The global pandemic has presented many women entrepreneurs with challenges, including finding investors, managing 100% remote workforces, and slashing operating costs overnight. These challenges are requiring business women entrepreneurs to make quick financial decisions grounded in data.
Gina DeVee is the author of The Audacity to be Queen. A book that classifies women into different archetypes based on their career choices, confidence, and communications skills.
Below are some of the key archetypes, including an assumption on how each small business female entrepreneur is handling tough financial decisions during the pandemic.
Mindset: “I can’t rely on revenue to be consistent, so I might as well splurge and buy what the business needs and wants today.”
They are risk-taker, with an all-or-nothing attitude. They are addicted to “winning big.” Whereas, their drawback is, overspending when they have money and stressing when they don’t.
Handling Operations During COVID-19: She will spend and deplete resources on most purchases. The Gambler will also immediately spend any additional revenue or funding that comes in, instead of saving it for the rest of 2020.
The Avoidant Princess
Mindset: “Afraid to look at the finances, she doesn’t know how much is making right now or what her expenses are.”
Businesswomen who spend with a lack of understanding. Seems careless about the operating budget. Never knows what their bank account looks like. The Avoidant Princess is always nervous that her card will be declined or her bills will go to collection.
Handling Operations During COVID-19: She will instantly feel a lack of opportunities, but will avoid seeking out any grants, crowdfunding, or business loans. As a result of not monitoring her accounts, she will continue to spend money she doesn’t have.
Mindset: “Feels vulnerable receiving, and thus is always overspending on others.”
Buys excessively for her team, but never pays herself from the business. They never experience the fruits of her own labor.
Handling Operations During COVID-19: If forced to lay off team members, she will feel guilty continuing to have financial resources that others don’t have. She can be found donating to causes, overpaying her own bills, or purchasing necessities for former team members, family, and friends over her own needs.
The Frugal Fanatic
Mindset: “To be safe I must be precisely budgeted and strict with my money.”
Overly responsible and rigid behavior. Always anxious over money. All earnings go only to obligations, no other expenditures. Always searching for the best deals. The Frugal Fanatic’s conservative nature caused her to lose touch with her authenticity. As a result, her free-thinking spirit is diminished and company innovation suffers.
Handling Operations During COVID-19: Hoarding all revenue sources and not spending on anything outside of what is necessary until there is a predictable end to the pandemic.
Mindset: “I have access to all the resources necessary to fulfill my mission. My wealth-consciousness is aligned and at ease.”
Regardless of the circumstances or challenges in front of her, she will follow a “no-excuses” policy and continue to hold herself to high standards. She will be benevolent and simultaneously business-oriented.
Behaviors During COVID-19: The Queen has a healthy and abundant relationship with money. A Queen is organized and empowered to take action. She takes personal responsibility for her team and her own life, knowing that everything is happening for her, not to her. Here are a few female leaders currently embodying the Queen archetype.