To become successful women entrepreneurs, it depends on
- The right selection of the industry - explore the opportunities for the business you are entering into in your desired location. Meet the nearby owners/entrepreneurs in the same industry to understand the business and its opportunities. Meet other professionals also from both the government and private organizations in this field. Listen to their advice. Do not ignore. Because if there is lack of experience then this may become a costly affair for you. The business domain you are entering into is essential for you to understand if you can manage that industry or not.
- Raw material - there should be selection of right supplier of raw material to ensure quality of raw material and timely supply of raw material. If it does not happen then there will be delay in production and delay in delivery of goods will occur.
- Machinery - the purchase of machinery will depend on your supply of raw material, how much labour you can employ, how much electricity bill you can pay, maintenance and replacement cost you can afford, your technical know-how, how much bank loan and interest on your bank loan you should avail because to be successful you have to repay the loan, who are the best supplier of machines to ensure production of quality product and to have their services for the installation of machinery
- Management of money - there should be sufficient money to run the factory because if there is insufficient money, procurement of raw material will suffer, there will be no timely payment of daily wages to the labourers and production will stop.
- Management of labourers - pay wages daily to prevent labour problems which is required for smooth production
- Delivery - check the quality before delivery. Deliver perfect quality materials to your buyers to get repeat orders
- Intelligence - although you may not have the experience but you need to have the intelligence to take the right approach to a problem. Intelligence is a must for business success.
- Transportation - arrange transport to take the raw material and the finished goods to and from your site.
- Market - market requires competitive price, quality products and timely delivery