Entrepreneurship is necessary to initiate the process of economic development of both developed and developing countries as it is the back bone of economy of any country.
Entrepreneur is a catalytic agent of change. It is also instrumental in sustaining the process of economic development. Every country tries to achieve economic development for prosperity and better life standard of its people. Development has economic, social and political dimensions and is incomplete without the development of women who constitute about 50 per cent of total population. So, contribution of women is essential in economic activities for healthy nation building.
Women Entrepreneurs
In this golden age of globalization, digitalization and start-up booms, India is clearly seeing a revolution vis-à-vis women entrepreneurs. Today’s women entrepreneurs do not come only from the established business families or from the higher-income sections of the population, they come from all walks of life and from all parts of the country.
From running sports media firms to construction companies and security and detective agencies, women are dabbling into fields that have traditionally been bastions of male domination.
The role of women in our society has changed drastically in the past few decades and for the better. Women are now occupying the corporate positions previously regarded as masculine and are outpacing their male counterparts in some areas. The gender stereotypes which were more prevalent in the society decades ago are breaking slowly.
Women bring a different set of perspectives to problem solving that can enhance the quality of the solution. Women bring a unique set of issues and experiences that can help in decision making enhancing the quality of the decision.
Women entrepreneur has been recognized during the last decade as an important untapped source of economic growth. Women entrepreneurs create new jobs for themselves and others and by being different solutions to management. In today Indian scenario when India is turning out to be an economic power house the recent financial crisis which has affected countries has had its impact on the minds of women as they have understood the need to earn more.
In Indian scenario, women have to face many problems in carrying out any economic activities or undertaking any entrepreneurial task. Women have to face various socioeconomic and other problems as entrepreneurs as they are not treated equally to men due to social and cultural traditions.
Now in recent India, it is observed that there has been an increasing trend in number of women-owned enterprises as the result of drastic change in the present world. Women are participating in large number in the present world of business.
Woman Entrepreneurs in India – Importance
It is an extension of kitchen activities. In certain businesses, women entrepreneurs are doing exceedingly well and even they have exceeded their male counterparts. Women are successful not only in law, science, medical, aeronautics and space exploration and even in police and military services, but now they are showing their might even in business and industry. They have proved that they are no less them men in the efficiency, hard-work, or intelligence, provided they are given proper scope.
Women entrepreneurs tend to be highly motivated & self-directed, they also exhibit a high internal locus of control & achievement. Researchers contend that women business owners possess certain specific characteristics that promote their creativity and generate new ideas and ways of doing things.
Why India needs more Women Entrepreneurs
Women entrepreneurs have the unique tendency to build and maintain long-term relationships. They have more effective communicational, organizational and networking skills than their male counterparts.
Moreover their fiscally conservative approach reduces the risk of failure of their organizations. Women entrepreneurs account for improved economic growth and stability within a country. Women entrepreneurs inspire other women to start businesses. This leads to more job creation for women which ultimately helps in reducing the gender gap in the workforce. When women become successful in a field, the next generation of women is more likely to emulate their success.
According to studies, it has been observed that Women are very good entrepreneurs as they can maintain work balance in life. These factors may vary from place to place and business to business but women entrepreneurship is necessary for the growth of any economy whether it is large or small.
It is observable that women entrepreneurs have proved to be a strong driving force in today‘s corporate world. They are competent to balance their duties of both motherhood and entrepreneurship but they comprise of almost half of all businesses owned today. Woman can pick up a job any day, but if she becomes an entrepreneur she can provide a livelihood to 10 more women at least..!!
Highly educated, technically sound and professionally qualified women must be encouraged for managing their own business, rather than being employed in any outlets. The uncultivated talents of young women can be identified, trained and exploited for various types of industries to increase the productivity in the industrial sector as well as the nation. Now a days even after facing so many obstacles The Indian women is now becoming an educated and economically independent.
