The entrepreneurial world has been turned upside down with the onset of the pandemic, and everyone, especially women entrepreneurs, are forced to pivot to stay afloat.
In our latest podcast interview with Tonnia Harry-Matthews, we chatted about various business-related topics like reimagining business in this changing virtual landscape.
We also touched on how to leverage strengths, and when to seek help. Most importantly, Tonnia shared some insight into how we as women entrepreneurs can pivot in a crazy time like this.
She offered up three ways that women entrepreneurs can pivot in this new normal wherever they are positioned – now starting, side-hustling, or poised to scale your business.
She recommends taking time out to reflect and refocus while considering these three things.
- Doubling Down On Your Strengths
- Understanding Your Finances
“You have to double-down on your strengths and punt your weaknesses. You need to figure out who you are and go all in.” – Gary Vaynerchuk.
1. Double Down On Your Strengths
Non-conventional and highly successful entrepreneur Gary Vaynerchuck suggests that most of us are doing it all wrong.
He says, “Stop doing sh*t you hate. Nail down your strengths so you can discover your passion.”
To double down on your strengths, Gary suggests taking these steps to discover (or re-discover) what your strengths are.
- Soul Search. Take time to re-evaluate praise and criticism you’ve received in the past. Refer back to things like emails, and employment reviews. Nail down what you’ve consistently been told you need to improve on. Recall what you’re habitually thanked and regarded for.
- Ask Yourself. What do you think are your natural talents? What have your accomplishments been so far? What do you do better than anyone else?
- Ask People You Trust. Reach out to 5 – 10 people who really know you and love you. Create an environment for them to be honest with you and directly ask them what they think you’re really good at and what they think your weaknesses are.
- Get a Spiritual Coach. We recommend seeking out help to discover your divine gifts. Knowing what you were inherently put on this earth to do takes the guesswork out of it. Feel free to listen to our podcast episode with Felicia Hinds-Patrick for more clarity.
Apart from learning many different things, reading also helps improve our cognitive skills. Operating in a male-centered world, it would be smart as women entrepreneurs to improve our memory, our analytical thinking, our decision-making process, and, of course, our verbal skills, to be able to compete.
- You can find answers to your business problems. Reading helps you find innovative solutions to those problems before they can derail your progress.
- Reading helps you communicate efficiently. As an entrepreneur, reading can help you communicate your ideas with accuracy and brevity. For instance, when explaining your product/service, or negotiating important aspects of your business with partners.
- Reading helps you make informed choices. Reading develops your analytical thinking which will help you make more informed, smarter decisions, whether you’re dealing with a specific problem or have general questions about the direction of your business.
- Reading brings out your creativity. Reading can inspire you and help you dig into a creative part of your brain you didn’t know you had. You have the specific advantage of becoming an expert in so many different areas.
Check out our bookstore for books we recommend for women entrepreneurs.
3. Understanding Your Finances
Financing starts even before you launch your business, so it stands to reason why understanding how your money will run is critical to you as an entrepreneur.
Where will you get money to invest in your launch?
How will you stay afloat after you launch?
Where will your ROI come from?
These are all questions women entrepreneurs need to consider early on because there is a need to understand the fundamentals of the financial tools that enable businesses to operate successfully.
It helps in formulating an overall strategy and balancing long-term investment with budgetary decisions. It also plays a part in staying on top of day-to-day details like clients who haven’t paid, suppliers who have billed too much, or where most of your money comes from so you can direct your marketing.
Understand your finances helps you stay on top of the legal aspects like paying your taxes and license fees.
Don’t forget to tap into our podcast to hear what else Tonnia had to offer in terms of advice for business owners. Here’s the link to listen.