Meaning & Definition of Women Entrepreneurship
Entrepreneurship is the act of creating something unique and valuable and dedicating the required time and effort and taking on the Risk and rewards.
The people who do these things are referred to as entrepreneurs. Entrepreneurs pool resources, including innovation and finance, and business acumen, to convert ideas into goods and services that are economically viable.
Women’s entrepreneurship is the purpose of starting businesses by women entrepreneurs.
In today’s world of liberalization women, entrepreneurs play an essential part in the growth of Business.
In the past, women were famous for their kitchen, children, and kitting, but today, they’re in different realms like making pickles, making papads, and politics. They are now highly proficient and skilled.
“when women are moving forward, family members, as well as the village and Nation, is forced.”Pandit Jawarhal Nehru
Women’s entrepreneurialism is based on systematic and purposeful innovation.
It encompasses not just the independent women entrepreneurs but also directors of companies and managers who can perform new functions.
In general, women’s entrepreneurialism is the act of encouraging new ventures by women.
Women entrepreneurs could be described as the woman or group of women who take the initiative to start the business and keep it running smoothly.
In essence, women entrepreneurs are the women who come up with business ideas or choose the most lucrative opportunity to mobilize resources, integrate production and marketing, and take on risks to run the Business effectively to earn profits.
The job of a woman entrepreneur in India has been realized for a long time. Indian history shows that women such as Razia Sultan, Laxmi Bai, Nur Jahan, Rani Padmini have succeeded in governing their kingdoms.
In present-day India, some women have been officials and leaders like Sarojini Naidu Indira Gandhi, Vijay Laxmi Pandit, who have been successful in their leadership.
These prove they are Indian women are not less than men in every aspect of life, and they can be as successful entrepreneurs as men in the Nation.
Characteristics/Features of Women Entrepreneurship
Some essential characteristics possessed by women entrepreneurs are as follows:
The most fundamental characteristics of women entrepreneurs are :
The word “imagination” is the creative method or innovative ideas part of a competitive market.
An organized approach is essential to look at the present circumstances and determine the entrepreneurial opportunities.
This also implies that female entrepreneurs can connect with experienced individuals and have the ability to contract with the appropriate companies that can provide support and assistance.
2.) The Attribute to Hard Work:
Entrepreneurial women also can be hard-working. Their creative ideas must become fair play. It takes a lot of effort the develop an organization.
Women entrepreneurs should be determined to achieve their desires. They need to see the dream as a reality and turn it into an actual business.
Studies have shown that successful women have put in the effort. They have persevered to get loans from financial institutions as well as other resources.
They’ve persevered even in the most challenging situations and even in the face of adversity.
Ability and desire to take Risk The desire is the willingness to take risks and be proficient in planning, creating forecasts, estimates, calculations, and forecasts.
Profits are the result of taking risks. Andhra women are priced to take Risks;
however, if the Risk is assessed, it presents the possibility of challenges in which the chances of survival and failure are on the same.
The majority of successful entrepreneurs women evaluate the advantages and disadvantages of their decision and then tona adapt to changes if the situation requires them. They are never reluctant to revisit their decision.
5.) Analytical Ability of Mind:
Entrepreneurs are not affected by their personal preferences and dislikes. In times of requirements, they seek out experts over family and friends to aid them.
They typically stay clear of emotional and sensitive attitudes to their company or issue.
Sense Entrepreneurs are always directed toward action in pursuit of their objectives. As confident in their abilities, they are problem solvers instead of avoiders.
7) Flexibility to feedback and learning from experience:
Successful women entrepreneurs want to have immediate feedback about their performance.
They gain knowledge from their experiences and don’t get discouraged after having received negative information.
They are encouraged by the negative news to commit themselves with a sincere interest in their work to accomplish their objectives.
8.) Be Prepared for uncertainty:
Entrepreneurs who succeed have a positive outlook and see every chance as an opportunity.
They manage their environment in a way so that their work is completed rationally. They win through applying their great understanding and expertise.
Entrepreneurs can be found working long hours and dealing with various challenges simultaneously.
As the chief in an organization or enterprise, an entrepreneur has to face many challenges and, at the right moment, decides on the right path to take, which could cause physical and psychological stress.
10-) Timing Orientation:
Entrepreneurs predict future trends based on their previous experiences and exposure. They follow the timings that are practical for their job.
11.) The Business Communication Skills:
To motivate other employees in their business, entrepreneurs should have a good grasp of communication.
Both oral and written communication skills are required for entrepreneurs to manage their businesses efficiently.
12.) Telescopic Ability:
Successful entrepreneurs are always looking ahead. They possess telescopic skills that help them plan for the future.
13.) The ability to lead:
Entrepreneurs must be able to demonstrate leadership. Leadership is the capacity to influence people through means of communication to achieve the attainment of objectives.
The leaders of the Business should give the necessary spark to drive by motivating, guiding, and assisting the participants of the group towards success in achieving the same goals, actions, and goals.
The entrepreneur has the capability of staying committed to the task she is deciding to do. They are saved until the whole undertaking is executed successfully.
Types of Women Entrepreneurs
1) The Affluent Entrepreneurs:
Include daughters, wives, and daughters-in-law of business families with a wealth of money.
They can access financial and other resources backing to take on any risk in Business.
Many begin businesses concerning interior decoration, beauty salons, restaurants, restaurants, books, publishing films, magazines, and similar.
The support of the family in various ways helps them manage their obligations with less effort and strain.
Furthermore, their livelihood isn’t solely dependent on the new venture.
2.) the pull factors:
In this group, the city and town-based women accept some tasks or businesses as a test.
They see it as a chance to learn something completely new and be financially independent.
In general, they are in smaller and medium-sized businesses where the risks are too low.
This group includes educated women who do not have prior work prior experience. They’re likely to seek loans from banks and other sources.
Women are starting electronic industries, service centers, restaurants, beauty salons, schools, food catering centers, event management, film production, grocery stores, etc.
3.) Force Factors:
This type of woman is those who engage in some business venture to alleviate financial problems.
Family circumstances force them to expand their family-owned Business or start something completely new to improve their family’s financial situation.
This is a tiny category, and typically widows and single women fall within this category.
4.) Rural entrepreneurs:
Women working in rural areas are trying to establish something suitable to their skills and resources.
Within this category, you will discover pickles, dairy products, papads, juices of fruit, and jaggery production.
They want to work in areas where minimum transport, telephone, and financial transactions are required.
They make sure that their Business has the lowest Risk and requires the least amount of organizational skills.
5.) Self-employed entrepreneurs:
These women belong to society’s impoverished classes who depend on their survival efforts.
The majority of them come from towns and villages. Examples include vendors of fruit and vegetables, making brooms, wax, candles and supplying tea-coffee to offices, ironing garments, knitting work, and tailoring companies. These are small companies that women can efficiently run.
Role of Women Entrepreneurs
Similar to male entrepreneurs, women are required to carry out all of the duties that go into establishing an organization,
such as brainstorming and scanning, determining goals, preparation of projects as well as product analysis, selection of the business structure as well as integration of various factors in production, etc.
Fredrick Harbinson has listed out the five essential functions of women entrepreneurs:
- 1.) Examining the potential of starting a brand new company.
- 2.) The taking of risks and managing financial uncertainties that arise in Business.
- 3.) Innovations introduced or imitation of innovation.
- 4.) Coordination, administration, and control.
- 5) Leadership and supervision.
The main functions of an entrepreneur can be classified broadly into three categories:
1.) Take Risks:
Women entrepreneurs take on risks that are associated with their new venture. These risks could be psychological, financial, and social.
The Risk isn’t a sure thing that they will succeed. They are willing to take sensible risks. They search for details.
Women entrepreneurs transform inventions into new ideas. They are constantly innovating to meet evolving market needs.
Women set up research and development facilities that assist in the process of innovation and They are the ones who invent new ideas.
Women entrepreneurs are actively involved with the running of their new ventures. They put in the hard effort and work.
They give leadership to encourage and direct employees. They can persevere even in difficult situations. They can manage their time efficiently. They are employee-driven.
Problems of Women Entrepreneurship in India
Women entrepreneurs face many challenges. Some of them are like this:
A lack of confidence is a result of various limitations that are imposed by traditional society and the gender gap.
women entrepreneurs have an initial sense of confidence about their capabilities, but the spirit of their motivation to achieve decreases further due to a lack of acceptance and the low confidence in women’s abilities and capabilities as business professionals.
2.) Legal Procedural, Statutory, and Legal Formalities:
The legal formalities, statutory and procedural, to be carried out before and following the launch of a business are a source of anxiety for women entrepreneurs since they do not know the process.
Without an adequate escort system, ongoing advice, and assistance with all administrative and legislative formalities, women are overwhelmed that, in every scenario, a considerable number of them abandon the idea of operating independently.
3.) Issues in Product Marketing:
It’s the experience of many women entrepreneurs that they have to face an enormous challenge when selling their products.
Advertising costs are too much for their strained resources. They lack the proper training on marketing and sales techniques.
4.) Making decisions and problem-solving:
Female entrepreneurs do not often see rapid decision-making and problem-solving approaches. They are emotionally involved when dealing with issues.
When issues are reduced to personal levels, the objective analysis gets lost, and solutions aren’t often discovered.
5.) insufficient Vocational or Technical Training:
The lack of appropriate technical and vocational education among women affects their choice of projects.
The opportunities available through incentives and government schemes are not immediately accessible to women who are aspiring entrepreneurs.
Awareness of new opportunities in software, electronics, radio, television, and repackaging and service sectors and management of vendors isn’t developed enough.
6.) Operational Issues:
Many female entrepreneurs have operational issues, especially when dealing with employees.
Based on social practices, it is noticed that male employees don’t prefer to obey orders and respect female executives. This, along with other things, can lead to conflict and labor troubles.
7.) Insufficient Management inputs:
Many female entrepreneurs aren’t managerial inputs, such as business plans, administration marketing, finance, taxation, labor laws, etc.
This is why they are “weak entrepreneurs.” There is no specific support system available to build women entrepreneurs’ abilities, skills, and abilities.
8.) Updates on technological changes:
Women entrepreneurs are informed of the fast-moving technological advancements.
The speed at which improvements are being made in essential equipment, materials, machines packaging, designs, durability, storage, distribution networks, etc., has transformed the entrepreneurial process’s scope and size.
9) Social-Personal Issues:
The women of our Nation face particular issues different from their male counterparts when it comes to the beginning and managing their Business.
The management of domestic obligations and the care of children are two areas where women are required to take on more of a part.
10) Issues with Occupational Mobility:
Occupational mobility, for example, shifting between one line of Business to the next, is when female entrepreneurs are usually discovered to be at a disadvantage over their male counterparts.
11) Government Assistance Issues:
Women entrepreneurs were frustrated by the aloof attitude to government officials in the various departments that deal with small industries such as taxation, labor, and power., i.e.,
when authorities are aware that female entrepreneurs run the company, they do not recommend the issuance of sales tax numbers or providing electricity connections.
They are also ignorant of the various laws, procedures, and complex bureaucratic setups when dealing with organizations that support entrepreneurs.
12) Financial Problems:
Most of the women entrepreneurs of small-scale businesses begin well, but later on the line, in their day-to-day operations, they do not follow the path to success.
In more than half of the instances, the causes identified could be blamed on the management of finances.
13) Production Issues:
Producing in a manufacturing company requires the coordination of several processes.
While sure of these tasks is the entrepreneur’s responsibility, there are other activities that she has no control over.
Unintentional delay or improper coordination in the execution of any job will create production issues in the field.
14) Problems with Personnel:
Women entrepreneurs also admitted to how difficult it was to modify the workforce’s attitudes, and they complained about unions among them.
In addition, the women entrepreneurs acknowledged that they lack knowledge and confidence in dealing with employees within their organizations.
Suggestions to Solve Problems of Women Entrepreneurship
Female business owners and working women are faced with difficulties and challenges that men face.
They are not the only ones. Women who work with children meet greater demands on their time, resources, and energy, and women are subject to gender discrimination both in Business and on the job.
Women aren’t less effective than men. Research shows that women start businesses at a rate that is more than double that of other companies.
Women are resourceful and can achieve success despite many obstacles.
Here are the ways that women are taking on the barriers faced by women in the business world:
1.) Finding the right work-life balance for busy working Women:
Many women struggle to find more effective ways to combine work and family life.
Particular (wealthier) women choose to fly on private jets to spend more significant time spent with families.
However, like the billionaire and super entrepreneur Marilyn Carlson Nelson, others believe that women shouldn’t feel guilty over their passion for their work.
Often, the guilt stems from external sources such as the pressure of husbands, families, and friends.
2.) Beating discrimination against women based on gender:
The lines between genders are drawn as early as possible, and discrimination against women persists throughout adulthood.
Women are not only excluded from private companies. However, they are also discriminated against in government agencies like the Federal government.
The discrimination against women begins at the beginning of elementary school and continues into college.
Although women have higher education than men, they are often overlooked in jobs given to less educated and less qualified They also get less than males for the same position.
3.) Protection from political and Business issues:
Some laws protect women and laws that disadvantage women in the workplace. Women must be aware of the significant legislative changes that are in place and yet to be completed.
4.) Recognize Dominating Women in job Fields and Industries:
The reality is that women are faced with numerous challenges, including discrimination, and are usually paid less than men doing the same work.
However, there are some fields in which women are competitive or even dominating.
Being aware of the areas where women are thriving will help you decide regions where the company can grow and uncover the obstacles that hinder male-dominated fields.
5.) Networks and resources for overcoming women’s business challenges:
Two of the most effective methods to overcome the obstacles working women face are networking and the ability to find mentors.
Two of the major issues women face are obtaining financing and securing government contracts.
6.) The Government Challenges and Resources for Women:
The Federal government has a variety of programs and resources for businesswomen.
However, the government is one of the biggest culprits for discriminating against women about the awarding of Federal contracts.
Being aware of the options for women will help them be more competitive in the private market and win Federal contracts.
7.) Finding inspiration and support from other businesses:
Women who are on fire Alongside having a mentor and support, many women find their success tales, advice, and suggestions from women who have already succeeded in business owners to be helpful and inspirational.
Women in Business features profiles of famous businesswomen, as well as small companies run by women who are successful entrepreneurs, as well as working moms. Aid in encouraging oneself in the right direction to achieve success.