Becoming an entrepreneur requires a lot of grit and patience. It's amazing to see so many Indian women following their passions and starting new ventures. While entrepreneurship is often considered as a dream of one person, who bootstrapped a startup and grew it into a fledgling business, many will be surprised to know that it is important to have a confidante from right at the start who can poke holes in your business plan and perhaps even better it.
Another thing to keep in mind is to acquire the services of an accountant or a consultant who can keep you updated with the latest information on loans, taxes, subsidies etc. This will save you precious time and help you focus on your core business. The accountant or consultant will charge you a fee, but that can be a part of the business expense.
Passion for business is very important but what is even more important is the need to turn it into a moneymaking venture. For this, it would be advisable to carve out some savings from the profit and invest them in a scheme, which will offer stable returns in the long term.
For more, watch Smart Investing for Women, where Anchal Pathak and Sanghamitra Mukherjea, Founder, Financially Speaking, talk about women entrepreneurs and how they can maximise their gains from their profits.