Qn1: This is the most common reason why women start business
Not qualified to speak on behalf of women, but would assume pretty much the same reasons as anybody else would want to come in business
To create something of their own
To earn money / wealth
To pursue their ambitions
One can facilitate more women coming into business through
Stories of relatable role models
Social & capacity building interventions
Financial literacy & access to capital.
The framework is relevant and applicable for all audiences and not just women.
Q2: What should you do when you have a business idea
The first step is almost always to validate the idea. Customers are also the best way to validate. In a digital first world, it has become near easy and inexpensive to discover and connect with prospective customers anywhere in the world. Invest in rapid customer feedback cycles with MVP’s, pre orders etc.
Q3: The most common reason why a start-up /new business fails?
Lack of clear customer segment
Low economic value add
Quality of decision making
Running out of money
Some of the common reasons. Developing better understanding of the problem being the best antidote
Q4: Five qualities that would make you a good business person.
Comfortable with Ambiguity
Customer / market intelligence
Ability to attract people & capital
Q5: Three easiest channels to sell your product.
Resellers / distributors
Q6: Why is it important to brand your product or service carefully?
Branding is the medium by which you communicate. It is the mode by which your customer identifies and differentiates your organisation or offering. A brand is also the result of cumulative actions of your organisation. Each word & action communicates, adding or diminishing value in the process.
Q7: What should you do when your child has a business idea
First and most important is to ensure that your child is given a patient & enthusiastic audience. Emotional support has an integral role in nurturing the spirit of enterprise. Best would also be to extend some speed capital, however small it may be, for your child to explore the idea - learning & developing in the process.