Digital entrepreneurs share their start up tips

Are you a budding female digital entrepreneur with aspirations of launching the next big tech venture?

If that sounds familiar, Office Genie has approached successful female startups in the UK and US in order to get advice and insights for women looking to start their own digital venture.
First up we have expert advice from US entrepreneur Pratibha Vuppuluri, founder of the tech startup KeyInsite. KeyInsite is a research and predictive analytics provider who offer data management, insights generation and analytics services.

What made you decide to start your own business?

I have always had an entrepreneurial spirit. Even during my 80-100 hour weeks in investment banking, I would jot down business ideas then flesh them out into full business plans to see their viability. One of the ideas was around Prathiba Vuppuluriproviding valuable research and analysis services. I felt that this service if provided to small to medium sized businesses would be useful in helping them to grow. At that point, I knew this was it and I quit my banking job and launched the idea.

Did you experience any difficulties when setting up your business?

Setting up the business was challenging as I was assessing every step I took and trying to understand the impact in the long run. Additionally, as I was going through the process for the first time, it was tough to ensure that the funds were spent efficiently. 

What is your favourite thing about running a business?

The moment when our clients say that our services have positively impacted their business growth. There is nothing more special than the feeling that my business was useful to someone!

What advice do you have for women who want to grow their business?

Research other businesses, from their business models to how they succeeded. Additionally, set up lunch meetings with other entrepreneurs regularly. Reading and listening fills you up with ideas for your own business, and that’s what keeps the business fresh!

What is the one piece of business advice that every business, no matter the size, needs to remember?

Cash is King. Ensuring that you have access to cash is key to any business. It is a very daunting experience when you are going through liquidity constraints with obligations to meet.

Next up we have advice from Lark, founder of Lark’s Virtual Solutions. Lark’s Virtual Solutions is a virtual assistant and Internet marketing business, dedicated to finding online marketing solutions to meet their client’s needs.

Lark IsmailWhat made you decide to start your own business?

Freedom was the motivating factor for starting my business. By doing my own thing, I get to choose the work that interests me. I also get to create the lifestyle I want and choose when I work, where I work and who I work with.

Did you experience any difficulties when setting up your business?

I think lack of support was the biggest difficulty. I started a few months after graduating college and my degree isn’t in anything related to business. I was told I was being unrealistic and that everyone wants a flexible schedule and the freedom to travel. I’m very glad I didn’t listen!

What is your favourite thing about running a business?

It’s exciting and something I’m very passionate about! I created the business from scratch and watched it grow. I spend a lot of my free time on the business because I love learning and finding ways to grow and improve. It’s a great feeling when your efforts are successful.

What advice do you have for women who want to grow their business?

As a new business owner you’re probably really excited to grow your business and grow as soon as possible. However, not all growth is good. Growth is best when it’s a result of a strategic decision where all pros and cons have been balanced and evaluated against your core goals. Saying yes to every opportunity may force you to miss other opportunities more aligned with your bigger goals, or cause you to grow at a faster level than you can sustain. This can leave you scrambling over resources and providing a weaker service or product. Growth is great, but don’t feel that it has to be a constant upward slope. You can take it slower and do it in planned bursts instead.

What is the one piece of business advice that every business, no matter the size, needs to remember?

Time is the most valuable thing you have and you’ll feel like there isn’t enough of it. Consider the 80/20 principle. It’s the idea that 80% of your results come from 20% of your efforts. Focus on figuring out what that 20% is and then focus all of your time on that. You won’t have time to do everything, but you can focus on spending your time on things that will get you closer to your goals.

We hope that these insights have inspired you to follow your digital dreams!

 

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