Women Entrepreneurs: Need, Scope, Functions, Qualities, Roles :In the business sphere, the role of women has changed several times in the last fifty years and few of the Entrepreneurs have seen in the ’90s. The only meager number of women-owned and operated a business in the last five decades. But after the Second World War, the entire scenario changed and some women started working at workplaces but they always the reality that men are the head of the business and they have to work under such Entrepreneurs.
Also See: 26 Different Types of Entrepreneurship
Women Entrepreneurs: Need, Scope, Functions, Qualities and Roles
Of late, various opportunities have developed for women due to some changes in social, political and economic changes and they accepted as well as recognized rapidly in the corporate world. Steadily, they started making a mark as successful businesswomen and they achieve remarkable success in the business world within a small period.
In this article, we will study Women Entrepreneurs: Need, Scope, Functions, Qualities, Scopes and Roles.
Introduction to Women Entrepreneurs
It is wells said by Pandit Jawaharlal Nehru, “When women move forward, the family moves, the village moves, and the nation moves.”
When a single woman or a group of women commence a business and all the business operations of that business are operated as well as managed by them, then it is known as Women Entrepreneur. All in all, a Women Entrepreneur is the only thing regarding the business operations, organize all the factors related to the production and the main focus is to maximize their profits.
Definitions of Women Entrepreneur
According to the Schumpeterian concept of Innovative Entrepreneurs, women who innovate, initiate or adopt a business activity is known as “Women Entrepreneurs”.
Kamal Singh, a women Entrepreneur from Rajasthan, has defined woman Entrepreneur as “a confident, innovative, and creative woman capable of achieving self-economic independence individually or in collaboration, generates employment opportunities for others through initiating, establishing and running the enterprise by keeping pace with her personal, family and social life.”
Also See: What is Rural Entrepreneurship
Need for Women Entrepreneurs
There are various reasons why women Entrepreneurs are always required in the world of business. The first and foremost reason is that they have vast qualities that can beat any enterprise operating by men. So, here are some of the reasons why we need Women Entrepreneurs in the business. Let us have a look.
1. Better Management of Finance
It is a fact that women can easily utilize the funds whether it is raised for home expenses or the business expenditure. They will provide a better as well as quick access to finance or credit for a business. To exemplify, if you will give a thousand rupees to women, then she will surely commence a business with her finance management skills. On the other side, she can also utilize another 1000 INR to provide bread and butter to their family and also for their employees as well.
2. Access and Vigilance
The basic characteristic of an Entrepreneur is that they must stay high on the updated information related to science and technology which would be helpful in the business field. So, it is undeniable that women have a lot of potential as well as entrepreneurial skills which can be used for the production and manufacturing of various products innovatively and cost-effectively.
3. Challenges and opportunities
In this digital era, women are developing day by day and shifting from job-seekers to job creators. They all are growing in all fields such as designers, exporters, clothing, interior designers, etc. to give a contribution to the economic growth by partaking actively. Their accessibility to local as well as foreign markets is remarkable.
As all women are doing study and capable to grab the job opportunities but due to less availability of positions in their field of interest they are facing unemployment. Thus, the best way to deal with this unemployment is to generate some income by commencing its own business. Women Entrepreneurs are regarded as a strong strategy to eliminate all the issues of rural and urban areas.
Also See: Creativity in Entrepreneurship
Women have always a misconception in their minds that they cannot manage or run a business like other men. However, they forget that they are the creators of this whole world and can easily achieve anything as they want, just require confidence and a little change in mentality.
6. Overcome from the conventional pattern and structures
The traditional patterns and cultures as setting up by the ancestors hinder the growth of women and they keep their potential inside the walls of their home. Women need to take part in advancements and grow by breakthrough the traditional culture.
8. Breakthrough Orthodox views
In this world of non-conventional business fields, women need to get up and stay strong to change the conventional thinking of segregating different sectors for women and men as well.
9. Narrow down the Gender Gap
After making a lot of effort, then the gap between the men and women is still large, not equal yet. Women Entrepreneurship motivates women to inspire and run a business. Not only inspire a single woman to work but also give opportunities to other women and establish a business kind of “made for women” only.
10. Better company culture
It has been observed that women-owned enterprises provide a well-developed and safe atmosphere within the company. It is a pre-requisite to creating a strong as well as a positive environment for ensuring long-term growth and success.
Functions of Women Entrepreneurs
All the functions related to the establishment of a business firm is performed by the Women Entrepreneurs as they are the owner of such an enterprise. Till the functions of an enterprise, the Women Entrepreneurs face a lot of difficulties and deal with all such issues to fulfill all the functions related to the business.
It includes various functions such as generation and screening of ideas, determining the motives, preparation of the projects, analysis of products, determine different forms of business, complete formalities related to promotions, fundraising, Innovation, business operations, and procurement of men, machine, and materials.
Women Entrepreneurs have to link with new and emerging ideas, deals and demands and therefore, create some new opportunities for others too. So, here are some functions that Women Entrepreneurs have to do as similar to that of a men Entrepreneur. Let us have a look at these below.
Women Entrepreneurs must have to predict and take risks with a motive to fulfill the desires as well as tastes of the consumers by making some changes in production techniques, and adopting innovations. This risk can also be lower down as if some pre-planned initiative, skills, and judgments were made.
2. Proper decisions
The product of the company is always the decision of a Women Entrepreneur and should select the prospects that have a better prospect. Moreover, she can sell the products in such a way that she can easily pay out her employees by taking out some profit for herself too.
Improvement is always required in any product line as the taste of buyers change with the time. It has to be done in a manner that would be viable for the economy and also fulfill technological feasibility while making improvements in the existing products.
4. Managerial duties
All the managerial functions related to the business operations such as formulate plans for production, arrangements of funds, production facilities, sales organization, and managing the working employees within the organization.
Also See: Qualities of an good Entrepreneur
Some Vital Entrepreneurial Traits/Qualities of a Women Entrepreneur
Flabbergasting how the Women Entrepreneurs are becoming such successful entrepreneurs? Want to know about the essential traits to work like those inspirational ladies? As the women empowerment is increasing, there is a gradual incline in the count of Women Entrepreneurs who hit the list of best-ever entrepreneurs in the world.
Here, we have analyzed the qualities of a Women Entrepreneur which are a must to get into the role of a successful business entrepreneur. Let us begin with courage.
The first and foremost trait that is required in Women Entrepreneurs is courage. Anyone can commence a business with great passion but only a few dares to keep running the business for the long term and get success in this field.
2. Sound mind
Women Entrepreneurs need to have an active and sound mind that encourages her to keep going with the trends and demands in the market. However, a disturbed mind can hamper and works as a hindrance in the way to successfully run a business. She needs to cross and tackle hurdles to overcome the hard times of the business. A small setback in the business is a ritual.
3. Clear Vision with a strong mind
It is a decent sign of a successful Women Entrepreneur that she never gets distracted from her goal. She should predict the upcoming market conditions and situations as maybe arise in near future. A Women Entrepreneur must think out of the box and provide all the things that are required by society.
4. Self-confidence and Bold
A tremendous faith, as well as her abilities, can help a Women Entrepreneur to succeed rapidly in the business. She can withstand the difficult times and changes as introduced in the market as per consumer’s demand and taste.
5. The orientation of Goals
Apart from fulfilling family responsibilities, many Women Entrepreneurs set their target goals and working towards the same. They work harder to achieve the desired goals and succeed in their business.
6. Optimistic approaches
An optimistic approach is very helpful in the business as the ideas need conversion and this approach is an eye-catching aspect of a Women Entrepreneur to get the ideas into reality. There is no room for fear failure on top of the head and they ought to stay strong and determined while adverse situations too.
7. Assertive and make decisions
Various decisions need to be taken while running a business and being assertive is a must to get the job done in a better way. She undertakes a venture and it requires a lot of firm decisions to handling it effectively. She has to be clean, clear and assertive while working for a business.
8. Maintain a work-life balance
She can effectively combat the level of stress by spending some quality time with their kith and kin. A Women Entrepreneur better knows how to keep a balance between the work-life which is a crucial key to success. Moreover, she has to spend time with her children to support them in any way.
9. Build up networks
She must have a keen to meet new people and other Entrepreneurs to learn something new and at the same token, she should attend social gatherings and parties. Ideally speaking, she socializes with the people and grabs some innovative ways to develop her business as well as widen their circles.
10. Brilliant Organizer and Manager
The vital quality of a Women Entrepreneur is having good organizing as well as managerial skills. She should control and organize their employees in such a way that she can achieve the set goals and also develop the qualities to manage the cash and ensure that there will be no wastage of funds.
Roles of a Women Entrepreneur
It has been recognized that a Women Entrepreneur is vital and also, untamed way to achieve economic growth from the last few decades. Women Entrepreneurs have shifted from the orthodox style of business to a non-traditional approach that increased their knowledge and education related to the higher activities associated with the business.
After getting special training and entrepreneurial programs, they contribute towards the growth of nations and play an unexplained role in its development. Here, we are having some aspects where Women Entrepreneurs play a vital role in the below-given points. Let us have a look.
1. Generating employment
Not only establishing an enterprise is the motive but they also generate growth and employment opportunities for the job seekers. Women Entrepreneur is related to the position of women in society and their role as an owner of the business. Thus, they have the potential to create job opportunities for people and help to decline the unemployment rate across the nations.
2. Development of economy
The business firm manufactures and produces products as well as services that come up with a proportion of gross domestic product of the nation. Women Entrepreneurs bring strength and dynamism in the market because of their entrepreneurial activity. So, they increase the national income of the country.
3. Optimum Utilization of resources
It signifies that a women-owned firm gives rise to the development of the industries to better utilize resources such as labor, capital, and raw material. Thus, not even a single business resource gets wasted due to the less utilization of the resources. It ensures better management of resources as per the usage.
4. Improvement in quality of life
Nowadays, women started thinking independently and take decisions accordingly. Moreover, they are capable of growing up their children in a very better way as they want to be. Better education is the foremost motive which will increase the quality of life by improving the standard of living.
Scopes of Women Entrepreneurs
In the present time, a woman is breaking through the traditional perspective of binding to the four walls of the home and move forward from the limited business regions such as papad making, handcrafts, pickle preparation, paintings, and so on.
Over the last decade, they have shown a tremendous increase in the remarkable shift from the conventional style of business to the modern style of business based on technology. Here are some of the ventures under which Women Entrepreneurs can grow more and create some innovations with their potential. Let us visit.
- Dissemination of information and computer services.
- Trade of computer stationery.
- Computer maintenance.
- Travel and Tourism.
- Nutrition and health clubs for schools and offices.
- Indoor plant library.
- Amusement centers for elderly people.
- Culture Centers.
- Kitchens for communities.
- Stuffed soft as well as wooden toys.
- Contracts for the packaging of goods.
- Beauty firms.
- Photocopying Centers.
- Communication centers like STD booths, cyber cafes, and so on.
It has been observed that Women Entrepreneurs are growing at an unprecedented rate of growth from the last few years. Instead of lockdown inside the walls of the homes, they are enough bold and confident to take the world by storm with the help of efforts and potential that they possess. Now, they are becoming independent and beat the men in the business sphere.
They are contributing to the business along with catering to the needs of their family. It is strikingly interesting that they are moving from the traditional business of handicrafts and handlooms to the fashion industry, hairstyling, establishing online stores and so on.
So it was all about Women Entrepreneurs: Need, Scope, Functions, Qualities, Scopes and Roles, If you liked our article then please comment below.