Enterpreneurship & Innovation

WOMEN ENTREPRENEUR CHALLENGES AND OPPORTUNITIES: A CONCEPTUAL STUDY

Dr. D.K.Maheswari1, Mr Amit Bhardwaj2 & Bhavna Jaiswal3
1. Associate Prof & Head, 2. Asst. Professor, 3. Sr. Lecturer Bharat Institute of Technology, Meerut

ABSTRACT
Any strategy aimed at economic development will be lop-sided without involving women who constitute half of the world population. Evidence has unequivocally established that entrepreneurial spirit is not a male prerogative. Women owned businesses are highly increasing in the economies of almost all countries. The hidden entrepreneurial potentials of women have gradually been changing with the growing sensitivity to the role and economic status in the society. Skill, knowledge and adaptability in business are the main reasons for women to emerge into business ventures. Major objectives of the study are to ascertain the factors in the emergence of women entrepreneurs further study highlighted the major constraint and challenges faced by women entrepreneur and opportunity available to them. At the end the paper makes some suggestions for increase or promotion of women entrepreneurs and healthy growth of women entrepreneurs in India.

Introduction The emergence of women entrepreneurs and their contribution to the national economy is quite visible in India. The number of women entrepreneurs has grown over a period of time, especially in the 1990s. Women entrepreneurs need to be lauded for their increased utilization of modern technology, increased investments, finding a niche in the export market, creating a sizable employment for others and setting the trend for other women entrepreneurs in the organized sector. Indian women business owners are changing the face of businesses of today, both literally and figuratively. The dynamic growth and expansion of women-owned businesses is one of the defining trends of the past decade, and all indications are that it will continue unabated. For more than a decade, the number of women-owned businesses has grown at one-and-a-half to two times the rate of all businesses. Even more important, the expansion in revenues and employment has far exceeded the growth in numbers.

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States

Women Entrepreneurship in India No of Units No. of Women Percentage Registered Entrepreneurs 9618 7980 5487 4791 4339 3872 3822 2967 14576) 57,452 2930 3180 2135 1618 1394 1538 1026 842 4185 18,848 30.36 39.84 38.91 33.77 32.12 39.72 26.84 28.38 28.71 32.82

Tamil Nadu Uttar Pradesh Kerala Punjab Maharastra Gujrat Karnatka Madhya Pradesh Other States & UTS Total

Why do Women Take-up Employment? Push Factors Death of bread winner Sudden fall in family income Permanent inadequacy in income of the family Pull Factors Womens desire to evaluate their talent To utilize their free time or education Need and perception of Womens Liberation, Equity etc. To gain recognition, importance and social status. To get economic independence Other Factors Nature of Entrepreneurship: Women enter into entrepreneurial activity because regular employment does not provide them with the flexibility, control or challenge offered by business ownership. Motivation: Several evidences suggest that women do not lack the motivation to enter into business ownership. They are often highly motivated than their male counterparts to overcome the barriers to business start-up. Empowerment: Indian women are becoming more empowered now-a-days. Legislation is being progressively drafted to offer them more opportunities at various levels.
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Social Conditions: Population growth results in a strong positive relationship on entrepreneurial activity. Across genders, the increase in demand and competition for jobs pushes more people into necessary entrepreneurship. For women, in particular, the relatively high involvement in necessary entrepreneurship indicates that self-employment is used as a way to circumvent institutional and cultural constraints with respect to female employment, as well as a way to provide supplemental family income. Economic Conditions: Auspicious economic conditions favour the participation of women in entrepreneurial activity. The smaller amount of financial capital requirement and higher proportion of available bank loans positively correlates the level of female entrepreneurship to economic conditions. In fact, in a country like India, the relationship between the size of unofficial economy and entrepreneurial activity is positive. Literacy & Education: Increased levels of education have played a crucial role in initiating the process of entrepreneurship. It is not only the illiterate that are starting the businesses but those with education & skills are also exploiting profit opportunities. Women Entrepreneurship in India Earlier there were 3 Ks Kitchen Kids Knitting Then came 3 Ps Powder Pappad Pickles At present there are 4 Es Electricity Electronics Energy Engineering Mahila Grih Udyog 7 ladies started in 1959: Lizzat Pappad Lakme Simon Tata Shipping coorporation Mrs. Sumati Morarji
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Exports Ms. Nina Mehrotra Herbal Heritage Ms. Shahnaz Hussain Balaji films Ekta Kapoor Constraints Faced by Women Entrepreneur In India, although women constitute the majority of the total population, the entrepreneurial world is still a male dominated one. Women in advanced nations are recognized and are more prominent in the business world. But the Indian women entrepreneurs are facing some major constraints like Lack of confidence In general, women lack confidence in their strength and competence. The family members and the society are reluctant to stand beside their entrepreneurial growth. To a certain extent, this situation is changing among Indian women and yet to face a tremendous change to increase the rate of growth in entrepreneurship. Socio-cultural barriers Womens family and personal obligations are sometimes a great barrier for succeeding in business career. Only few women are able to manage both home and business efficiently, devoting enough time to perform all their responsibilities in priority. Market-oriented risks Stiff competition in the market and lack of mobility of women make the dependence of women entrepreneurs on middleman indispensable. Many business women find it difficult to capture the market and make their products popular. They are not fully aware of the changing market conditions and hence can effectively utilize the services of media and internet. Motivational factors Self motivation can be realized through a mind set for a successful business, attitude to take up risk and behavior towards the business society by shouldering the social responsibilities. Other factors are family support, Government policies, financial assistance from public and private institutions and also the environment suitable for women to establish business units. Knowledge in Business Administration Women must be educated and trained constantly to acquire the skills and knowledge in all the functional areas of business
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management. This can facilitate women to excel in decision making process and develop a good business network. Awareness about the financial assistance Various institutions in the financial sector extend their maximum support in the form of incentives, loans, schemes etc. Even then every woman entrepreneur may not be aware of all the assistance provided by the institutions. So the sincere efforts taken towards women entrepreneurs may not reach the entrepreneurs in rural and backward areas. Exposed to the training programs - Training programs and workshops for every type of entrepreneur is available through the social and welfare associations, based on duration, skill and the purpose of the training program. Such programs are really useful to new, rural and young entrepreneurs who want to set up a small and medium scale unit on their own. Identifying the available resources Women are hesitant to find out the access to cater their needs in the financial and marketing areas. In spite of the mushrooming growth of associations, institutions, and the schemes from the government side, women are not enterprising and dynamic to optimize the resources in the form of reserves, assets mankind or business volunteers. Challenges Faced by Women Entrepreneur 1. Many girls who study well are denied of good education. The parents should not restrict them and they should be allowed to choose the field of education as per their choice. In the young age itself, the decision making quality and freedom to choose make them grow well. Not only for studies, for marriage and choosing their career also, they should be given full freedom. 2. The women are expected to spend more time for the family and more responsibilities are thrust on them so that they can not even think of doing any business. The family members should understand them and give way for continuing their efforts for becoming and being a woman entrepreneur. 3. The family members may hesitate to invest money in business started by woman or permit to avail bank loan. Sometimes, all the property may be in the name of male persons and they may not be ready to put security for availing a bank loan. First, the woman should find a solution for the opposition in the family for doing a business and try to get full moral and financial support from them. The women should not be treated as supplementary income providers.
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4. In the male dominant society, it is not easy to come up in business field. Many businessmen do not want to enter into business deals with women entrepreneurs. The women should tackle this problem wisely and make them understand that they are, in no way, inferior to men. 5. To earn confidence from bank for getting a loan is much more difficult task for women entrepreneurs. But, the women entrepreneurs are sincere in repayment of loan. The local government and banks should come forward to help the women to get loans in an easy way, without putting unrealistic conditions. 6. The women should learn to analyse the different and small factors in business field like how to get raw materials of good quality at a cheap rate, how to negotiate and what are the discount facilities available. They should not allow anybody to cheat them in anyway, for being women. 7. The women should not take emotional feelings in business. They should prove that they possess high management skills and courage, ready to take risk and ability to solve problems. 8. The women entrepreneurs may have to leave the family and make business tours. They may have to travel alone or with others, stay in a new place. The family should not put any restriction and help them to look after the family in their absence. 9. The women should not lag behind in knowing the latest technologies entering the business field and try to bring everything required and suitable to the present trend. They should collect all information about the changes and new introductions in the business, through internet and by reading books. They should seek the advice of well wishers and experts in the business field. 10. The women should not lose hope if they face failure, in spite of taking many efforts. They should not give up even if the loss is more. They should try to come up successfully again. 11. The women entrepreneurs should meet and discuss their problems, whenever they find time. They should bring up many women to this field. They should attend seminars and conferences.

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12. The women should learn to keep up business secrets and avoid gossips. They need not enter into disputes or support unnecessarily to anybody. 13. In some places, the business may be in the name of woman to avail some benefits given to women entrepreneurs and the concerned woman may not know anything about the business. Only the male persons in the family or male partners will be doing everything. The women should not allow this at any cost. 14. The women entrepreneurs should not stand alone saying that they are women. They can move well with other women and men entrepreneurs. 15. The women entrepreneurs should take care of their health. The balanced diet, regular exercise, rest and sleep are necessary for them. They should keep away from bad habits like smoking and taking alcoholic drinks, which may spoil their health and reputation also. Supportive Measures for Womens Economic Activities and Entrepreneurship Direct & indirect financial support Nationalized banks State finance corporation State industrial development corporation District industries centers Differential rate schemes Mahila Udyug Needhi scheme Small Industries Development Bank of India (SIDBI) State Small Industrial Development Corporations (SSIDCs) Yojna Schemes and Programmes Nehru Rojgar Yojna Jawahar Rojgar Yojna TRYSEM DWACRA Rashtriya Mahila Kosh (RMK) Mahila Samriddhi Yojna (MSY) Indira Mahila Yojna (IMY) Prime Minister Rozgar Yojna
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Technological Training and Awards Stree Shakti Package by SBI Entrepreneurship Development Institute of India Trade Related Entrepreneurship Assistance and Development (TREAD) National Institute of Small Business Extension Training (NSIBET) Womens University of Mumbai Vocational Training Programmes for Women National Level Training Institutions State Level Specialized Training Institutions Federations and Associations National Alliance of Young Entrepreneurs (NAYE) India Council of Women Entrepreneurs, New Delhi Self Employed Womens Association (SEWA) Association of Women Entrepreneurs of Karnataka (AWEK) World Association of Women Entrepreneurs (WAWE) Associated Country Women of the World (ACWW) Assistance to Women Cooperatives Science and Technology Projects for Women National Commission for Women (NCW) Employment and Income Generating Training-cum-Production Units for Women The Integrated Women's Empowerment and Development Project, Haryana Women's Development Corporations (WDCS) Central Government Institution Schemes Available through Banks State Level Financial Packages for Women National Level Women Entrepreneurs Associations and Organizations State Level Women's Organizations/Associations NGO Initiatives Suggestions Procedure of getting finance should be simple Effective propagation of programmes and yojna Linkages between product, services and market centers. Encouragement to technical and professional education.

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Conclusion Independence brought promise of equality of opportunity in all sphere to the Indian women and laws guaranteeing for their equal rights of participation in political process and equal opportunities and rights in education and employment were enacted. But unfortunately, the government sponsored development activities have benefited only a small section of women. The large majority of them are still unaffected by change and development activities have benefited only a small section of women i.e. the urban middle class women. The large majority of them are still unaffected by change and development. The reasons are well sighted in the discussion part of this article. It is hoped that the suggestions forwarded in the article will help the entrepreneurs in particular and policy-planners in general to look into this problem and develop better schemes, developmental programmes and opportunities to the women folk to enter into more entrepreneurial ventures. This article here tries to recollect some of the successful women entrepreneurs like Ekta Kapoor, Creative Director, Balaji Telefilms, Kiran Mazumdar Shaw, CEO, Biocon, Shahnaz Husain and Vimalben M Pawale, Ex President, Sri Mahila Griha Udyog Lijjat Papad (SMGULP). References 1. Babbar, Bindiya, Women Entrepreneurship in India Challenges and Achievements, NISIET p.121. 2. Bashier, Seema (2002). Attitude towards Women Entrepreneurs in J&K. Women Entrepreneurship- A Futuristic Outlook (2002):Government College for Women, Srinagar, J&K. 3. Bhattacharjee, S. K. and Akhouri, M. M. P. (1975). Profile of a small industry entrepreneur. SEMDE, 2 (1): pp 73-86. 4. Ganesan,S., Status of Women Entrepreneurs in India, New Delhi, Kanishka, 2003, vi, 176 p., ISBN 81-7391-561-X. 5. Patel, AR (1995): Entrepreneurship and small business development for women. Kurukshetra, 43 (11): 65-68 6. Pestonje DM and Udai Pareek (Eds) (1997). Studies in organizational stress and coping. Jaipur, Rawat publication. 7. Sobha Rani, B., Koteswara Rao, D., Perspectives on Women Entrepreneurship, The Icfai Journal of Entrepreneurship Development, Vol. 4, No. 4, pp. 16-27, December 2007

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