WOMEN ENTREPRENEURSHIP

The stage is set for social take-off for women from a low development path to an accelerated pace in achieving higher level of self-sustaining economic growth .... Women entrepreneurs have to graduate from a state of dependence on subsidies/concessions to that of seizing opportunities as they emerge in an open economy. INTRODUCTION
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. In economics, entrepreneurship Page | 1

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combined with land, labor, natural resources and capital can produce profit.

Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and

increasingly competitive global marketplace.

Women entrepreneur have been making a significant impact in all segments of the economy in Canada, Great Britain, Germany, Australia and the U.S. The areas chosen by women are retail trade, restaurants, hotels, education cultural and cleaning, insurance and manufacture. The percentage of business started and operated by women in U.S. is less than those started by men.

In the Indian context participation of women as industrial entrepreneurs, however, is comparatively a recent phenomenon commencing from 70s onwards. There are more then 2,95,680 women entrepreneurs claiming 11.2% of the total 2.64 million entrepreneurs in India. The majorities are concentrated in low-paid, low-skilled, low technology and lowproductivity jobs in rural and unorganized sector. The role of Indian women has ranged from that of a deity to that of a devdasi, from being pure to vulgar, from being supreme to being downtrodden and also as innumerable manifestation of virtue or vice. The role of Indian women has undergone dramatic changes from era to era, while within the eras themselves there have existed simultaneous contradictions. This in itself has created problems for contemporary women in experiencing a continuity of their identity with in the society. What a women growing up in society interjects is perhaps a collage and and a flux of attitudes, perceptions, roles and locations of their identity. It seems to be difficult to take a logical look at all this. To every yes there is a no and to every no there is yes. The injected collage doesnt therefore make it easy for women to define their role and take leadership roles and to enunciate directions and goals for themselves.

Then came a time when the order of the world changed. A new form and a new structure emerged. This took thousands of years and tears of millions of women who with courage moved the mountain of debris of belifs and freed themselves from the chains and shackles of centuries.

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WOMEN ENTREPRENEURSHIP DEFINITION OF WOMEN ENTREPRENEUR

Entrepreneurship is assumed to be sex neutral. The definition of entrepreneurship has never been differentiate on the basis of sex and hence can be extended to women entrepreneurship without any restrictions. The government of India has defined a women entrepreneur as an enterprise owned and controlled by a woman having a minimum financial interest of 51% of the capital and giving at least 51% of the employment generated in the enterprise to women. However this definition has come in for severe criticism on the condition of employing more than 50% women workers.

CATEGORIES OF WOMEN ENTREPRENEUR

Women in organized & unorganized sectors Women in traditional & modern industries Women in urban & rural areas Women in large scale and small scale industries Single women and joint venture Skills of women entrepreneur: Innovation Autonomy Independent Possess an internal locus of control accept certainty Determination to succeed Create a collaborative and empowered team atmosphere Believe in decentralized decision making Loyal and strong networking ability

FUNCTION AND ROLE OF WOMEN ENTREPRENEUR

According to Prederick entrepreneur has five functions: Harbison, like a male entrepreneur, a woman

Explore the prospects of starting new enterprise. Introduction of new innovations or invitation of successful ones in existence. Undertaking of risks and the handling of economic and non-economic uncertainties. Page | 3

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Co-ordination, administration and control. Supervision and providing leadership in all aspects of the business. Risk taking and innovation are very important for establishing or diversifying an enterprise, co-ordination and supervision become important in improving the efficiency in the operation of undertaking. Women entrepreneur are generally seen to undertake three types of industrial enterprises:(1) Manufacture of consumer products which are directly sold in the market. (2) Manufacturer items that are usually used by large scale units. (3) Operate purely as a sub-contractor on raw materials provided by the customer. The women entrepreneurs seem to prefer the production of those goods which have a direct sale in the market.

PROBLEMS FACED BY WOMEN ENTREPRENEURS IN INDIA

There is no doubt that women entrepreneurs have to face more problems than their male counterparts. Some of them are:

(1) Family Responsibilities: In India the involvement of a women in the family leaves little time and energy for business. The success of a married women depends upon supporting husband and family. There arises a role conflict in many women entrepreneur. Such conflict prevent them from taking prompt decisions in business.

(2) Social Attitude: Despite constitutional equality, there is a discrimination against women. In a tradition bound society, women suffers from male reservations about a womens role and capacity. In rural areas women face resistance not only from males but also from elderly females who have accepted inequality.

(3) Low Mobility: Women on their own find it difficult to get accommodation in towns, One of the biggest handicaps for women entrepreneurs is mobility of travelling from place to place.

(4) High Cost of Production: High cost of production is another problem which undermines the efficiency and restricts the development of women enterprises.

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(5) Lack of Education: In India literacy among women is very low. Due to lack of education majority of women are unaware of technological development, marketing knowledge, etc. Lack of information and experience creates further problems in setting up and running a business enterprise.

(6) Low need for Achievement: Need for achievement, independence and autonomy are the pre-requisites for success in entrepreneurship. In the absence of the required urge to achieve, few women succeed as entrepreneur.

(7) Shortage of Finance: Women entrepreneurs always suffer from inadequate financial resources and working capital. They are lacking access to external funds due to absence of tangible security and credit in the market. Women entrepreneurs also face the problem of obtaining working capital for financing day to day operation of their enterprise.

(8) Inefficient Arrangement for Marketing and Data: Marketing is another weak area for women entrepreneurs. Though they may be able to match the product quality and service levels as compared to male entrepreneurs, when it comes to aggressive marketing, they fall short. In order to market their product women entrepreneurs are often at the mercy of the middlemen who pocket the chunk of profit. Although the middlemen exploit the women entrepreneur, the elimination of middlemen is difficult because it involves a lot of running about.

(9) Shortage of Raw Material: Women entrepreneur find it difficult to procure new material and the necessary inputs. The failure of many women co-operatives in 1971 such as those engaged in basket making were mainly due to the inadequate availability of forest based raw materials.

(10) Stiff Competition: Many of the women entrepreneurs have imperfect organizational set-up. They have to face severe competition from organized industries and male entrepreneurs.

(11) Lack of confidence and motivation: The education qualifications alone do not give the confidence. Invariably, the family members cause de-motivation.

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(12) Lack of knowledge about business opportunities: A majority has no information about the market place.

(13) Lack of information: About procedures and sources of assistance in setting up a business, including funding, legal formalities etc.

(14) Problems in offering margin money and guarantees to avail of institutional funding: It is difficult to raise margin money unless the woman has some savings of her own. Normally a woman only has her Streedhan in the form of gold jewelry, which she would never offer as a security, it is also difficult to find a guarantor.

REMEDIES TO SOLVE THE PROBLEMS OF WOMEN ENTREPRENEURS

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(1) Education and Awareness : It is necessary to change negative social attitudes towards women. Elders, particularly Mothers and Mother-in-laws need to be made aware of the potential of girls and their due role in the society.

(2) Finance Cells : Finance cells may be opened in various public financial institutions and banks for providing easy finance to women entrepreneurs. Finance may be provided at concessional rates of interest and on repayment basis.

(3) Marketing Cooperatives : Encouragement and assistance should be provided to women entrepreneurs for setting up co-operatives. These co-operatives will pool the input of women enterprises and sell them at remunerative prices.

(4) Supply of Raw Material : Scarce and imported raw material may be made available to women entrepreneurs on priority basis. A subsidy may also be given to make the products cost competitive.

(5) Training Facility : Training schemes should be so designed that women can take full advantages. Mobile training centres, part time training facilities, especially during afternoons will attract more womens to acquire skills. With the assistance from the family members and the government women can join the main streams of national economy.

WOMEN ENTREPRENEURSHIP IN INDIA

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Out of total 940.98 million people in India, in the 1990s females comprise 437.10 million representing 46.5 per cent of the total population. There are 126.48 million women workforce (representing 28.9 per cent of the female population), but as per 1991 census, only 1, 85,900 women accounting for only 4.5 per cent of the total self-employed persons in the country were recorded. Majority of them are engaged in the unorganised sector like agriculture, agro-based industries, handicrafts, handlooms, arid cottage based industries.

Participation of women as industrial entrepreneurs, however, is comparatively a recent phenomenon commencing from 70s onwards. There were more than 2,95,680 women entrepreneurs claiming 11.2 per cent of the total 2.64 million entrepreneurs in India during 1995-96. This is almost double the percentage women (5.2%) among the total population of self-employed during 1981. Of this, majority were concentrated in low-paid, low-skilled, low-technology and low productivity jobs in the rural and unorganised sector 90% (79.4 million) women workers were in the rural areas as against only 10% (8.6 million) in urban areas. Only 2.5 million women workers were in the organised sector a mere 12.4% of the total employed.

During the Eighth Five Year Plan, the number of SSIs expected to rise from 1.7 million to 2.5 million, adding 0.8 million in the 5-year period or 1.60 lakh every year. The rough estimate showed that amongst the SSI entrepreneurs approximately 9% were

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women entrepreneurs. Their participation, however, is increasing. Considering the trend, women participation in another five years was 20% more, raising the number of women entrepreneurs to about 5,00,000. Therefore, one could aim at developing at least 3,50,000 women entrepreneurs during Eighth Five Year Plan through training and other developmental efforts. The present rate of 30% success in EDP training was likely to go up to 45% with growing experience and improved techniques of training and follow-up. Based on this assumption, for getting 3.5 lakh women entrepreneurs it was necessary to train and support about 7.78 lakh entrepreneurs during the Eighth Five Year Plan. Besides the SSI women entrepreneurs, a large number of women entrepreneurs particularly in district and rural areas were likely to be developed for small business. Even assuming a very modest target of 335 women entrepreneurs per district, the number of women entrepreneurs would have come to 1,42,375 per gear. These women were to be given training in self-ernployment /entrepreneurship of shorter duration as well as some training in trade and skill areas. Today we find presence of women in different types of industrial, traditional as well as nontraditional fields, some of which are: Engineering, Electronics, Toy making, etc. It needs to be explored and analyzed as to what motivates women to aspire for a career in business. These can be identified as Motivation towards entrepreneurship, Challenge and adventure to do something new, Liking for business, To have an independent occupation.

TYPE OF WOMEN ENTREPRENEURS IN INDIA

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Dr.V.G.Patel (Ex-Director EDII) identified three types of women who take to entrepreneurship 1. Chance entrepreneur Those who started business without any preparation, clear, goals or plans. They were lucky to come across opportunities that they grabbed. 2. Forced entrepreneur Those who were compelled by circumstances such as death of husband or father with responsibilities falling on them to take over the existing business. 3. Created entrepreneurs These are the ones who were properly, identified, motivated, encouraged and developed through EDPs as a part of a strategy to develop women as competent entrepreneurs. They are the ones for whom various schemes are being designed by the financial institution and commercial banks. In India there is a growing awareness of the need for women entrepreneurs in the Development of the nation. The industrial policy resolution of 1991 has highlighted the necessity to provide special training programmes to develop women entrepreneurship. There is evidence of a direct relationship between the growth of womens education and their numbers in the non-agricultural professions. Woman in business is a recent phenomenon in India. They have confined themselves to petty business and tiny cottage industries. They are found in vegetable selling, making pickles, papads, etc. Though there is an increase in the number of women entrepreneurs, the progress is slow. Saddled with household work and domestic responsibilities women still do not find it either possible or desirable for total involvement in entrepreneurial activities.

The spread of education and increased awareness are aiding women to spread their wings into the areas which were the monopoly of men. The numbers of women entrepreneurs in the fields of electronics, engineering, manufacturing solar cookers in Gujarat, small foundries in Maharashtra and T.V capacitors in orrissa have shown that given the opportunities and training, they can excel their male counter-parts. So today modern women entrepreneurs are determined to prove that no field is unapproachable to them if sufficient facilities and training are made available.

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WOMEN ENTREPRENEURSHIP STATICAL INFORMATION OF CITYWISE AND INDUSTRYWISE SPREAD OF WOMEN ENTREPRENEURS.

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WOMEN ENTREPRENEURSHIP MAJOR KEY CHALLENGES FACE BY WOMEN ENTREPRENEURS

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WOMEN ENTREPRENEURSHIP SCHEMES FOR DEVELOPMENT AND PROMOTION OF WOMEN ENTREPRENEURS:

According to the Third All India Census of Small Scale Industries conducted in 2001-02 and subsequent estimates made, only 10.11% of the Micro and Small Enterprises in India are owned by women while 9.46% of the MSE enterprises are managed by women. As per the latest available estimates, the number of women owned and women managed enterprises is 12.99 lakh and 12.15 lakh respectively. In order to encourage more and more women enterprises in the MSE sector, several schemes have been formulated by this Ministry and some more are in the process of being finalized, targeted only at the development of women enterprises in India. The following is a brief notes on some of the important schemes that are made specifically for women or give special benefits to women.

Trade related entrepreneurship assistance and development scheme for women (TREAD): With a view to encourage women in setting up their own ventures, government launched a Scheme, namely, ?Trade Related Entrepreneurship Assistance and Development (TREAD) during the 11th Plan. The scheme envisaged economic empowerment of women through the development of their entrepreneurial skills in non-farm activities. There are three major components of the scheme; a) Govt. of India grant upto 30% of the total project cost to the Non-Government Organisations (NGOs) for promoting entrepreneurship among women. The remaining 70% of the project cost is financed by the lending agency as loan for undertaking activities as envisaged in the project. b) Govt. of India grant upto Rs.1 lakh per programme to training institutions / NGOs for imparting training to the women entrepreneurs. c) Need-based Govt. of India grants upto Rs.5 lakh to National Entrepreneurship Development Institutions and any other institutions of repute for undertaking field surveys, research studies, evaluation studies, designing of training modules etc.

Micro & small enterprises cluster development programme (MSE-CDP): a) Existing Clusters: Page | 13

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A cluster is defined as a group of enterprises, normally 20 or more producing same/similar products/services. The Cluster Development Programme (CDP) being implemented envisages diagnostic study of identified clusters of traditional skill-based MSEs to identify appropriate technologies and their providers and to facilitate adoption of available technology meeting the specific needs of the end users. The Cluster Development aims at enhanced competitiveness, technology improvement, adoption of best manufacturing practices, marketing of products, employment generation etc. The scheme provides assistance for capacity building, common facilities, marketing etc. the delivery, assimilation and diffusion of the identified technology from its producers to the recipient user/cluster of small enterprises.

b) Creation of physical infrastructure: This Ministry implemented the IID Scheme to provide developed sites with infrastructural facilities like power distribution network, water, telecommunications, drainage and pollution control facilities, roads, exhibition/display centres, raw materials, storage and marketing outlets, common service facilities and technological back-up services, etc. This scheme has been subsumed in the MSME- Cluster Development Programme. All the features of IID Scheme have been retained. To create physical infrastructure exclusively for women enterprises central grant of 40% of the project cost subject to a maximum of Rs.2 crore is available. The Ministry of MSME is making efforts to enhance the quantum of grant to 80% in a project of Rs.10 crore.

Credit guarantee fund scheme: The Government introduced the Credit Guarantee Fund Scheme for Small Industries in May, 2000 with the objective of making available credit to SSI units, particularly tiny units, for loans up to Rs. 25 lakh without collateral/ third party guarantees. The Scheme is being operated by the Credit Guarantee Fund Trust for Small Industries (CGTSI) set up jointly by the Government of India and SIDBI. The Scheme provides for collateral free credit facility (term loan and / or working capital) extended by eligible lending institutions to new and existing SSI units/ Small Scale Service and Business (industry related) Enterprises (SSSBEs) including Information Technology and Software Industry up to Rs. 25 lakh per borrowing Page | 14

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unit. In the case of women enterprises, the guarantee cover is up to 80% of the credit subject to maximum guarantee limit of Rs. 20 lakh. The member lending institutions (MLI) availing of guarantee from the Trust have to pay a one-time guarantee fee of 1.5% of the credit facility (comprising term loan and / or working capital) sanctioned by the lending institution to the borrower and annual service fee of 0.75% per annum on the amount of credit facility extended by the MLI, which is covered under the scheme.

Support for entrepreneurial and managerial development: MSME DIs regularly conduct EDPs/MDPs for existing and prospective entrepreneurs and charge fee for such courses. To encourage more entrepreneurs from among the SC/ST, women and physically challenged groups, it is proposed that such beneficiaries will not be charged any fees but, instead paid a stipend of Rs.500/- per capita per month. 50,000 entrepreneurs will be trained in IT, Fashion Technology, Catering, Agro & Food Processing, Pharmaceutical, biotechnology etc. through specialized courses run by MSME DIs. 20% of courses conducted by these Institutions shall be exclusively for women.

Exhibitions for women under promotional package for micro & small enterprises approved by CCEA under marketing support: DC (MSME) has formulated a scheme for women entrepreneurs to encourage Small & Micro manufacturing units owned by women in their efforts at tapping and developing overseas markets, to increase participation of representatives of small/micro manufacturing enterprises under SIDO stall at International Trade Fairs/Exhibitions, to enhance export from such units. Under this scheme participation of women entrepreneurs in 25 international exhibitions is envisaged during the 11th Plan. For the year 2007-08 a good number of prominent women entrepreneur associations have been requested to sponsor their members for participation in 5 international exhibitions scheduled during the months of Jan.-March, 2008. With a view to encourage women entrepreneurs to participate in the International Exhibitions it has been decided to: i) Provide rent free space in the exhibitions. ii) Reimburse 100% economy class air fare for one representative. iii) Reimburse shipping cost upto Rs.15,000/-. The overall ceiling shall however be Rs. 1.25 lac. Page | 15

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Dena Bank to support Indias women entrepreneur Dena Bank will help Government of Indias initiative to encourage women entrepreneurs for self-employment ventures in any kind of non-farm activity.Dena Bank on Monday signed a Memorandum of Understanding (MoU) with the Ministry of Micro, Small and Medium Enterprises (MSME) in India for operating a programme to encourage and assist women entrepreneur. MAHILA UDYOG (NIDHI) AND MAHILA VIKAS NIDHI (MVN): These schemes were launched by SDBI a subsidiary of IDBI in 1990 for women. The main objective of this scheme is to meet the gap between while setting up new industrial projects in smallscale sector and also for service activities which are eligible for finance as per SSI Norms. This scheme is operated through state financial corporation and SIDC providing finance upto Rs.10 lacs. Under the scheme seed capital is provided at concessional rate along with term loan assistance to acquire fixed assets such as land, machinery, plant or building. Activities such trading manufacturing, service, hotel, tourism, consultancy and professional practice are eligible under this scheme. The Mahila Vikas Nidhi provides assistance for training and extension services, support to women entrepreneurship.

PRIYADARSHAN YOJANA OF BANK OF INDIA: Under this scheme the bank has appointed entrepreneurial development councellor at every zone in order to provide financial assistance to entrepreneurs.

STREE SHAKTI YOJANA OF STATE BANK OF INDIA: In order to qualify under this scheme a women entrepreneur has to manage the business by herself and she should have 50% stake in the business. Loans upto Rs.25,000/ is provided to women professionals to set up business. Womens wanting to start micro enterprises and be selfemployed are also covered under the scheme.

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HOW DO WOMEN ENTREPRENEURS CAN DRIVE GROWTH FAST FORWARD

Women have come a long way in business. Today, they own one-third of all Canadian companies, paying the salaries of nearly 2 million people. The top 100 women entrepreneurs in Canada generate over $2 billion in revenue annually. What's more, women now own increasing numbers of small and medium-sized companies outside of traditional service sectors, such as biotechnology, robotics and manufacturing. That's the good news. On the other side of the coin, according to a study by Industry Canada, over half of businesses run by women entrepreneurs are in a slowgrowth stage of development. The majority of women-owned businesses tend to have fewer employees. Women export less and request less financing. So as a woman entrepreneur, how do you overcome some of these barriers? If your business is a little sluggish, how do you make that vital shift into fast-forward growth? Chic Allison, Partner with BDC's Consulting Group, who has worked closely with hundreds of women in business, offers some essential advice on how women can build on their strengths. Page | 17

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Assess your growth potential Businesswomen are more inclined to take measured or calculated risks. But their reticence to risk too much may also create barriers to growth. What can help here? A formal growth potential assessment of your company can actually measure your risk potential. Basically, this involves hiring experienced consultants to do a cost-effective diagnosis of your business to help you see your strengths and minimize weaknesses that could hinder your success. By conducting in-depth interviews with key people in your business, the experts can provide you an outsider's perspective on your company's operations and pinpoint challenges associated with your growth. Make strategic planning a part of your business It's a rule of thumb if you don't know where you're going, any road will take you there. Often faced with balancing family, community and business lives, women often have less time to give to strategic planning. And without that long-term vision, growth is hard to achieve. Long-term planning means recognizing windows of opportunity and anticipating the needs of consumers where you can build your company. It means ensuring your employees understand exactly where your company is going and how they can individually contribute to achieving your company vision. Most importantly, you could seek the advice of professional management consultants who can help you build a strategic plan for growth. Network in mainstream organizations Avoid working in a silo. As you may know, women entrepreneurs are often skilled at networking because they've worked hard to get into the spotlight. Always focus on personal and professional visibility in the business community at large. Keep in mind that you should be building a strong presence in mainstream organizations. Consider your possible contribution to the local chamber of commerce, lobbying groups and industry-based organizations. Ultimately, being a part of the mainstream business community enables you to strengthen and polish your competitive business skills. Show your sizzle. Get growth financing. Although women in business are often well-prepared on paper when seeking financing, they tend to be less assertive when it comes to selling their business strengths. When you're looking for financing, remember that you're there to help the loan officer help you get what you want. Be sure you present a full picture of where you're going,

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which means showing that you're proud of your achievements. Showing confidence in your growth potential is as important as demonstrating the figures. Break the rules and always innovate! Innovative companies outperform non-innovative businesses by far in a competitive business world. And women entrepreneurs tend to be naturally creative, want to learn and are open to new ideas. If you're looking to achieve growth, be sure you're challenging the status quo in your key operational activities such as human resources and financial planning. For example, you many need to encourage your employees to get involved in the decision-making process, to brainstorm strategic plans and share ideas on working smarter and faster. On the financial front, you should be looking at innovative financing alternatives from your banking partners, for example, that enable you to pursue growth, expand into few markets, develop your people and export. If you feel that you're not a risk taker, look for financing that provides you flexibility and a comfortable level of cash flow. Develop your resources from within Women are born communicators, so to drive your business growth potential, be sure you build a strong learning organization. Encourage your people to take the initiative to develop and support risk-taking. Training your people means appointing mentors and coaches to cement the partnership between managers and employees. Most importantly, be sure you assess the full range of training vehicles readily available today, from Web-based learning to leader-led workshops. Get the people you need and delegate As multi-taskers in business and their personal lives, women often have difficulty delegating responsibility. But if you've reached a plateau in your business, it may be because you have reached your own personal limits. Remember that you can't do everything yourself, so be sure to bring in the right talent to help you pursue your company's growth. Hire people who match your company's profile and who will help you achieve the growth you need.

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WOMEN ENTREPRENEURSHIP RISKS OF BUSINESS IN WOMEN ENTREPRENEURSHIP

Probability of suffering from heavy losses. A businessman or woman faces setbacks in business in case the market is not favorable or there is general economic decline. Recession, for example, causes many setbacks to business people. Products do not get sold in the market as the purchasing power of the individual comes down. Business people cannot sell their products and as a result are they unable to make profits. Market fluctuations Market does not always remain constant. It fluctuates. Many variables cause this. Steady profits may not always be there. Loan expenses A businessman is usually in debt as he or she has to have access to a lot of money to invest regularly he or she suffers losses and is unable to pay up the loans. Debts can source much worry. Strike and Lockouts Workers go on strike for either increased salaries or for being neglected by management. Valuable production time is lost. An entrepreneur loses out on money on such occasions. Time is money for them. Competition solid competition at times can wipe out a business completely. Many times small ventures cannot survive the attack of big ventures. The latter have money to advertise and publicize their products.

A business without risks is not business at all. An entrepreneur loves taking risks. He or she gets much exploration in venturing into unknown domains.

SOME SUCCESS STORIES OF INDIAN WOMEN ENTREPRENEURS

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THINKINKDESIGN ABOUT THE COMPANY FOUNDER- Sheekha panwala AND Hiral Shruv

Sheekha Panwala and Hiral Dhruv were talking over a meal at a restaurant in Mumbai. Old friends, both of them had graduated from in Fine Arts from the Rachana Sansad College two years ago and were working with established companies. They were 24 years old back then and fairly comfortable with their lives but the itch to do something on their own was getting stronger. We were sharing our experiences post graduation and found the journey to be fairly similar, good but lacking that sense of purpose. And a startup seemed like the best way to go forward, the duo reminisces. The idea of working together was thus ignited and the bricks got laid one by one as these girls brainstormed everyday while commuting in the local train from their respective work places. And thus took birth THINKINK, a design agency in December, 2011. Hailing from Mumbai, which is an advertising hub, it got very competitive to establish an independent agency at such a young age. Morever, the challenge lied in how they would differentiate themselves from the others. To this, the duo remarks, Along with ensuring the best creative work , an on-time job delivery and a smooth functioning between agency and Page | 21

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client, we provide our services at an extremely affordable rate which none of the bigger agencies do, as commissions play a major role for such advertising giants. In return, the clients love the curiosity, enthusiasm and the fact that we are young and ready to explore and help them market, irrespective of any product. Starting with one client, today the company has grown to have a host of clients from sectors like Pharma, Fashion, Food, Finance and Realty in 2 years. This was possible as the duo believed in one thing, The challenge is to maintain relationship with your client and not just to get them on board, remarks Hiral. There is also an interesting story behind the logo. Sheekha explains, The left side of the logo THE BRAIN symbolizes our thought and the INK DROP on the right suggests our specialized form of execution which is, Print. At Thinkink, analogous to the functions of the left brain, we analyze the clients need in detail in order to ink out an aesthetic and creative design solution that suit their business values. Completely bootstrapped, THINKINK has expanded itself to give services like animation, multimedia and plans to enter into other horizons of designing like 3D designing and product designing in future. Without having any business background, the girls learned to do everything they came across in order to learn all the aspects of entrepreneurship. As Hiral remarks, We both always believed that challenge is to become something on our own.

ABOUT THE FOUNDERS Page | 22

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Sheekha panwala Creative director/ co- founder After graduating in applied arts with specialization in exhibition design display and stagecraft, sheekha kick started her career as a creative designer after which she moved on to a luxury floral design. Her unrelenting love for challenges and diversity prompted her to persue a course in visual merchandising, which helped expand her poertfolio. Having got the priviledge of working with a varied clientele base including pharma, retail, lifestyle, food and fashion, this leo brings in a rich experience of understanding the need of clients from different fields. Her process oriented methodology and an eye for detail is sure to conceptualize the experience alamour of events and visual displays, visual appeal or the wow factor is what she craves to achieve in every project she undertakes.

Hiral Shruv Creative Director/ Co- founder Armed with unequivocal understanding of corporate etiquette, gained by sheer experience, along with expertise in conceptual graphics and illustration has brought Hiral a long way. From smallest of merchandise on your table to a 16x 12m stage graphics, this eager bull can take you to a roller coaster ride with her spontaneous creativity. Having had the opportunity to work with the most unique forms of media, she specializes in the field of computer graphics backed up with exhibition design display and stagecraft, her elective at graduation school. Her fun loving nature and immensely outgoing self helps Page | 23

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her connect to her target audiences with ease thereby understanding their requirements better. A person who knows no obstacles, Hiral is an aggressive fighter, works at lightning speed and ensures timely delivery, all with a smile.

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NYASSA
ABOUT THE COMPANY FOUNDER- ISHWEEN ANAND Nyassa has its origin in a Sanskrit word that means healing through touch by chanting tantras and mantras. The result. A divine body.

But Nyassa is also a dream, our dream, born out of our passion for making natural bath and body products.

Ishween Anand, the visionary behind Nyassa, left her cushy finance job in New York to pursue her passion for fragrances in India. She first started selling luxurious bath and body products on weekends at the Atria Mall in Mumbai in April 2007. Her vision was to create a beautiful product that was mild on the skin and left a wonderful lingering fragrance.

It is with this philosophy that Nyassa embarked upon creating aesthetic products in rich textures and sensuous aromas. But for your skin to maintain its youthful vitality, the product also has to work harmoniously with it. And that's why we only use the finest ingredients, keeping them wholesome, pure and natural to the extent possible. Our processes have been learnt from many experts from around the world. The final product is a work of art. Tantalizingly fragrant. Gloriously beautiful. And gentle on the skin. Page | 25

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Nyassa's expertise lies in evoking feelings through fragrances. Fond childhood memories. That first romantic kiss. Lying down on the beach. A walk under the starry skies. And many, many more

MISSION Nyassa's mission is to create beautiful and fragrant products that infuse divinity and pleasure Values

into

the

mundane

and

ordinary

rituals

of

life.

Passionate in our work Respectful of all Innovation at the core Customer service at the force Eco-friendly Against animal testing

Beginning of a new journey Ishween decided to start her own business of manufacturing handmade bath and beauty products. However she could not do it on her own because she did not have an FDA license, which is a pre-requisite for anyone entering the personal care business in India. I then hired a chemist who had the license and we made our first batch of products in March 2007, says Ishween. Once the products were ready, came the difficult part of finding customers for the product. Her husband suggested she talk to owners of Atria mall an upmarket mall in central Mumbai to allow her to sell her soaps there. Within an hour of discussion the owners were convinced and allowed me to sell Nyassa products on the weekends at their food court, says Ishween. This proved to be a masterstroke, because within the first week of setting up stall at Atria, Ishween received orders from merchandisers like The Bombay Store and Reliance Wellness. Within a month, Nyassa products were being sold across 12 Reliance Wellness outlets, because they were very different. Ishween has also been fortunate in terms of people. Being a handmade and natural products business, Nyassa has the bulk of its team in manufacturing viz is 20 people. The Page | 26

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other 35 people are spread between retail and administration. I am happy that 80% of the original team is still intact, says Ishween. Marketing the brand Ishween says Nyassa is currently undergoing the process of rebranding and repositioning and the new brand will be unveiled in couple of months. Ishween says Nyassa has the positioning of being from heaven and earth, which means it is a combination of fragrances which are heavenly and made from good materials provided by Mother Nature. So far marketing for the brand has mostly been through below-the-line activities like sampling and exhibitions. Presence in outlets like Shoppers Stop and Westside generates good visibility for the brand. Nyassa has a continued presence in Khar gymkhana a well known gym in Western Mumbai. Nyassa also participates in a large number of exhibitions in Tier 2 towns like Vizag, Raipur, Jodhpur and Ishween says people attending the exhibition tend to buy the products in bulk. Unlike big cities, where customers think they can buy the product next week or next time when the go shopping, in small towns they tend to stock up at the exhibition itself, explains Ishween.

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WOMEN ENTREPRENEURSHIP ABOUT THE FOUNDER

FOUNDER- ISHWEEN ANAND A CA and MBA turned entrepreneur, who found the process of drafting M&A proposals too much of a drudgery and gave it all up for her love of fragrances. Nyassas founder and owner Ishween Anand, a qualified C.A. and MBA from Stern School of Business, New York, left her job at E&Y, USA to pursue her passion for fragrances and started Nyassa in April 2007. Ishween found the number crunching, long hours of work and unending travel to have no meaning after a point in time. While she continued the routine work, every weekend she would look forward to her weekly escape to the farmers market, where she could see the large variety of natural bath and beauty products being sold. Her love for fragrances also made her take up a course in making natural soaps. It was very hard to find someone who could teach soap-making, because this process is mostly restricted to factories and manufacturing units, explains Ishween. But after four years of searching, she finally found a lady who taught her the art. After E&Y, Ishween joined Avon, the beauty products company in their finance department. Here she got a first-hand experience of how things work in a beauty products company. When she decided to move back to India, Iahween was to join Avon in India, but life had other plans for her. The business head whom I was to report to suddenly quit and as a result the company decided to shut office and I was out of job, recollects Ishween. Returning to US was an option, but Ishween had her heart set at something else.

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A chain of her own Products in large retail stores tend to get lost if not positioned and placed at the correct location. And getting a prominent display, at customer eye level and where there are maximum footfalls is a constant fight between brands and retailers. This challenge made Ishween start her own chain of stores and she opened the first one in Khar, Mumbai. When you have to build a brand, it is very important that you have a control over the experience you provide and how your products look and feel and that can only be possible in your own store, says Ishween. Today Nyassa has six stores across Mumbai, Hyderabad, Pune and Nasik. Nyassa is also being sold through franchisees in Indore, Delhi and Goa. And they are also available at all Shoppers Stop and Westside outlets. Apart from having a control over the brand experience, Ishween says setting up own stores is important to reassure distributors that we are here for the long run and are here to stay. A larger variety of products can also be displayed in when you have your own store. Today Nyassa offer 160 units across soaps, lotions, face wash, air freshners and more. Besides individual products, customers can also choose to gift a collection of products as a gift hamper. A good part of Nyassa products is also sold through online portals like Snapdeal.com, Pepperfry.com and Flipkart.com among others. eCommerce has helped carry Nyassa to cities like Guwahati, Vijayawada, Calicut and Kochi, they neither have presence through physical shops or exhibitions. Nevertheless, sales at brick-and-mortar stores still continue to dominate the numbers for Nyassa. And Ishween says each Nyassa store does business anywhere in the range of Rs 2 lakh Rs 4 lakh per month. NyassaToday Nyassa, in a very short span of time, has grown to have its own flagship store in Mumbai along with kiosks in various malls. Nyassa also operates through franchises and dealerships including Shoppers Stop, one of India's premium retail chains. We are pursuing an aggressive growth strategy and will soon be present across all major metros.

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WOMEN ENTREPRENEURSHIP

SUGGESTIONS TO IMPROVE WOMEN ENTREPRENEURSHIP

Training in vocational and business skills could empower female entrepreneurs Focus on personal empowerment skills Innovative participatory approaches to education, information and problem solving rather than traditionalist methods

Creating a favorable environment for female entrepreneurs by initiating macroeconomic policies Special funding schemes that help them in raising capital

Developing first generation entrepreneurs: This will require more EDPs and trainers. A higher and ambitious target must be set better motivational aids should be provided. Improve the performance of existing women entrepreneurs by guiding them in strategic management areas. Strengthening existing support system. This will include, Liberal financial norms Marketing distribution system Setting up of womens industrial estates Continuous training in all management areas Adequate infrastructure support by one single coordinating agency to facilitate flow of adequate working cap technology, electricity, land and marketing for rural women entrepreneurs opening of mobile training centers, post-training follow up for the success of entrepreneurial development programmes.

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CONCLUSION

Women entrepreneurship is growing more rapidly in developed countries than in developing countries. There is a strong positive correlation between

Entrepreneurship growth rate of men and the Entrepreneurship growth rate of women. Countries with a higher men entrepreneurial rate are also likely to have higher percentage than entrepreneurs women in general are mainly into conservative entrepreneurship however there are a few radical women entrepreneurs in developed countries who are moving rapidly into fields that have been traditionally male dominated such as production, construction, computer (IT)electronics ,bio technology and stock exchange World over for women the choice to start a new business is often linked to financial security and flexibility of times besides women also choose to become entrepreneurs Out of requirements or opportunities. Empowering women entrepreneurs is essential for achieving the goals of sustainable development and the bottlenecks hindering their growth must be eradicated to entitle full participation in the business. Apart from training programs, Newsletters, mentoring, trade fairs and exhibitions also can be a source for entrepreneurial development. As a result, the desired outcomes of the business are quickly achieved and more of remunerative business opportunities are found. Henceforth, promoting

entrepreneurship among women is certainly a short-cut to rapid economic growth and development. Let us try to eliminate all forms of gender discrimination and thus allow women to be an entrepreneur at par with men.

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