Meaning and Definition of Women Entrepreneurship
Women entrepreneurship is the function of establishing enterprises by the women as entrepreneurs. In the modern liberalised world, women entrepreneurs play a very significant role in business development. In the olden days women were famous for kitchen, kinds, kitting but now they are in different world as such as papad making, pickle making and politics. They have become highly skilled and professional.
Women Entrepreneurship Defined by Indian Government: woman owned business as an entity where a woman or a group of women owns at least “51% of the capital” and give 51% of generated employment to women. Women are 48% of Indian population but their participation is still below par as only 34% of Indian women are engaged in financial and economic activities, many of which are unpaid or underpaid workers. With gender-bias problems in some regions of India, women have also become victims of unemployment.
Characteristics of Women Entrepreneurs
- Courage: Courage is one of the most important characteristics of an woman entrepreneur. They many have the passion to start their own business, it’s the courageous ones who succeeds in their career.
- Strong mind with clear vision: A woman with a sound mind has the ability to take the right decision which helps her to succeed in her business. She has the ability to visualize the requirements of the society and is clear about the requirements of the society. A successful woman always thinks out of the box to provide what is required in the most satisfying way. This helps in achieving further success. She has a clear vision which forms the basis for a successful career life, of course personal life too.
- Self-confident: Self-confidence is one of the most important characteristics for a successful life. A confident woman has tremendous faith in herself and her abilities. She can easily resist the changes in the consumer market and succeed in her business.
- Goal oriented: Most of the successful business women set targeted goals in spite of their family responsibilities. They work hard for achieving their set goal/s. Women who are goal oriented, work harder and succeed in her business.
- Hard working with an optimistic approach: A majority of successful women entrepreneurs have an optimistic approach. She is capable of transforming her ideas into reality through her optimistic approach. They work hard with the hope of success and do not give room to fear of failure in their mind. They remain strong and determined during adverse situations and try to come out of it. Hard work is one of the greatest abilities of a successful woman entrepreneur. She willingly works hard for achieving her goals. She takes up every work with a challenging mind and with an orientation to achieve success. She doesn’t take up work for the sake of doing it or just for earning few bucks.
- Capable of risk taking: She is capable of confidently taking risks and is efficient in making the risk, a rewarding one.
- Assertiveness and decision making: A successful woman entrepreneur takes various decisions on various activities of her enterprise with assertiveness. She takes firm decisions on the type of venture she undertakes and the way of doing / handling it. She is clear, creative and assertive in her decision making.
- Work-life balance: She can efficiently cope up with the stress levels in a better way by spending value time with her children, spouse and family members. She very well knows how to balance her work-life which is one of the keys to successful business. She makes time to spend with her children and supports them in every possible way without any excuses of busy work life.
- Good organizer and manager: Good organizing skills and managerial skills are the important traits of a woman entrepreneur. She is competent in developing / building a good organization. She efficiently co-ordinates with her employees and effectively manages the finances / capital. To expand her business and achieve her targeted goals, she occasionally organizes minor events like sales and exhibitions etc.
- Leadership qualities: A successful woman entrepreneur exhibits high leadership qualities. She is capable of influencing her employees and creates an enthusiastic work environment for them. She supports them in all possible ways and encourages for a good team work to achieve targeted goals.
Role and Importance of Women Entrepreneurship
Women Entrepreneurship plays an important role in the development of economy in county and also world wide. They play a vital role in the increasing the total income of their country. Some of the advantages of women entrepreneurs.
- New opportunities are created.
- More employment opportunities are generated.
- Increase total income of country.
- Indians enjoy better standard of living.
- Education and awareness becomes common.
- Future becomes brighter for the next generation.
- Women gain a better understanding of managing family and business concurrently.
- Indian women achieve a sense of self-realization and self-fulfillment.
- Women gain better ability to take risks and business decisions.
- Women become more confident.
Problems of Women Entrepreneurship
- Lack of Education: In India, around three-fifths 60% of women are still illiterate. Illiteracy is the root cause of socio-economic problems. Due to the lack of education and that too qualitative education, women are not aware of business, technology and market knowledge.
- Male-Dominated Society: Male chauvinism is still the order of the day in India. The Constitution of India speaks of equality between sexes. But, in practice, women are looked upon as weak in all respects. Women suffer from male reservations about a women’s role, ability and capacity and are treated accordingly. In nutshell, in the male-dominated Indian society, women are not treated equal to men. This, in turn, serves as a barrier to women entry into business.
- Low Risk-Bearing Ability: Women in India lead a protected life. They are less educated and economically not self-dependent. All these reduce their ability to bear risk involved in running an enterprise. Risk-bearing is an essential requisite of a successful entrepreneur.
- Problem of Finance: Procuring funds very tight for women, but every business depends upon the financial procurement. In this case it is also considered as a problem to very women for starting a business.
- Lack of practical experience: Women generally don’t get the right exposure when compared to men, which leads to no entrepreneurial bent of mind in them. May women lack entrepreneurial aptitude due to lack of practical knowledge. This can be improved by attending different workshops and conferences meant for their business. From my personal experience, every aspiring women entrepreneur should first gain some experience in the field before they venture into it. This will help them get some exposure and give them a better perspective of the situations that they may encounter in their entrepreneurial journey. Also, practical experience is anytime beneficial than the knowledge gained from books.
- Socio-Cultural Barriers: Woman has to perform multiple roles be it familial or social irrespective of her career as working woman or an entrepreneur. In our society, more importance is being given to male child as compared to female child. This mindset results in lack of schooling and necessary training for women. As a result this impediments the progress of women and handicap them in the world of work.