Women Entrepreneurship: Everything you should know about it

Anyone can say, how much developed a country is by analyzing how much they encourage women entrepreneurship and enhance equality.

Did you know, India has 58.5 million entrepreneurs and out of the 8.5 million (14%) are women entrepreneurs?

I know it’s well behind of U.S (40%), China (30.9%), Singapore (29.2%), Japan (17.6%) but it’s growing rate beat many of them.

Research shows, firms leading by a female are more successful than those leading by a male.

Now if I give you the definition of women entrepreneurship, it looks like this-
“Women entrepreneurship is the process where a woman or a group of women initiate a new venture to pursue their passion or solve a problem by taking all the risk, innovating things, managing and directing people, facing all the problems, and taking the organization to a certain level through proper planning and directing.”

By not wasting your time, let me take you through the main part of the content which may give your thoughts a new direction about Women Entrepreneurship.

WOMEN ENTREPRENEURSHIP CATEGORY

There are many different kinds of women entrepreneurs out there. I try to categories those in five types. They all almost categorized within these five types.
So, let’s began.

Exuberant Entrepreneur

The Exuberant women Entrepreneur are those who belong to a rich family. It’s their family background which makes them an entrepreneur. They may be the daughter or wife or any other family member of a rich person.

Pull Factors

Women in big cities got the opportunity of higher education and entrepreneurial culture. It encourages them to do something of their own. They take the risk to pursue their passion of being an entrepreneur by solving society’s problem.

Push Factors

On the other hand, some women bound to start their ventures due to family or some other circumstances. Situation pushes them to choose the way of entrepreneurship.

The Self-Employed One

Women who are economically not stable also choose entrepreneurship as a career. They start their own small business like any kind of shop or firm.

Rustic Entrepreneur

Women in the village or rural area start their small shop to support themselves economically are categorized in this type.

RELATED: Interesting Facts On Entrepreneurship You Should Definitely Check Out.

FUNCTION OF WOMEN ENTREPRENEURS

As an entrepreneur, women have to do a lot of things to start an organization and run it wisely, to make it a success. Here is some important function of women entrepreneurs which involves initiating, planning, organizing, directing and a lot.

Creating a new venture

Creating a new venture is the first step of the entrepreneurial journey of a woman. Women see a problem as an opportunity and they convert it into a new venture.

Planning

To create a new venture, they need to plan for it. Planning is the process where one has to decide what they have to do to accomplish the organizational objective. How they do it, who will do it, when to do it etc are all part of the planning process.

Risk-Taking

Business is unstable. It involves a different type of risk. Handling risk is one of the most important functions of women entrepreneurs. They take a different type of risk like financial risk, social risk, risk of competing with big rivalries, etc.
They think about all the risks that can appear in their way and they make themselves ready for it.

Innovation

Continuous innovation is one of the most important parts of any business and also the major function of women entrepreneurs.
They launch a new product or services to fulfill market demand in a new way.

Management

Every woman entrepreneur has a manager within them. At the initial stage of the business, they can’t hire people due to the lack of much capital.
So, they have managed their tasks within those few who are with them. Women entrepreneurs also manage their resources, time, raw materials and everything, and get the best out of it.

Related: 10 Most Successful Women Entrepreneurs in India | List 2019

Leading And Directing

When it’s come to running the organization, leading and directing play a huge role. To achieve organizational goals leading the team and organization in the right direction become very important.
As a women leader, they are aware of what is good for their business and they do it by hiring proper manpower and controlling them.

REASON FOR GROWTH OF WOMEN ENTREPRENEURS

Studies show that the reason for the growth of women entrepreneurs is different from male entrepreneurs. Male entrepreneurs have more support and opportunities which the female don’t have. They mainly start their business to fulfill their dream or solve their problems.
Let’s see what are those factors that enhance the growth of women entrepreneurship.

Better Access To Education

Having the facility of proper education of business and entrepreneurship is very important to empower women to choose entrepreneurship as a carrier. To make it happen, the government and much private organization provide different facilities in both urban and some of the rural areas. It encourages female to become an entrepreneur.

Lack Of Job Opportunity

After having the required qualification sometimes women couldn’t find a suitable job. So they start their own business to express their skills and knowledge to serve others.

Chase Their Dream

The result of thousands of surveys shows that, while males start a business for potential growth and opportunities, women usually start a business to fulfill their dream or achieve their personal goals.

Better Access To Finance

Women mainly start their journey with their dreamy eyes but somewhere there is the finance factor which encourages them to go further.

The Increasing Cost Of Living

It may sound unauthentic but it’s not. The increasing cost of living to push them to be an entrepreneur. It also somewhere in their mind, but this helps them to go through all the fear and obstacle they have.

Family Situation

There are a lot of examples of women where they start their businesses to back their families. As the cost of living is increasing constantly, it’s become very tough for a female to maintain their own and family needs within minimum wages. That’s why they decided to start their own business.

Related: 10 Problems Faced by Women Entrepreneurs in India | With Solutions

FUTURE OF WOMEN ENTREPRENEURSHIP

Women entrepreneurship is on the rise. It’s increasing day by day. It’s may because of the tremendous improvement of technology that helps them to raise their online visibility. The growing rate of the coaching program and encouraging facilities support such women to remove their barriers.

The Increasing Number Of Female Entrepreneurship

The culture of the corporate world is not for women. Women communicate and act differently from men, and it’s become challenging when you are in the minority.
That’s why many women leave their corporate job to be their boss and live their dream.

The rising number of interested investor

Future for women entrepreneurs is very broad as a large part of investor and funding sources are looking to invest in them as they are taking them seriously more than ever before.
And women are also coming together and forming their investment fund and providing investment to other women.

Online Businesses

The future women entrepreneurs will be more on online businesses than other as women have to manage their kids, family and other things and it’s become easier for them to create a balance between family life and work-life as they can work from home.

End Of Gender Gap

Our society doesn’t emphasize women entrepreneurs as men entrepreneurs. This is no longer happens today. Government, investor, and everyone gives the same amount of respect to the women entrepreneurs as men. This change in mindset is the biggest positive for the future of women entrepreneurship.

INTERESTING STATS ON WOMEN ENTREPRENEURSHIP

  1.  In 2018, 163 million new businesses started by women.
  2. About 58% of women entrepreneurs started their business between the ages of 20 and 30.
  3. About 57% of women started their business alone.
  4. About 35% of entrepreneurs had a co-founder.
  5. 8% of women entrepreneurs have more than 2 co-founders.
  6. 71% of women entrepreneurs employ five or fewer people.

 

CONCLUSION

The change in discriminating mindset is one of the biggest news of the business world.
The ratio gap between men and women entrepreneurs is decreasing gradually.
As a women entrepreneur, you have to take action and remove your barriers to make something worthy.
Things indeed become simple overtime but it’s not easy though as the usual problem is always there.
So you have to be very strong internally to endure everything on the way.

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