Financial Woman readers know that we promote income expansion as a crucial but often overlooked component of financial planning and wealth building.
Aside from your investment account, invest in yourself, and recognize and own your personal assets! Then proactively use these assets to increase your income, which leads to wealth accumulation.
Females, as the sex that reportedly makes well over 80% of the household spending decisions, are in the perfect position to create and invent products that aren’t in the marketplace, simply because we know what’s missing!
Creation and invention are at the core of business start-ups, so why are women owned businesses receiving only a small portion of funding for their startups?
The focus around women and money has expanded way beyond Wall Street targeting women for their wealth management. Now venture capital and angel investing news has been filled with buzz around women owned businesses being hugely in the minority when it comes to getting their start-ups funded.
This buzz led me to the Financial Woman Article of the Week.
What I love about this Forbes article is that when the author, small business expert Geri Stengel, interviewed two specialists on women entrepreneurship, Jamie McIntyre of Rewire Capital and David Steakley of The Texas Halo Fund, they told her that women entrepreneurs make realistic projections. (They didn’t directly compare this to men’s projections, but that’s okay, we can take the hint.)
According to McIntyre and Steakley, women also align their actions with their words and are, hence, more likely to meet goals.
And get ready for this one: Women are “more frank” when they make mistakes! Really?
Both of these gentlemen have invested in women owned businesses through crowdfunding. They seem pretty insightful to me!
Read the Forbes article in full here.
Financial Woman Insight:
The next time you have an idea for a product or service, don’t play small and assume that it’s impossible to create a real business from that idea. How many times have you seen your brilliant idea selling off the shelf at the store a year later?
Besides, there’s a lot of room between a small business that gets $25,000,000 in venture capital funding and your own lifestyle business (requiring little capital) that earns $10,000 a month. Both of these businesses are very respectful, and each has its’ own benefits.
Plan, and then take the next doable step and see where it leads you.
Take the insights offered here of being realistic with your projections, create goals and take action to beat them, and own your mistakes so you can learn from them.
Most of all, take action to create the life you want.