Why women need to have greater control over finances for entrepreneurship

Women are now becoming an integral part of the financial business, creating their own path in what has long been considered a male-dominated field.

"The genesis of the microfinance industry is focused on women entrepreneurs", Ruchi Kalra, Co-founder of B2B unicorn Ofbusiness, said at SheSparks 2023.

According to the founder, finance is the best representation of your business, and if women are in business, that means women are involved in money as well. "Finance starts at home; we’ve always seen our mothers managing cash. Entrepreneurship and finance go hand in hand. It is a pure cash flow, our mothers have taught us this," she added.

"The stereotypical perception is not breaking the cycle, it's just continuing. There are gaps that need to be addressed, such as how to encourage women, who are naturally good at finance, have a lot of empathy, and have the ability to take cautious risks, to stay in the system and grow into that position of leadership," added Kanika Mayar, Partner, Vertex Ventures SEA and India.

ALSO READ

Flexibility is the key to keep women in workforce, say experts at SheSparks 2023

"We need to encourage entrepreneurs right from day one to have control of their finances. All career choices are driven by money," she elaborated.

On women in leadership positions, Kalra said, "Everything has its stage, and women are at a stage where education has become so primary. In the next 5 to 10 years, you will find a lot of women in leadership positions,"

"We need to find someone in the ecosystem who’s personally vested in your success. If you can find that person and build that relationship of trust and respect, then they can help you navigate through the question of self-doubt, and they will push you to do more to trust yourself," Mayar added.

As a founder, Kalra says all you need is one investor. "But having one investor, one person, one mentor who believes in you makes your life easier," she said.