Ann Marie Puig explains why women make great entrepreneurs
While men and women approach business a little differently, the explosive growth in the number of women-owned businesses over the past decade is testament to a non-traditional management style. What is emerging is the realization that many women are better equipped to run businesses due to their innate ability to multitask and manage many jobs with precision at the same time. Ann marie puig, successful entrepreneur and philanthropist from Costa Rica, explains why women are better suited for leadership positions in business.
More than half of female business leaders (53%) emphasize intuition, or using the right part of the brain rather than the left part of the brain, which focuses on analysis methodical information and in the development of procedures. The intuitive process often allows them to spot opportunities that are not visible at first glance and know if they are correct without the use of reason and analysis. Women entrepreneurs usually make decisions with both parts of the brain in mind, Puig explains. This allows for the use of creativity and the analytical process, a characteristic necessary for running a business, especially in uncertain situations.
Women entrepreneurs tend to think through their decisions and weigh options and outcomes before acting. In addition, women are quick to collect information from business advisers and partners. The advantage here is to share the knowledge acquired through interpersonal relationships and contacts. Women entrepreneurs often define their business in family terms and see their relationships as a network of contacts. This personal touch is what often drives employee productivity. However, the weakness is that they sometimes lack clearly established policies and procedures.
Women have a great ability to properly balance different tasks and priorities simultaneously. In business, for yourself or for someone else, the ability to be flexible and adaptable is an undeniable advantage today, when we are all called upon to multitask.
Women entrepreneurs tend to find satisfaction and success in building relationships with clients and employees, taking control of their own destiny, and doing something they see as valuable. We spend most of our life in our work. If our work and our personal values are not in harmony, sooner or later they come into conflict. Women have used this internal conflict as motivation to create the lifestyle they desire.
Entrepreneurs, in general, are more alike than the workforce. Compared to the general population, entrepreneurs and entrepreneurs tend to be more logical and analytical in the way they make decisions, whether they are men or women.
An enterprising woman knows her finances perfectly; it is important to have the necessary knowledge and help. Poor financial management and mismanagement of resources can drive the most promising company to bankruptcy, Puig adds.
You don’t have to be an expert in finance, but in your business finances some of the tips you can consider including having a fixed budget, setting investment caps in each item (production, digital marketing , salaries, etc.) and manage a ledger of your expenses, keep strict control over your investments and take stock every six months.
Learning to set prices is something that seems very obvious, but we put it aside. Know the cost of expenses and deductions. Knowing the bottom line of the products will help you set prices, always respecting market competition and any legal controls that may exist. Take care to pay taxes and duties.
One of the focal points of any business is the business plan. Big ideas are useless if they are not executed well. Many women start their careers as entrepreneurs selling catalog products with friends and neighbors, which also requires a business plan and marketing strategy; When you have an entrepreneurial vision, you will notice that it is not just about having a hobby that gives you a little extra cash, but investing time and money in your passion.
Before you start buying and investing wildly, you need to have a solid business plan and be clear on your direction and what you want to achieve (mission and vision), how you are going to structure your business, what marketing strategies you will use, who you hire, and how and so on, you will need to take a series of steps to start your business off on the right foot and adapt it to emerging needs.
The anecdotes and juggling experiences that millions of women have every day are even a source of plays and comedy. However, the reality is that in the workplace it still shames and blames women for sacrificing family time to make and fulfill their dreams. This is perhaps what makes the difference when we talk about men and women entrepreneurs, because the balance between family and business is mainly the business of women entrepreneurs.
Long hours of work, all of your energy, time and effort going into your new business, can create a feeling of stress and exhaustion in you, as we generally minimize and underestimate the impact that taking can have on our lives; to this we must add that besides a successful businesswoman, you want to be a successful family woman, and you will have to juggle not only your business, but your partner, your children and your home.
This point is essential. If you don’t learn to balance your work life with the staff, you will have to sacrifice one of the two. You cannot be a successful entrepreneur if you don’t feel like a fulfilled and successful woman in all areas of your life; remember the best thing about making dreams come true is having someone to share them with.
About Ann Marie Puig
Ann Marie Puig has been a Distinguished Advisor, Assistant Controller, Accounting Manager, Director of Accounting and Finance and Chief Financial Officer for nearly 20 years. She is bilingual in Spanish and English and is renowned for her precise, clear and concise management of cases in month closings, accruals, reconciliations, PA, AR and JE, as well as for her superior skills in human resources. She is extremely knowledgeable in today’s technology, e-commerce, and a variety of industries.
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