5 Tips for Women in Start-ups by Matt Redhawk

Women are getting into business in larger numbers than ever. Matt Redhawk says women in start-up businesses face unique challenges in financing, marketing, and management.  However, women entrepreneurs can get ahead in business by learning from their more successful peers and following a few tips.

Translate home skills
Women are managers by default. They are the managers at home, looking after the kids, managing home budgets, arranging for holidays and so on. Managing a start-up has different aspects that the entrepreneur has to manage differently. Women could put their multi-tasking skills at work for better success.

Delegate
Entrepreneurs should let others handle tasks that they cannot capably handle. If you are not sure on how tax returns are done, it is better to let a qualified accountant handle it.

Network
Networking is one of the best methods of extending your business contacts. You will meet potential business partners and mentors. A start-up venture will be very much in need of experience and business leads. These two can be acquired in a short time by attending the right networking meets.

Social networking and tech
Being savvy in social media networking and general IT is mandatory in this age. Get conversant with major social networks and build your audiences. This will build your brand online where vast opportunities for a business lie.

Keep looking
A few successful deals should not let you feel that everything is set. According to Matt Redhawk, businesses thrive on expansion and identifying new opportunities as they arise.

Top Challenges in Business Expansion and How to Solve Them by Matt Redhawk

New businesses will often face challenges in expanding.  Matt Redhawk advises new entrepreneurs not to feel good being in one position for too long even if it is profitable. A business that does not expand will soon lose to its competitors.  However, there will be challenges to be faced in the expansion.
Cash flow
A new business will likely face cash flow problems before the product starts generating meaningful revenue.  Cash constraints can lead to problems in expanding stock and acquiring more human resources. This can be overcome by having a business plan that clearly identifies financial resources and how these resources would respond to a need for expansion.
Market information
You cannot expand if you don’t know your present position. However, getting the correct market data is a challenge for many businesses. This can be easily overcome through deploying low cost IT tools like social media analytics to gauge market sentiment.
Human resources
An expanding business needs human resources which cost money. Attracting and retaining top talent can have a big impact on your business expansion. New businesses can overcome challenges in human resources expansion by hiring a dynamic human resources manager who can implement a strategic human resources plan.
Business processes
An expanding business will need to change things like stock control, or customer service is done. Many businesses stick with models that worked before but which are inadequate for an expansion. Matt Redhawk says this can be overcome by engaging a business change specialist to draw up a strategic plan.

How to Being a Successful Entrepreneur by Matt Redhawk

Being a successful entrepreneur is a journey. Matt Redhawk says that the journey to successful entrepreneurship is not the same for every successful businessman, but that successful entrepreneurs share some attributes.

Do what you love
Translating what you love doing into a profitable venture is one way of ensuring that you will work hard at it.  You will also forego the time you would have spent learning what works and what does not work.

Have a plan
An entrepreneurship is like a journey. There is a start and a route with milestones. Have a business plan that you constantly update. It will tell you how far you have gone and if you are still on the right path. 

Keep learning
The business world is dynamic. There is constant change in your customer’s needs, technology, business regulations and so on. Stay ahead of the pack by self-improvement. Learn new skills continuously to maintain a competitive edge.

Get a solid team
A successful venture is one that seeks for opportunities and takes them. An expansion means more people working on the job. The team you put on the job can make or break your venture.

Build reputation
Matt Redhawk says building a rep is one of the quickest ways to get ahead. Make a name for yourself in your industry by building a rep as an expert. Contribute to opinions, write papers and offer solutions to industry challenges. You will grow your venture as customers will have more interest in your expertise and product.