Head That Saves For The Rainy Day and also builds Her Shelter!”