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Success in business requires mastering numerous skills. One ofthe most important is handling money. For many women, this is stilla challenge-and that's why financial expert JenniferOpenshaw created a Web site to help women learn about personalfinance.
"Women have different financial needs and concerns [thanmen]," says Openshaw, founder and CEO of the Women'sFinancial Network. "They didn't grow up talking aboutmoney, and they often feel less confident about making majorfinancial decisions." WFN is a comprehensive Web site designedto provide personal financial information to women in a fun, easilydigestible way. There's information on saving, investing,reducing debt, budgeting and planning for retirement.
We talked to Openshaw about the financial obstacles womanentrepreneurs face.
Entrepreneur:What money mistakes do women make when it comes to running theirbusinesses?
JenniferOpenshaw: Women don't appreciate their exclusion from aculture that drives funding new businesses; so when they want tojump in and act, they need to listen to and learn about what isessentially a new language. They should find out who's who inthe venture capital community and determine which venture capitalmakes the most sense for their business. If they focus and usetheir time and energy more effectively, they'll have highersuccess rates.
Women underestimate themselves but overestimate others. They canbe strong, intuitive businesswomen, but they're sometimesafraid to ask the questions crucial to attaining their success.
Entrepreneur:It's beensaid that women don't know how to get funding. Why?
JenniferOpenshaw: The biggest hurdle is access; part of that isinformation. Venture capital is dominated by men. Women need toknow funding sources and how to think through the structure ofdeals. They need to find business mentors who can bring support,contacts and negotiating skills to the table.
