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.
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.