CHALLENGES OF WOMEN ENTREPRENEURSHIP

PRESENTED BY B.SUGANYA DEVI, P.ROOBINI PTR COLLEGE OF ENGINEERING AND TECHNOLOGY

Abstract: Women are an emerging economic force that policymakers cannot afford to ignore. There are however a number of constraints to women owned businesses that need to be addressed. In overcoming these obstacles, there are actions to be taken by government, financial institutions and employers organizations by working closely with women business associations. It is important for women entrepreneurs to join hands with mainstream employers organizations so that these obstacles, challenges and problems can be turned into legitimate policies. Globally, women are enhancing, directing, and changing the face of how business is done today. Ultimately, female business owners must be recognized for who they are, what they do, and how significantly they impact the worlds global economy.Motivation is the set of forces that initiate behaviour and determine its form, direction, intensity and duration.

Key words: entrepreneurship, motivation, women, entrepreneurs, challenges and feminism

Introduction: All business owners face certain challenges, but women, because of their gender, often have additional challenges and obstacles that their male peers are less likely to encounter. Working women who have children experience even more demands on time, energy and resources.But this does not mean women are less successful than men, in fact, statistics show that women are starting businesses at more than twice the rate of

male-majority-owned businesses. The growing success rate of women entrepreneurs shows that they are resourceful, and able to succeed, despite the odds. Women are an emerging economic force that policymakers cannot afford to ignore. There are however a number of constraints to women owned businesses that need to be addressed. In overcoming these obstacles, there are actions to be taken by government, financial institutions and

employers organizations by working closely with women business associations. It is important for women entrepreneurs to join hands with mainstream employers organizations so that these obstacles, challenges and problems can be turned into legitimate policies. Globally, women are enhancing, directing, and changing the face of how business is done today. Ultimately, female business owners must be recognized for who they are, what they do, and how significantly they impact the worlds global economy. It is estimated that presently women entrepreneurs comprise about 10% of the total entrepreneurs in India. It is also clear that this percentage is growing every year. If prevailing trends continue, it is not unlikely that in another five years, women will comprise 20% of the entrepreneurial force in India.

These are generalizations and obviously do not reflect all women. (1) Not Being Taken Seriously: Within the business world, womens opinions and advice are not always viewed as expert compared to a mans opinion. And when a female starts a business, sometimes family, friends, and others in the business community can view it as a hobby or a side project to family duties, rather than a bona fide business. Seeking out extra support can help to help overcome this bias, but women need to realize that this is a true gender bias obstacle. (2) Letting Fear Stand in the Way: In general, women can be less prone to taking risks and can let their own fears (such as the fear of failure, fear of success, fear of being on their own etc.) stand in the way of going for it and pursuing the path of entrepreneurship. Confidence is a great way

5 Challenges Faced by Women Entrepreneurs: Entrepreneurship isnt a walk in the park for anyone and it can be even more challenging if you are of the female persuasion. Even with all of the advancements that women have made in the business world, there is still a long way to go before the success rate is level between male and female entrepreneurs.

to combat these fears and the best way to feel confident in what you are doing is to make sure that you are as prepared as possible before you start your business endeavor. Also, believe in what you bring to the table and value your time, efforts and capabilities. (3) Wanting to Please Everyone: Females are often taught to be nice and people pleasers, which can lead to seeking

the approval of others. Subsequently, women can have a harder time saying No, which can lead to under-charging for their products/services or being too giving of their time and help in general. This typically comes at the expense of their own needs, business or otherwise. (4) Wearing Too Many Hats: In their personal lives, women have a tendency to try to be everything to everyone and wear so many different hats that juggling everything becomes very difficult. So, when women add entrepreneur and business owner into the mix, this tendency is further magnified. Women can feel like they have to do it for themselves or are the best person for every job and have a tougher time delegating responsibilities to others. This causes more time to be spent working in their business, rather than on their business. This is a major hurdle to overcome in order to have a successful business. (5) Not Being Able to Toot Your Own Horn: Being able to speak about your accomplishments honestly and with pride is a necessity for a successful business owner or entrepreneur. Sometimes, women feel uncomfortable talking about their achievements and may feel like they are bragging or being too boastful. But your

achievements and accomplishments are some of the biggest selling points your business has, so dont be afraid to put them out there!

Challenges Facing Women Entrepreneurs: Although there are many contributions to be accredited to women entrepreneurs, a number of constraints have been identified as detriments to these contributions. Women entrepreneurs face many challenges, which include: government rules and regulations, lack of access to finance,assets, information technology, infrastructure and other facilities that enable their efficiency and business growth .Other barriers to women entrepreneurship development are cultural obstacles, lack of motivation, high crime rates and problems during the transition from reliance on government benefits and employment. Commenting on the challenges facing women entrepreneurs, Gould and Perzen (1990) classified women into better-off and low-income women. According to them, better-off women face the following challenges: lack of socialization to entrepreneurship in the home, school and society; exclusion from traditional business networks; lack of access to capital; discriminatory attitude of leaders;

gender stereotypes and expectation: such as the attitude that women entrepreneurs are dabblers or hobbyists; socialized ambivalence about competition and profit; lack of self-confidence; inability to globalize the business: men are leading in the global market. On the other hand, lowincome women face challenges such as: poor savings, longer hours to work, health care and other assistance, illiteracy, regulation that do not distinguish between personal business assets make it extremely difficult to start a business or to invest the time it takes to make it profitable, lack of managerial skill, cultural bias both within cultural group and in the larger society, high level of poverty.

entrepreneurial challenges. Most women entrepreneurs suffer from scarcity of resources and therefore encounter challenges penalties in the pursuit of desired growth objectives. This is primarily caused by lack of adequate preparation on the part of women on how to handle the challenges associated with the type of business they do before embarking on such business.

Develop Women Entrepreneurs: Women need to be provided with better educational facilities and schemes should be extended to women folk from government part. Adequate training programme on management skills to be provided to women community. Encourage women's participation in

Motivations and the Challenges Women Entrepreneurs Face in Business: Factors that motivate women into business have a way of determining the type of challenge they face. Understanding of the classification of motivational factors into intrinsic and extrinsic or push and pull or implicit and explicit factors will help to throw more light on the relationship between motivational factors and challenges women entrepreneurs face in business. Thus, motivational variables have become important factors in handling the issue of

decision-making.Vocational training to be extended to women community that enables them to understand the production process and production management. Training and counselling on a large scale of existing women entrepreneurs to remove psychological causes like lack of self-confidence and fear of success. Activities in which women are trained should focus on their marketability and profitability The financial institutions should provide more working capital assistance both for small scale venture and large scale

ventures. Industrial estates could also provide marketing outlets for the display and sale of products made by women.21. A Women Entrepreneur's Guidance Cell set up to handle the various problems of women entrepreneurs.

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Conclusion: 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. While women entrepreneurs have demonstrated their potential, the fact remains that they are capable of contributing much more than what they already are. In order to harness their potential and for their continued growth and development, it is necessary to formulate appropriate strategies for stimulating, supporting and sustaining their efforts in this direction. Such a strategy needs to be in congruence with field realities, and should especially take cognizance of the problems women entrepreneurs face within the current system.

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