Top 5 Female Entrepreneurs You Must Know

1. Denise Coates

Denise-Coates

Company: Bet365

Age: 51

Net worth: $3.9 billion (£3 billion) (2018)

Denise Coates owns the site Bet365. It’s a betting site which took her a year to develop and launch. She bought the Bet365.com domain name back in January 2000 and looked poised to success.

She raised a whopping £15 million loan from Royal Bank of Scotland to help fund her run the business.

Today, Bet365 has grown into one of the world’s largest online gambling sites.

Today, Denise’s net worth is an astonishing $3.0 billion.

 

2. Cher Wang

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Company: HTC Corporation

Age: 60

Net worth: $1.6 billion (£1.2 billion) (2018)

Cher Wang is one of the pioneers at producing new and innovative smartphones in China.

She founded the tech company HTC – which quickly grew placing itself next to other tech powerhouses such as Apple, Samsung and Huawei.

Cher Wang was born in 1958. She received her degree in economics from the University of California in 1981.

About a year later, she joined the company ‘First International Computer. Later on, she co-founded VIA in 1987 and HTC in 1997.

Cher has been featured on Forbes world’s billionaires numerous times in 2010, 2011 and 2012 – having a net worth of 1.6 billion.

3. Folorunsho Alakija

Famous Female Entrepreneurs - Folorunsho Alakija

Net Worth: $2.5 Billion

Folorunsho Alakija is an unknown to many. She’s actually the richest female entrepreneur in Nigeria. She may not be as popular as other female entrepreneurs, but she has a net worth of around $2.5 billion

She started out founding a tailoring company called Supreme Stitches. She founded the company after being employed at Sijuade Enterprises in Nigeria; and the First National Bank of Chicago.

Later down the line, Alakija started looking to various industries for investments once Supreme Stitches started to become very successful.

She’s also named as Forbes’ 96th most powerful woman in the world.

4. Gina Rinehart

Famous Female Entrepreneurs - Gina Rinehart

Net Worth: $11.7 Billion

Gina Rinehart is considered to own a personal fortune of $11.7 billion.

This makes the Australian billionaire not only the richest person in Australia, but also places her 6th riches woman in the world.

She’s the chairman of Hancock Prospecting Group; a giant mining company which produces up to 30 million tonnes of iron ore per year!

Rinehart took over the mantle as chairman of the company when her father passed away in 1992, and has become one of the riches female entrepreneurs in the world ever since.

5. Wang Laichun

Wang Laichun Famous Female Entrepreneur

Net Worth: $1.5 Billion

Wang Laichun, is another pioneer in the Chinese electronics manufacturing industry. She’s the chairman of the company which supplies Apple much of its parts.

She is also known as one of the world’s youngest self made female billionaires once the company becomes a success.

It’s been estimated Laichun’s net worth is around the $1.5 billion.

5 Weaknesses That You Need to Get Rid to Become an Entrepreneur.

Yes, running new business is exciting. The idea of success and the bountiful benefits which come with it are truly desirable. But, can anyone just do it? Can anyone who dives into this achieves success?

Recent report that 90% startup in USA fail is enough to scare away people from venturing into the entrepreneurial world. Apart from the distinct weaknesses in the technical department, what the article fail to realize is also the required mindset in order to achieve the difficulties and challenges of entrepreneurial world.

Having said that, here’s a list of weaknesses you need to get rid of in order to make the entrepreneurial journey less difficult:

1. Escape from your 9-5pm job

Majority of my clients began startup as a mean to escape from their 9-5pm job. I caution you if that is what you’re looking for. Starting your own business is just as difficult, if not more.

You are no longer just working at a company. You are running it which means every business activity needs to be at your fingertips. Your responsibility becomes broadened. You no longer check in and out at 5pm.

As an entrepreneur, your work continues making sure your budget is balanced. That you have enough money to pay salaries, rent and utility bills. You’ll begin to worry ‘what if’ you can’t afford to pay your employees end of the week if business not going well. You also need to consider your loan repayment and its interests (if you did take one).

Once done, only then you start thinking about getting your pay – unless you are a dishonest person, taking the share early leaving everyone else who worked for you ‘dry’. Something which I do not advocate and strongly condemns.

I’m hopeful that I did not scare you away with those rants, I was just stating the truth. This is the reality of starting an honest business from scratch and I have barely scratched the surface.

If you feel this person is you, then I’d recommend you to eliminate this thinking and prep yourself in facing more challenges as an entrepreneur. Otherwise, I’d recommend you keep your job until you are mentally and physically prepare for it.

2. You Look for Quick Results

I’ll be honest. Every millennials (myself included) fancy the idea of making quick buck. We mistook the idea of internet available everywhere enables us to reap results fast – along came Mr Zuckerberg’s Facebook and Systrom’s & Kriger’s Instagram which were considered as an ‘overnight’ success at the time.

Ever since then, we take pride in the idea that ‘if Zuckerberg can do it, so can I’ often leads to impatient approach and taking shortcuts even if it means to lie and cheat. We also start making ridiculous short-term business objectives for the purpose of making it ‘big and quick’.

And whenever we don’t get the results we set out, we falter. We began questioning ourselves and raise doubts over the business. These are the setbacks of looking quick results or in other words, an instant success.

This particular characteristic is dangerous as I have seen quite a number of young entrepreneurs who fell for the ‘quick buck’ mentality. They went down not only at the expense of being demonised by their unpaid staff, but also at the cost of owing more money to the bank at a very young age.     

3. Quick Diversification

At a certain point, entrepreneurs have always been reminded to diversify their business activities. This is true, but needs to be applied the correct way at the right time.

Diversification somewhat implies your business is growing. However, quick diversification could cost your business too. Businesses that grow rapidly could cause strain to activities that support your growth. Once a business’ growth exceeds its supporting functions, it will cause a reaction to its failure.

For example, your business grows quick till it does not give enough time and support to its departments which drives growth in the organisation. The quick and large diversification of business activities will strain them and eventually will lead to organisational failure due to lack of support and time to recover.

In short, quick diversification overloads your departments from functioning properly due to lack of support and time to recuperate.

I’d recommend you to diversify your business, but only when your business is ready to grow. Take your time, understand the market you intend to enter and; implement new principles to your business and its staff patiently.

4. You’re Connecting for Sales, not Relationship

This is somewhat related to ‘looking to get quick results’ section mentioned above. Making sales is fun and great. However, it does not guarantee customer retention and referrals.

Entrepreneurs can be very financially-driven – at least from my experience consulting. Whilst it is great to see our sales performance skyrocket, it does not ensure that next annual performance could maintain, if not better.

Many entrepreneurs tend to forget that building relationship with your customers is just as crucial. They would normally spend a lot of time and money on selling their product to customers and less on customer relationship. This could end up to confusion and dissatisfaction in the customer service department. And sometimes deceit.

The barrier between the business and customers will likely have the latter ends up not supporting due to lack of confidence and trust. You can forget about customer retention and referrals – two of the most sought after customers in business.

At the end, building relationship is just as crucial as making sales. It requires more work especially dealing with demanding customers, but the outcome of these relationships is long-term. By communicating and resolving their issues, customers will be more willing to support you and don’t mind referring peers to your business which they truly feel honest and trustworthy.

5. ‘Maverick-Lead’

Maverick leadership is an old concept of team management which is no longer applicable in this century. Exchange of information is quick and there will always be people smarter than you. You can no longer make decisions based on your ‘hunch’ alone without any supporting evidence to back you up. You are just going to get heckled by your staff when things go wrong.

In this modern era, even the slightest mistake will have you ruined. One man or woman can’t run the organisation alone. You need to be good at management, delegation, teamwork and inclusive decision-making process.

A true leader sees leadership as a responsibility, not a privilege in which anything can be done as pleased without reasoning. You need to listen, have open discussions and accepting criticisms.

The more you listen, the better your decisions will be having to consider wealth of information from bottom-top of your organisation.

Having said that, also learn to accept the amount of information gathered is enough and not more is needed – which purpose is to prevent information overload.     

6. Final Two Cent

While all these weaknesses or misconceptions sound easy to deal with, doing it practically is far more difficult. Aspiring entrepreneurs have the tendency to ‘make it big quick’. I guess everyone does. This is where your long term business plan is crucial. Stick to it. You have done the homework, now is the time you learn to trust it.  

Top Seven Deadly Reasons of Business Failures and How to Avoid?

A survey by CB Insights has compiled ranges of study on businesses that failed. The report found 20 top reasons, naming absence of market, lack of capital and a startup team which did not fit for the job in the top three.

Whilst the report listed 20 reasons, I decided to only focus on 7 most deadly reasons you need to pay more attention to and how to overcome it:

Continue reading “Top Seven Deadly Reasons of Business Failures and How to Avoid?”

Are You A Wanna-Preneur? 7 Signs To Know (Must Read)

Large number of people love the idea of becoming an entrepeneur – but not many want anything to do with the habits and sacrifices that come with it.

Today’s article, I’d like to share with you the 7 signs of a ‘wannabe-entrepreneur’.

You Don’t Use Time Well

“Time isn’t the main thing. It’s the only thing.” – Miles Davis.

Successful people know how to use their time well.

Everyone knows time is a commodity that you can never get back. However, nobody takes this knowledge to heart unlike wealthy people.

They know, for every second time is wasted – the ‘other’ guy(s) is a second closer to catch up on them.

How often do you see or hear rich people say “Stop wasting my time” or “I don’t have time for you”?

They don’t say it out of complete arrogance. They just can’t afford to waste time.

This is the reason why successful people often organize their schedule all the time. They want to get things done. They want to become more productive.

If you’re the type of person who procrastinates, or rather enjoy to take naps than to work – then you don’t understand what it takes to achieve success.

You Don’t Produce Results

Mark Cuban once said “If your business is not making money within a year, than it’s not a business – it’s a hobby.”

If you feel you’ve done everything and yet your business is not making much progress, then, what you’ve actually done is either:

  • you’re repeating the same mistakes or
  • you have not really done everything.

While it is important to be persistent as an entrepreneur, it’s also crucial not to repeat same mistakes and expect different outcome from it. That’s nonsense.

You Don’t Take Criticisms Well

“Your business ideas are always wrong. And it’s your job to make it less wrong.” – Elon Musk

Elon Musk pretty much sums up the life of every successful entrepreneur with this quote.

Entrepreneurs who do well often learn from the mistakes they make.

No one can get it right when starting out. You’ll make mistakes – there is no way to avoid it.

What’s important is to learn from the mistakes – and the best way to do this is to be able to handle criticisms as professional possible.

This is because criticisms are the best and cheapest form of feedbacks which can help your business to continuously improve itself.

If you’re unwilling or too stubborn to accept your mistakes, you’re never going to grow and the same goes for your business.

You Have Low Tolerance To Pain

“Every successful person has a painful story. Every painful story has a successful ending. Accept the pain and get ready for success.”

Let’s be honest, everyone wants the rewards of entrepreneurship but not many willing to go through the pain that comes with it.

Real success comes from a lot of sacrifices and nothing less.

You’ll have to cut down expenses to every penny. You’ll eat the same thing everyday. You rarely go out with your friends anymore. You’ll share a room with a couple of guys.

Despite of all that, it still does not guarantee success. You’d like to persevere but you can’t. You’ve got family to feed, bills to pay and more.

Some have even become bankrupt and homeless.

If you feel this is tough, you’ve seen nothing yet.

You Want Quick Results

“You can’t climb the ladder of success with your hands in your pockets?”

Nowadays, you often see large number of people always looking for that ‘one ticket’ to success.

Honestly, people who are looking to become rich quick are lazy and lack the ambition for real success.

Successful people know that real success comes with lots of hustling and grinding. They have self-respect that they are willing to pay full price for success. It doesn’t take less than that.

Don’t get me wrong. There are people who makes money with this attitude – but most of the money-making involve fraudulent practice.

If this is your kind of thing, then you’re at the wrong place.

You Envy Successful People

Wanna know why rich people surround themselves with rich people?

They know the importance of networking with right people in order to achieve success.

They don’t envy successful people, in fact, they want to get to know them – be a part of their circle of friends.

Successful people often have some sort of an aura around them – which can be contagious. The more you spend time with them, the more likely you’ll start to pick up their habits.

You’ll start to think like them. You start to read books they like them. You’ll start communicating like they do. You get the idea.

If you continue to envy them, you’re just being petty – a person who sees the glass half-empty. You’re just another wanna-preneur.

You Are Not Focus

If you feel you can multitask, then stop it. You’re just lying to yourself.

There have been numerous studies done regarding multitasking; such as a research by Stanford University which concluded that multitasking is less productive than focusing on getting one thing done at a time. The research also found people who are constantly exposed to multiple streams of electronic information has difficulty in paying attention.

A research at University of London found that multitasking can actually lower your IQ too. The participants who multitasked during cognitive tasks experienced IQ score declines that were similar to what they’d expect if they had smoked marijuana or stayed up all night.

It’s also believed that constant multitasking could potentially cause damage to your brain. A study conducted at University of Sussex examined people who spend on multiple devices through MRI scans and found those who often multitask had less brain density in the anterior cingulate cortex – a region in the brain responsible for empathy, cognitive and emotional control.

Having said that, the answer to becoming focused is to prepare a proper list of what you want to achieve within a period of time.

For this, I like to give an example of what Warren Buffett suggested to his pilot. He tasked his pilot to list down 25 things in life that he’d like to achieve. Then, he’d ask the pilot to circle the top 5 things that he wants to get done. Buffett then, suggested him to focus on getting these 5 things done before working on everything else.

This story is another great example from successful people on how they manage their lives; in this case, the keyword is focus.

You Think You Know Everything

“You won’t learn if you think you know everything.” – Robert T. Kiyosaki

This is a no-brainer. Growth is an essential part of your journey as an entrepreneur.

While many believe experience is crucial, that experience eventually becomes obsolete if you don’t complement it with new knowledge each day.

What you know today might become outdated sometime later.

If you look at the top 1%, they still continue to learn new things each day even after all the success.

This goes to show acquiring new knowledge is an important part of their daily lives.

Top Seven Deadly Reasons of Business Failures and How to Avoid?

A survey by CB Insights has compiled ranges of study on businesses that failed. The report found 20 top reasons, naming absence of market, lack of capital and a startup team which did not fit for the job in the top three.

Whilst the report listed 20 reasons, I decided to only focus on 7 most deadly reasons you need to pay more attention to and how to overcome it:

Continue reading “Top Seven Deadly Reasons of Business Failures and How to Avoid?”

6 Important Questions You Must Answer Before Becoming Entrepreneur

6 Important Questions You Must Answer Before Becoming An Entrepreneur

Based on the statistics by Small Business Administration (SBA), about 50% businesses fail in the first year and 95% fail in five years, US alone. What’s even worse, the report has identified that many failed due to starting business for wrong reasons. Poor business planning and no website were primary contributors too.

It does look discouraging for new aspiring entrepreneurs. Identifying the problems are one thing, but how do you know whether you’re certain that entrepreneurship is the one for you. Here are the 6 important questions you must answer:

Continue reading “6 Important Questions You Must Answer Before Becoming An Entrepreneur”