Women entrepreneur is the one who organizes and manages any enterprise or business with considerable initiative and risk. Rather than working as an employee, a women entrepreneur runs a small business and assumes all the risk and reward related the concerned business venture or enterprise.
In the 1900s, rise in the thought process of the society lead to the rise of feminism. Female entrepreneurs started began to be widely accepted. In 1920, women gained the right to vote and two years later, Clara and Lillian Westropp started the institution of Women’s Saving and loan.
Women entrepreneurship has been recognized as an important source of economic growth. It seems to be a real, fundamental economic force that is reshaping the world.
Women entrepreneurs are creating new jobs for themselves and for others thus helping the society dealing with different solutions to management and organization problems. Emergence of female entrepreneurship reflects how women are moving ahead with their passions and succeeding in business. In America, women entrepreneurs have become a major catalyst for economic growth in cities.
The recent Global Entrepreneurship Monitor found 126 million women were starting or running businesses. That’s 224 million women impacting the global economy. If women’s labor participation were closer to male participation, it would contribute $1T to GDP in emerging economies and will soon prove to be a key for the growth of world’s economy.
Economic Development: As we can see, increase in the percentage of Women entrepreneurs leads to the increase in our GDP growth and also affects the world economy. This would proved to be the best factor for the growth of the developing nations as well in near future.
Good Command on sales part: Approach of a female owner is always more effective than a male. In case of sales part and closing any deal women always wins. Ladies are always better at doing it.
Multitasking and Hard working: Female entrepreneur are much more enthusiastic towards their goal, with the thought in mind to help others. Females are more talented and have the ability to do multiple tasks at one time as compared to male entrepreneurs.
Ability to adopt with changing environment: Women have the flexibility to change themselves according to the situation and changes in the working environment or with the new market trends. They are more cooperative and involved in maintaining relations which is the good business ethic and skill to achieve the success in their business.
Financial Barrier: The biggest challenge for a women entrepreneur is the capital investment to start a new business. They generally start their business through personal loans and savings.
Lack of knowledge on scientific boards: Women are generally less connected to the industries and commercial networks. Limited research puts the negative impact on the business. A business needs to have proper education about the market and industry with quality research.
Gender Inequality: As a female entrepreneur in a male dominated industry, earning respect has been a struggle. She has to put more efforts and hard work to maintain her reputation in the male dominating society where she was always being de motivated by the male co –workers.
Responsibilities of Family: Balancing her work life is the major factor for a married woman. As she has to manage simultaneously business and family. Mother usually have dual responsibilities on her. This is the major challenge before a women entrepreneur with a family.
Connection Network: A female faces challenges building a network for the business. With the most of the businesses which are still being dominated by men, makes it difficult for women to get support and collaboration to increase the business network.
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