Women entrepreneurs are highly motivated and show a strong desire towards self-actualization, it makes them accept risk and willingness to face challenges and uncertainty. Women entrepreneurship is the desire of women or a group of women to start a new business, it makes them innovate, create, design, own, direct, organize, manage, control and effective running of a business enterprise.
Most of the women entrepreneurs have strong desire to start a business and powerful leadership qualities, which makes them find opportunities around them by analyzing internal strengths and weaknesses and external challenges and risks. These entrepreneurs can predict, accept, analyze and shows the willingness to face challenges, risk, and uncertainty. The unique nature of women entrepreneurs differentiates them from others and from the rest of the world.
New generations knowledge, skills, creativity, perceptions, attitude, positive thinking, self-motivating nature, need for self-actualization, and hope towards success, make them become strong entrepreneurs by overcoming all the entry barriers such as finance, fear, restrictions, gender variation and mainly family responsibilities.
Technological advancement, information availability, new opportunities support from Government, society, and family, equality in rights, thought of economic independence, availability of resources and current trend brought changes in the mindset of modern women and motivates them to think out of the box, this is the main reason women are becoming more competent, strong and powerful.
Characteristics and necessary qualities to become successful women entrepreneurs
- Self motivation
- Ready to undertake risk
- Ability to take decisions
- Innovative skills
- Educational background
- Positive attitude
- Willingness to face uncertainty
- Hard work
- Decision-making skills
- Future orientation
Ready to undertake risk
Positive attitude, perception levels, and self-motivating nature force the women entrepreneurs to prove themselves by accepting the risk. Their unique nature of getting ready to undertake risk highly reduces the fear of failures and it acts as a competitive advantage to reach the desired objectives.
Identifying opportunities even during critical and tough situations can make women entrepreneurs successful. In every individual’s life, opportunity comes across, but only few can identify these opportunities which can bring a very big change in their life. Women entrepreneurs are imaginative, innovative and creative to make strategic decisions by identifying opportunities in order to realize their dreams and fantasies.
Proper planning and market knowledge help the women entrepreneurs to predict the future in advance, proper analysis of internal and external environments enable them to take strategic decisions to face the uncertain conditions successfully. The unique nature of entrepreneurs in predicting uncertainty makes possible to reduce the expensive mistakes by rotating wealth in a smarter way during uncertain conditions.
Women entrepreneurs show more commitment by inspiring themselves with positive motivation and establish emotional attachment with the goals and desires; it leads them towards the shining path of the success. Adopting the nature of commit or quit makes them do hard work in order to achieve the toughest tasks.
The secret behind the successful women entrepreneurs is self-confidence, improving strengths and identifying opportunities help in fighting against weaknesses and threats. It can make the women entrepreneurs habituating the nature of self-confidence to face the challenging situations in order to make it favorable towards their success.
Leadership qualities of women entrepreneurs lead them towards the success, and these qualities enhance their knowledge and skills and it makes them undertake risk. Self-confidence and highly influencing nature of women entrepreneurs can also motivate the employees to work for the success of the organization.
Ability to take decisions
Decisions making and proper implementation of decisions lead the women entrepreneurs to generate wealth. The ability to take decisions during tough situations and uncertainty can help in reducing the probability of losses.
Innate skills and acquired knowledge
Innate skills and acquired knowledge of the women motivates them to become successful entrepreneurs. Innate skills such as creativity, innovation and imagination power help in gaining knowledge. These skills differentiate the women entrepreneurs from the rest of the society.
Usually, women show hardworking nature, this character forces them to start a business in order to fulfill their dream of starting their own business and to get economic independence. Such women can stabilize the business successfully with the confidence drawn from this hard working nature. Women entrepreneur’s dedication and hard working nature enable them to rule the business world successfully.
Factors responsible for becoming entrepreneurs
Various factors pulls the women to become entrepreneurs, these factors involve the following
- To fulfill the imaginations, dreams, desires and fantasies
- To prove themselves as successful entrepreneurs
- To create business and generate wealth
- Willingness to face risk and uncertainty
- In order to get economic independence
- To bring better products and services into the markets with their innate skills and acquired knowledge
- Social responsibility motive
- Sound market knowledge and financial support
- To maximize their social status and reputation
- High levels of self-motivation to do something new
- To create employment and to bring economic independence
Women entrepreneurs are facing many challenges due to various factors such as financial barriers, socio-cultural aspects, fear of failure, lack of self-confidence, gender discrimination, unavailability of resources, lack of support, balancing family and business.
Balancing family life and business
One the major challenges of women entrepreneurs are balancing family life and business, it pulls back the enthusiasm and interests of the women and acts as a barrier in becoming entrepreneurs. Family responsibilities highly suppress the thought of starting a business and implementing ideas.
The cultural aspects such as beliefs, values, and perceptions act as barriers for women to enter into the business, women belong to such socio-cultural environments do not dare to take a step to fulfill their desire to become entrepreneurs due to the fear of criticism and society’s nonacceptance.
The thought of gender discrimination leaves a fear in the minds of women and it gradually grabs their confidence levels and pullback them. In fact, the perceptions and thinking of new generations have been changed when compared to that of olden days. But the tinge of gender discrimination is still in the minds of the modern women also.
Lack of financial support is a major to challenge to start a business, it is the main reason many talented and skilled women are remaining as housewives and employees. Most of the financial institutions give importance and issue loans to well establish organizations and those who provide sureties for getting loans.