WOMEN ENTREPRENEURS AND PUBLIC POLICY
- Jay Gajbhiye, National Law University, Odisha
The Indian woman has historically been a pure homemaker, and though there's certainly nothing wrong with becoming one, the modern Indian woman now confidently flaunts her personality's many other aspects. She is a superpower – fighting for her freedom and making her impact in governance, industry, technology, athletics, arts, and culture.
India is witnessing a change vis-à-vis woman entrepreneurs in this new era of globalization, digitization, and start-up booms. Women entrepreneurs today do not come only from established business families or high-income sections of the community; they come from all walks of life and all parts of the country.
Both rural entrepreneurs and semi-urban entrepreneurs are taking huge strides for women. A Kashmiri girl developed 'Dial Kashmir'- an app that became Kashmir's much- interactive yellow page. A young woman founded the first surf club in India, who had followed her heart to the ocean. From encouraging small-scale cottage industry crafts to launching sustainable food companies and introducing new-age education projects–women across India are determinedly and tirelessly transforming their visions into practice.
Worldwide, many women are entrepreneurs. Women have dedication and honesty as they are obsessed with economic growth, corporate creation, and creativity. Women Entrepreneurs seek the technical and personal assistance contained in business organizations. Economic globalization has facilitated expanding women's control of companies. Sakiko Fukuda-Parr, The Head of the UN Human Development Program Report remarked, “The growing economic power and influence of women-owned businesses are changing the shape of the global economy”. The number of women business owners in the global economy is increasingly growing for women entrepreneurs around the world. They are involved indomestically, regionally, and globally. They have a huge effect on the world economy; women's entrepreneurship work on human resource issues is more than 35 years old and women in an emerging consumer economies control more than 25% of all enterprises.
But it's not easy to be an entrepreneur. Start-ups arrive with their range of difficulties and hurdles. In reality, women have a larger Everest to conquer, many more obstacles to tackle and face certain huge limitations such as:
a) Lack of confidence:
Women typically lose faith in their strength and skill. The leaders of the family and community are reluctant to stand by their entrepreneurial production. This condition is improving to some degree among Indian women and yet faces a considerable shift to increase the pace of growth in entrepreneurship.
b) Socio-cultural barriers:
Women's families and professional responsibility are also a huge hurdle to their business career progress. Only a few women are in a role to handle both home and business effectively, devoting ample time to balance all of their obligations.
c) Market-oriented risks:
Strict rivalry in the business and lack of women's independence makes dependence on the middleman indispensable for women entrepreneurs. Many businesswomen have difficulty in winning the demand and popularizing their goods. They are not completely informed of the growing business dynamics, and thus cannot utilize media and internet resources effectively.
d) Motivational factors:
Self-motivation may be understood by shouldering the social responsibility through a mentality towards a profitable enterprise, willingness to take chances, and actions towards the business community. Other considerations include family support, policy initiatives, public, and private financial assistance, and the environment for women to set up business units.
e) Awareness about financial assistance:
Specific financial sector entities offer their full assistance in the context of grants, loans, schemes, etc. and though every woman entrepreneur maybe not informed of all the institutional assistance, and the genuine attempts made towards women entrepreneurs cannot touch the rural and backward entrepreneurs.
The importance of Women Entrepreneurs
Women entrepreneurs make up just one-third of all entrepreneurs and as half of the world's population is women, there is an unacceptable gender difference. There is, therefore, room for improving the degree of women entrepreneurs. They have tremendous potential that still needs to be released. Not just because of the gender difference, but also becausewomen bring nuance to the transformation process. More women would offer a more dynamic outlook of entrepreneurs per se. Today women often offer approaches to business problems and their inventions may not be the same as men. Therefore, entrepreneurship among women is to be seen as part of the issue of diversity. One clear explanation here applies to creativity powered by consumers where customer expectations are the primary catalyst for creativity. To deliver creativity powered by consumers, the agent must match the consumer's needs. The result of this is likely to be specific because the agents are a man or woman. Possibly women entrepreneurs may contribute to another form of creativity. They are primarily working in travel, CT, educational, social care, and a different care market. The immense potential of these industries is one important factor. The scope for encouraging women entrepreneurs becomes evident together with innovative and different forms of approaching creativity concerning the customer and the gender gap. In developing countries, women's entrepreneurship is attracting a lot of coverage. We conclude that, among other evolving psychology, adjusting policies to create healthy home life and a stronger career environment, the use of unique tools such as tax control allowances, leave provision, etc. would encourage entrepreneurship amongst women.
Development of Women Entrepreneurs:
Throughout the expansion of women entrepreneurs and their wider involvement throughout entrepreneurial activities, correct actions from all areas are needed.
The Following initiatives for the successful creation of women entrepreneurs should be taken into account:
1. Regarding women as a particular focus category for all sustainability initiatives.
2. Good educational services and programs for women from the government should be expanded.
3. Adequate organizational skills on awareness curriculum to be made open to women.
4. Vocational training should be applied for the women community in the society so that they can recognize the manufacturing cycle and control demand.
5 Large-scale recruitment and counseling of existing woman entrepreneurs to eradicate psychological factors such as the loss of self-confidence and apprehension of achievement.
6. The Women's Development Program should be structured to enable more inactive women entrepreneurs to identify and communicate their own psychological needs.
7. Repeated gender education campaigns should be undertaken to prepare financers to view women with modesty and regard as individuals themselves.
8. A Women Entrepreneur's Advice Cell should be formed to deal with the different problems faced by women entrepreneurs.
9. District business centers and single-venture companies should use the assistance of women in their trade and industry advice.
10. Involvement by non-governmental organizations in services and counseling of womenin entrepreneurship preparation.
Reasons, why Women Become Entrepreneurs
Many kinds of research show that, for radically different motives, women, launch companies like their male equivalents. Although men start-up companies mainly for development prospects and income potential, women more frequently consider companies to fulfill personal objectives, such as attaining success and achievement. In certain situations, women see financial performance as a tacit affirmation of their abilities rather than a primary aim or inspiration for beginning a company, whereas millions of women entrepreneurs must ensure financial survival isimportant for them. Women prefer to launch companies a decade later than men on average. Motherhood, loss of managerial experience, and western socialization have all been established as reasons for slow entry into company professions. In reality, more than 30% of women entrepreneurs recorded beginning a business as a consequence of a stressful experience such as divorce, pregnancy-related sexism or corporate glass ceiling, a family member's well-being or economic factors such as redundancy and a current generation of women entrepreneurs is rising as more women choose to escape their homes to decide their future. Most of these women gained financial skills and brought business or untraditional industry experience. As a result, the concentration of female business owners in the food and service sectors and mainstream industries such as cosmetics, dairy, clothes, and personal care is constantly growing.
Women's position in world economic growth is unassailable. Increased access to education and financial resources ensures that women join not only chosen careers but also fields such as finance, manufacturing, and engineering. However, to encourage successful women entrepreneurship, they need to be adequately developed with the entrepreneurial characteristics and skills required to face paradigm shifts, global market demands, and also to be sufficiently qualified to maintain and aspire for excellence in the business arena. But sadly, only a limited portion of women have gained from the development programs. The overwhelming majority of them are still untouched by the transition, and growth efforts have helped just a limited portion of members i.e. members of the urban middle class. It is expected that the recommendations presented in this segment would enable entrepreneurs and decision holders, in particular, to look at this topic and create improved strategies, growth programs, and incentives for womenfolk to foray more into entrepreneurial projects.
 Zahoor Ahmad Bolaki, ‘Challenges of Women Entrepreneurs’ (2017) 7 IJRCM 81<http://ijrcm.org.in/download.php?name=ijrcm-3-IJRCM-3_vol-7_2017_issue-05-art-17.pdf&path=uploaddata/ijrcm-3-IJRCM-3_vol-7_2017_issue-05-art-17.pdf>