“The question isn’t who is going to let me; it’s who is going to stop me,” said Ayn Rand.
When she wrote these words, it was probably to fit at some later time the fierce breed of women entrepreneurs who were gathering their brood to demand their place in a hugely competitive, male-dominated world.
Happily, women entrepreneurs have come to make up approximately one-third of all entrepreneurs globally.
Now, who is this woman entrepreneur?
She is a self- employed individual who starts her own enterprise and involves herself in economic activities, literally said.
The cascading effect of a successful one is seen in how it goes to contribute directly to their local economy and touches the lives of others across their community. These powerhouses are more likely to invest back into their families and community, be it via education, nutrition, wellbeing, and children’s health.
It really is the case of ‘build a woman and raise a tribe’, really.
This blog is not to sing praises of women entrepreneurs but an attempt to know them better – what sets them apart, what are their challenges, how do they impact the world around them and string everything together with a few examples.
Defining a Woman Entrepreneur
A simple, not so bookish definition would be that she is someone who creates a new business and suits up to bear all the risks and when the time comes, reap most of its rewards. It requires exceptional clarity of the mind, meticulously laid out plans, attention to details, an exigency plan, an exit plan if need be and as such, back- breaking work, toiling hard, day in and day out.
History of women entrepreneurs
In India, women started out small-managing retail shops, small handloom enterprises and other such businesses up until 1960 when they decided to bring about a change in their status which led to the evolution of women entrepreneurs in the Indian society. Moving away from the local context, women started to make their presence felt globally, during the 1990’s. They upskilled, invested, located market niches, and started generating significant employment and other possibilities.
Modern definition of women entrepreneurs
The research they put in, the lengths they go to, to make their presence not just felt but held in high regard, has brought this clan badges of bravery, fearlessness, indomitable spirit, and an insatiable hunger to make their dream not just take shape but grow and prosper.
Characteristics of a Woman Entrepreneur
A woman entrepreneur can be identified with the following characteristics:
1. Innovative Mindset
It’s really come to a world where it’s all about doing the same things, differently. What sets you apart is what you bring to the table with your experience and skill set.
Being creative is what will get seen in how you present your work and how innovatively, you can own it up as your own. There are a bunch of women out there who are working at making the most mundane get an edge and the sharp get sharper, when it comes to giving the work they do, their own kind of flavor.
2. Leadership Skills
A leader needs to adapt swiftly and make informed decisions to make sure the company stays afloat in turbulent times. Women entrepreneurs are a resilient lot taking setbacks on the chin. They adapt to the demands of their work. They lead from the front with clear communication that further helps with networking and building their business.
Not just creative, they are known to be excellent negotiators with unmatched integrity. They are financially literate and able to take calculated risks. While their calendars may be choked, time management is more often than not their forte.
3. Resilience and Determination
The world has changed but the skepticism around women owning successful businesses refuses to die. Women entrepreneurs fight dual battles every single day without flinching to determinedly move in the direction of their goals. Resilience is their drug.
4. Balancing Multiple Roles
In a refreshingly changed scenario, women entrepreneurs (well, a sizable lot) are these women who are perfecting the art of balance between their professional and personal life with the ease and grace of a trapeze artist.
Most manage home and hearth or work from home/ office and like expert jugglers, divide their time between the two.They are boss, paymaster, ringleader, cheerleader, wife, mother, daughter, friend, counselor, motivator, everything rolled into one.
Challenges Faced by Women Entrepreneurs
Being a woman entrepreneur comes with its own challenges:
1. Gender Bias and Discrimination
The greatest challenge faced by the women entrepreneurs is being disfavored based on their gender, being subject to crude and harmful language, and being intimidated based on their gender. The “Boys Club” power dynamics often leaves them feeling undermined.
2. Access to Funding
Cultural mindsets and stereotypes make women face occupational segregation, and multiple barriers, in both public and private domains. These are like lack of access to land, capital, technology and financial resources as well as gender- based violence.
3. Networking Barriers
More often than not, family responsibilities limit women’s ability to be at networking events outside of the regular working day. Other times, it’s still to do with the prejudice they are held in, if they choose to defy the stereotypical expectations of them and this may invite unnecessary attention/ drama and a feeling of vulnerability.
4. Work-Life Balance
Women entrepreneurs face the same challenges as their male counterparts when it comes to business. But many women have this other layer of responsibility and demands on time due to childcare, spousal care, or parental care. A recent study says that 3 in 10 female entrepreneurs struggle to keep a work-life balance.
Impact of Women Entrepreneurs
Let’s glimpse over the impact women are making:
1. Economic and social Contributions
When women participate in entrepreneurial activities, they not only support their family income but also play a significant role in the economic development and social well- being of the society.
2. Social Change
With women at the helm of affairs, it works as an inspiration for other women to step up their game and make a name for themselves. It has been observed that women entrepreneurs are hugely supportive of their own kind. Their enterprise has led to an upswing in job opportunities. It has tempered the way for the future women entrepreneurs to learn from the examples of their predecessors and make a place for themselves.
3. Inspiring the Next Generation
Women achievers are hugely inspiring. Most have a story of struggle to deal with life’s curveballs and still, shine in their field of choosing. Pick any woman entrepreneur and you have a story of grit and determination.
Examples of Successful Women Entrepreneurs
Take for example Oprah Winfrey and her rise from rags to riches, moving past the history of abuse and becoming the household name she is.
Sara Blakely failed in sales, failed in stand-up comedy, failed in acting until she built ‘ Spanx’ into a successful company making shapewear.
Indra Nooyi has consistently ranked among the world’s 100 most powerful women.
Supporting and Encouraging Women Entrepreneurs
Today, there are several ways to encourage women entrepreneurship:
1. Mentorship Programs
Mentoring is very beneficial for women in leadership roles. It helps in changing perceptions where women realize their own abilities and decide to make them work towards the realization of their goals. They spark ambition and make them accountable for the steps they take to accomplish in their ventures.
Mentorship programs help in building a solid network and gain confidence. There is no undermining the importance of structured mentoring programs. They can be the boosters for not just the number of women entering leadership roles but also, play a decisive role in deciding the success rate.
2. Networking Opportunities
Networking is essential to engage with people for mutual benefit. It gives access to funds and investors, opportunities to tap into new markets, potential for new customers, and an increased visibility and credibility within the industry. It helps build a supportive community through conferences, workshops or meetups.
Conclusion
There is so much more to be explored in entrepreneurial ventures and especially, the ones that are spearheaded by women. All they need is an ecosystem around them that is encouraging and supportive. No pulling them back or discriminating because of their gender.
Women have to become more vocal about their rights and demanding their position in the cut- throat world of business. At the same time, every successful woman becomes a role model for another and the cascading effect continues to benefit more and more aspirants who see themselves in leadership roles.
“I learned to always take on things I’d never done before. Growth and comfort do not coexist,” said Virginia Romerty. There is no stopping if you shake off the weight of self-doubt and go with your instincts. Only sky’s the limit for the fearless or is it?
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