Women's Day 2024: Women Entrepreneurs Illuminate the Path to Financial Success – News18

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 on the intersection of finance and entrepreneurship. Their reflections, shared on the women-centric platform coto, resonate with the principles of Web3, promoting inclusivity and empowerment for women, by women. As we delve into their thoughts on financial guidance, strategic planning, risk-taking, and the significance of online platforms in boosting women’s earnings, their stories serve as beacons of inspiration for aspiring entrepreneurs. This Women’s Day, let’s amplify these voices that contribute to reshaping industries, fostering financial inclusivity, and championing a more equitable entrepreneurial landscape.

1. How important is financial guidance for women entrepreneurs?

Aparna Acharekar, co-founder, coto:

Financial guidance is crucial for women entrepreneurs, as it equips them with essential skills to understand taxation, banking, and budgeting, contributing to informed financial decisions and sustainable business practices.

Tanya Malik, founder, The Biohackers Co.:

Financial guidance is exceptionally important for women entrepreneurs, given the lack of emphasis on financial management skills in our upbringing. It plays a key role in managing business finances and navigating the complexities of fundraising.

Ankita Sharma, co-founder, TalktoAngel:

Financial guidance 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 keep in mind when planning finances for a business?

Aparna Acharekar, co-founder, coto:

Women entrepreneurs should focus on strategic planning and budgeting, aiming to create realistic budgets, forecast revenue and expenses, and understand effective cost-management strategies. Mentorship and networking, along with encouraging innovative thinking, are also crucial aspects.

Tanya Malik, Founder, The Biohackers Co.:

Women entrepreneurs should refine unit economics, optimize cost and revenue structures, and strike a balance between sustainability and growth when planning finances. Creating a delicate balance between profitability and strategic risk-taking is essential.

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 woman founder always think about keeping her business profitable, or are risks necessary?

Aparna Acharekar, co-founder, coto

Risk-taking is crucial for the growth of a company. While profitability matters, strategic risk-taking can lead to innovation and expansion, contributing to the overall success of the business.

Tanya Malik. founder, The Biohackers co.:

While profitability is significant, embracing risks is a necessary catalyst for growth. Profits matter, but strategic risk-taking can propel a business to new heights, opening doors to innovation and expansion.

Ankita Sharma, co-founder, TalktoAngel:

Profit and loss are part of every business journey. Women entrepreneurs should be willing to take calculated risks, as these are necessary for exploring new opportunities, creating value, and gaining a competitive advantage.

4. If no, why? And if yes, how does one determine when to take a risk?

Tanya Malik, founder, The Biohackers Co.

Determining when to take a risk should be purpose-driven. Purpose-driven risk-taking aligns with overarching goals and contributes to desired outcomes, avoiding risks for the sake of it.

5. How important are online platforms to boost a woman’s earnings today, especially in terms of financial inclusivity and digital entrepreneurship?

Aparna Acharekar, co-founder, coto:

Online platforms are integral for women entrepreneurs, offering opportunities for financial inclusivity and digital entrepreneurship. These platforms enable women to overcome traditional barriers and build a strong online presence.

Tanya Malik, founder, The Biohackers Co.:

In today’s digital age, online platforms are essential for women entrepreneurs. They amplify earnings, build financial inclusivity, 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 wider audience, and maximize earning potential. These platforms enable women to expand their services beyond local boundaries.

6. Any financial tips you wish you knew before you began your business?

Aparna Acharekar, co-founder, coto:

The importance of focusing on unit economics, constantly adapting the product/service to suit current consumer demand, and having flexible and open strategies to allow for mid-course corrections.

Tanya Malik, founder, The Biohackers Co.:

A 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 for running any business, emphasizing the importance of creating a detailed, structured, and nuanced cash flow plan during the expansion phase.