4 Financial Habits of Successful Women Entrepreneurs
In honor of Women’s History Month, the Eastern Minority Supplier Development Council (EMSDC) would like to take a moment to recognize and celebrate our amazing, women-owned MBEs! To continue our mission of stimulating and supporting economic development with minority-owned businesses (Asian, Black, Hispanic, and Native American) across Pennsylvania, Southern New Jersey, and Delaware, let’s explore four financial habits of successful women entrepreneurs.
Knowing Your Worth
A recent Moneygeek report titled, 6 Money Lessons Women Entrepreneurs Wished They Knew When Starting Their Business, highlighted that women entrepreneurs should know their worth and demand it. Their advice? Start by building a network of support and seek money advice from other successful women business owners, as well as experts in your industry. Then, advocate for yourself, learn the art of negotiation with clients, be transparent about your rates and billing practices, and never settle for less.
Having a Financial Plan
“As an entrepreneur, understanding the financial health of your business is crucial to your business succeeding,” according to Black Girl Ventures. In 3 Financial Habits You Must Adopt To Be Successful In Business, the company reports that having a solid financial system in place leads to better business decisions and money management. Understanding where your money is going and where your profits are coming from can help you meet and even exceed your financial goals. To be successful, establish a budget, keep a list of essential expenses, and track your spending.
Pursue all the amazing opportunities that arise, whether it’s building upon your social media presence, expanding your customer base, developing strategic partnerships, welcoming new streams of income, participating in networking events and competitions, or becoming a certified woman-owned or minority-owned business enterprise. Don’t be afraid to put yourself out there! Successful women entrepreneurs understand that these opportunities are extremely beneficial and can lead to an even greater return on investment.
Investing In Yourself
In a recent article titled, Top 5 Effective Habits of Wealthy Women Entrepreneurs, LinkedIn discussed the importance of investing in yourself first, including your long-term personal growth. This can be achieved through furthering your education, financial literacy, and training to acquire new skills within your field. It could also include finding a mentor in your industry, working with a coach, or simply improving your self–confidence.
LinkedIn notes, “As women, we take on a lot of caretaker responsibilities and roles. And that’s great. Keep doing that. But make sure you take care of you first. When you neglect yourself, you are actually neglecting everyone who depends on you.” Remember, you can’t help others on the plane if you don’t put on your oxygen mask first. “Make decisions based on what is good for you and what you want. Don’t make decisions hoping to please someone else… You will wear yourself out and drift farther and farther from the wealthy life and mind you dream of.”
Did you know women make up a majority of the team at EMSDC? You can learn more about us by following the Team Spotlight series in our blog or visiting our website at emsdc.org.
The Eastern Minority Supplier Development Council (EMSDC), a 501(c) (3) non-profit organization, is an affiliate of the National Minority Supplier Development Council (NMSDC). We certify and connect minority-owned businesses (Asian, Black, Hispanic, and Native American) throughout Pennsylvania, Southern New Jersey, and Delaware with member corporations that want to purchase their products, services and solutions. Our mission is to stimulate and support the economic development of minority-owned businesses and to better align them with corporations in an effort to initiate growth and opportunity through Supplier Diversity channels.