In our everyday lives, we come across many opportunities that require money but not every opportunity is approached. Why is that? Well, the answer is very simple. We start with a specific amount that needs to be allocated to the important things without which we cannot live. This concept of money planning and allocation, collectively known as money management, is used in every phase of our life.
Money management can simply be explained as the process of saving, spending, investing, budgeting or monitoring cash flow of oneself or someone else. Women can normally relate to the concept of money management because they are involved in taking the day-to-day decisions at home, planning purchases, grocery lists, timely chores etc. It comes easily to women to manage their time and money effectively although there are some exceptions to this.
We teach our children how to spend money, and what things will be beneficial so the money spent earns value and satisfaction. Women entrepreneurs have the correct mindset of how they can influence their customers to purchase something or not. They can apply the concept of money management inversely on their customers to make them feel that this product is their need. This is how strategies play out in the business world. You just take a simple concept and play it to your strengths.
Several entrepreneurs like New Orleans’s Lauren Thom understood the need of her children, and came up with Fleurty Girl t-shirts that were an instant hit, and she just started with her tax return of $2000. She considers her children her board of directors that gave her the direction. Another example is Grainne Kelly who came up with children’s inflatable car booster seats known as Bubble Gum.
Women entrepreneurs are in the right mindset of managing their investments into something that becomes the need of thousands of customers across the country.
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