Women Entrepreneurs

Women entrepreneurs have become an integral part of today’s corporate world. Today, more women are breaking free from the traditional, gender-specific roles and venturing into the business world. Statistics prove that women have come a long way in the field of entrepreneurship from being a minority in the entrepreneurial ecosystem ten years ago ,they today comprise of 37% of the world’s total entrepreneurs. The recent Global Entrepreneurship Monitor (GEM) found 126 million women starting or running businesses, and 98 million operating established (over three and a half years) businesses. That’s 224 million women impacting the global economy — and this survey counts only 67 of the 188 countries recognized by the World Bank.

The major hurdle in a woman becoming an entrepreneur is her ever-increasing responsibility first as a daughter,then as a wife and finally as a mother. While they also have to monitor the house-hold chores women have now started initiating small business ventures which are based on the skills they have acquired as a house-wife through her life(eg.sale of home-made food products and other such things).

Just like any other field,women have anchored their position in the previously male dominant field of entrepreneurship.Unlike men,usually the motive for a woman being an entrepreneur is not monetary reward but rather personal satisfaction and community involvement,as women usually don't share the burden for providing the bread for the family.

There are some very dashing live examples of successful female entrepreneurs just proving the point that women are equally(or in some cases even more!) capable than men at managing business empires. Indra Nooyi (CFO, Pepsico), Naina Lal Kidwai (Group General Manager & Country Head – HSBC,India), Kiran Mazumdar Shaw (CMD, Biocon), Chanda Kochar (MD & CEO – ICICI Bank) etc are definitely believed to be in the most successful entrepreneurs in India. Cher Wang (Cofounder HTC), Lisa Stone (Co-Founder and CEO, BlogHer) ,Miranda Bouldin (Logicore) etc are some non-Indian additions to the list.


Problems faced by budding women entrepreneurs:

1.Ideas and lack of information- Well ideas can just flash before anyone literally but it is really very important to refine such an idea in order to transform it into a successful business venture.For well educated women having a healthy technical background,it is not as a herculean a task to land up on a successful entrepreneurship idea as it is for those with little or no prior knowledge of on-goins in the world.For such women the first task is to equip themselves with enough information preparing themselves to sustain the hardships they can face during their brain-storming experience. 
2.Inadequate Financial skills- Though a very small fraction of women have the proper finance related knowledge,it has been observed that managing the household budget moulds a women's financial skills in a very positive way.Women usually face problems regarding the initial investment needed in a business venture but it has often found been found that women have self-financed their business through a planned and well executed domestic micro-finance policy.
3.Management- Very rarely do we find women having practical hands-on experience with management at moderate or large scale projects.On a positive note,the trend is very rapidly changing and now-a-days we can find many women attending B-schools and pursuing courses in management.

A major reason for growth in the number of women entrepreneurs has been the government policy and the incentives provided for the same. Also many large-scale organisations like 'Federation of Indian Women Entrepreneurs' work tirelessly in the same cause.A trend has been observed that suggests that women will play a very vital role in re-moulding the world of entrepreneurs in a completely new dimension,in the times to come.

                                                                                                                                     Gaurav Karmarkar

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Entreprenuership: An Overview

The term 'Entrepreneurship rings a bell in most educated minds but most people hardly know enough about the true essence of Entrepreneurship.

What is Entrepreneurship?
'Entrepreneurship is the process of starting a business or other organization.The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.In recent years,"entrepreneurship" has been extended from its origins in business to include social and political activity.The entrepreneur is commonly seen as an innovator — a generator of new ideas and business processes.

What is the necessary skill-set required for being a successful entrepreneur?
The basic survival skills include a working knowledge of basic record-keeping; financial management; personnel management; market analysis; break-even analysis; product or service knowledge; tax knowledge; legal structures; and communication skills.Management skill and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs.Obviously it also requires the full-fledged dedication and ability to flaunt a cent-percent hardworking capacity at times.Passion is probably the most important component one must have if one aspires to become an entreprenuer.

Where does one start in the process of becoming an entrepreneur?
An idea is the most important necessity for being an entreprenuer. Its like the foundation stone over which the entreprenuer builds the empire of the business model.One thing to remember is that-'Your idea defines you. It defines what problem are you solving and how are you approaching that problem.'An idea maybe a profit earning business-model idea or one that would have a long lasting social impact on parts or the society as a whole.Even if one has a brilliant idea one must ensure to grasp the required technical knowledge,legal information and financial know-how before thinking of converting it into an executable business plan.

How to convert an idea into a business plan?
Any idea requires adequate refining before it can be actually converted into a business model.One can register with an idea to a business plan competition as it is one of the easiest way to acquire the required support,guidance and funding.

What are the common mistakes that first time entrepreneurs make?

1.Not doing market research: Just because you have a great idea doesn't mean you have a business.One must realize what is the current market demand situation and would it be profitable to launch your business in such circumstances(Trust me,you don't wanna experience some bumps at the start itself.)

2.Thinking that business plans are only for the big guys: It's a sad fact that many new business owners don't see this obvious relationship between planning and success.Some feel that a business plan would limit their creativity or spontaneity, or that their business isn't large enough or complex enough to warrant a plan.The process of making a plan organizes your thinking and helps you sort out your priorities.

3.Thinking that success will come quickly or easily: Success takes long hours, strategic planning, and a commitment to the work involved.The importance of patience cannot be stressed more than anything else in a startup. This.This doesn't mean just having patience no matter how hopeless the situation gets but taking decisions wisely considering even the long-term effects.

4.Not bringing a “business person” on board: Some vital things like maintaining relationships with investors,future customers etc must be handled by people who have prior experience in the field.Thus hiring business people though on a consultancy basis is vital for the growth of the start-up.

5.Thinking you can do it all by yourself: Statistics show that startups created by a group of individuals are more likely to be successful than those run by individuals only.Success depends on developing and using a network of colleagues, friends, mentors and professionals that can provide advice, assistance and direction in tough times.


By now,one must have realised that becoming an entreprenuer or even aspiring to become one is not at all a piece of cake;but it is certainly worth the effort so as to enjoy the latter part:success!

                                                                                                                                 Gaurav Karmarkar

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