A woman aspires to pursue entrepreneurship because of the immense passion she has for her work. Another encouraging factor that influences women entrepreneurs is the desire for leadership. Many successful women entrepreneurs are triggered by chance to be their boss and run their own company, a vision that would never occur if they had worked under someone else. The primary goal of a women entrepreneur is not a monetary reward but rather personal satisfaction and community involvement. Another motivating factor that many successful women entrepreneurs share is the fact that they have the skill to multitask and also the inclination to balance family life and career with their goal-oriented style.
Women entrepreneurs have become an essential part of the present corporate world. They are excellent in balancing out the duties of both motherhood and entrepreneurship. At the moment, women are free from the traditional gender-explicit roles and venturing into the world of entrepreneurship. The past decade has witnessed a histrionic increase in the number of successful women entrepreneurs and the triumph rate of their inventiveness.
Even today, enterprises owned by women are still in the minority. Hurdles and the challenges faced by women who have embraced entrepreneurship are huge and extremely different than the challenges faced by male entrepreneurs.
Challenges faced by women entrepreneurs
Women entrepreneurs encounter two sets of problems, viz., general issues that the entrepreneurs face, and issues specific to women entrepreneurs. These are discussed below:
1. Financial Problems: Finance is considered as “life-blood” for any enterprise. Though, women entrepreneurs suffer from a financial shortage on two counts. Firstly, women usually do not have property on their names to use them as security for obtaining funds from peripheral sources. Consequently, their income from the external sources of funds is restricted. Secondly, the banks also ponder women less credit-worthy and deject women, debtors, on the reliance that they can at any time leave their business. Women entrepreneurs are, at times, bound to be dependent on their savings, if any. Loans from friends and family are expectedly insufficient and negligible. Hence, women enterprises sometimes fail due to the deficiency of finance.
2. Scarcity of Raw Material: Most of the enterprises run by women are plagued by the shortage of raw material and obligatory inputs.
3. Competition: Women entrepreneurs do not have structural set-up to drive in a lot of money for campaigning and advertisement. So, they have to face strong competition for promoting their products with both the organized sector and their male counterparts. Such struggle eventually results in the winding up of women enterprises.
4. Family Ties: In India, a woman is only asked to look after the household; she has to strike a delicate balance between her business and family. The total involvement in the family leaves the women with no energy and time to dedicate to the business. Support and approval of husbands seem an obligatory condition for women’s entry into the business. Also, the educational level and family background of husbands certainly impacts on the women’s entry into business activities.
5. Illiteracy: In India, around 55% of women are still illiterate. Lack of education is the root cause of socio-economic problems. Due to the high illiteracy rate and that too lack of qualitative education, women are not aware of a business, technology, and market information. Also, a lack of education roots low achievements and discouragement among women.
6. Male chauvinism: The Constitution of India speaks of equality between sexes. But, in practice, women are looked-upon, i.e., weak in all aspects. In a nutshell of the male-dominated Indian society, women are not treated equally to men. This, in turn, serves as a barrier to women’s entry into the business.
In addition to the above problems, insufficient infrastructural amenities, shortage of power, social attitude, low need for accomplishment, and socio-economic restrictions also hold the women back from achieving their goals.
Present scenario of the successful women entrepreneurs
Women in India are not confined to stay within four walls of the house anymore. They areparticipating and performing well in all spheres of actions such as academics, politics,administration, space, and industry. Women’s entry into business is a recent spectacle. It istraced out as an allowance from their kitchen activities of three Ps, i.e., pickles, powder (masala), and pappad. With growing awareness and spread of-education over the years, women have been engrossing modern activities like engineering, electronics, and energy popularly known as 3Es. In certain businesses, womenentrepreneurs are doing exceed¬ingly well and excelling their male counterparts. With the help of this blog, the initiative of the Empoweress group is to inspire women and motivate them to face and fight all the challenges coming their way.