Be committed to your business idea, say experts

dubai - Young women asked to have a solid business plan ready when launching start-ups

Have a strong business model, and be committed to your idea when starting your own business, experts at the Women In Leadership Economic Forum said on Monday.

"When people come to me with their ideas for a business, I always listen to them and then ask them about their level of commitment to the idea, and then we talk about the validity of their business model," Rapelang Rabana, founder and CEO of Rekindle Learning, noted during a panel discussion.

"It is important for any entrepreneur to have an authentic connection to their idea, and for the idea to be aligned with who they are. This can be in the form of experience gained from your previous jobs, your exposure to that industry, or how long you have been thinking about your idea. The level of depth that you have will ultimately show in the quality of your business," she explained.

Dr Rachida Justo, professor of entrepreneurial management and social entrepreneurship at IE Business School, also advised young women entrepreneurs thinking of starting their own businesses to have confidence in themselves.

"Many times what I notice is a self-confidence gap; and this is not just a problem with young women entrepreneurs in the Middle East region, but an issue that is spread across many different countries and cultures. Women persistently suffer the imposter syndrome, where they feel that someone is going to walk up to them and say that they don't belong in a certain field because of their gender," she explained. Justo also disclosed that women might doubt their skills both before and after they launch their business.

Tanaz Dizadji, founder and CEO of Insydo, and another speaker at the panel discussion, also advised young women to have a solid business plan ready when it comes to launching their startups.

"Make sure that you aren't chasing a dream," she stressed.

"Your business model has to be well thought out, viable, and, most importantly, it has to be solid. Pitch your plan to people who you know will not offer you a biased view, simply because they are your friends or relatives. There is nothing wrong with getting encouragement, but make sure that the business model can stand up to any scrutiny that it will face in the real world."

Lucy d'Abo, managing director of Edelman DABO Experiential, also offered advice to women who were starting their businesses with a partner.

"Firstly, make sure that your partner is someone whose integrity and values are completely aligned with yours. Also, make sure that your vision and ideas of outcome are the same; because there is nothing worse than a partner who wants to take the company in a direction, and the other partner has an idea to take the company in a totally different direction. Also, no matter how painful it is, have an exit strategy ready if you plan to close a business. If you hit a point where you know that you are done, then it pays to be ready and have several options at hand," she stressed.

- rohma@khaleejtimes.com

• Dubai