The functions of women entrepreneurs are played a vital role in the commencement and growth of business. They also help for economic growth of society and the nation. Their contributions are diverse and multifaceted to perform business activities. They perform all the functions such as how to drive the business., how to expand the business., and how to achieve the target of the business goal. Some key functions of women entrepreneurs drive the businesses well-functioned.
Functions of Women Entrepreneurs
Their functions are described as follows.
1. Driving Economic Growth
They generate new businesses, provide jobs, utilize resources, and so on, which helps the economic development of the family, society as well as the nation. Starting a business creates jobs for employees and it supports to manage and utilize resources productively. The venture’s expansion from small to large drives the business in the competitive market smoothly.
They mobilize unproductive capital in the market and make it the capital of the business. They productively use such resources, which supports economic growth. It increases the living standards of the people.
2. Risk Taking
When starting a business, many uncertainties and risks are arrived. Business person faces daily different kinds of risks to survive in the market. There is no certain success of business by starting a business. Risks may arrive from the internal environment or external environment. Employees could bring grievances about the business and another competitive business arrived. Hence, they bear different kinds of risks to commence and succeed in a business in the competitive market.
3. Creation of New Business
They create new and unique businesses, that have not been seen before. They collect information, analyze it, and come to the conclusion to commence a business. Through their knowledge, skill, and attitudes they use the best of the best resources to create a new venture. They seek business opportunities and convert them in the form of business. Every business person wants to create a unique venture to compete in the market. So, they use the best technologies to start or create a new business.
4. Promoting Innovation
They bring new perspectives and ideas to develop new products, services, and models. Innovating new and unique things promotes business products in the market. They solve the employee’s problems scenario-based to change their mind for the innovation and smooth running of business. Their diverse experiences and backgrounds contribute to attracting customers by developing uniqueness in business.
5. Networking and Collaboration
For the growth of business women entrepreneurs build networks and collaborate with other businesses. They produce goods and services and express those with networking. Networking helps a business person pool resources and marketing of products. Knowledge sharing with partners or employees generates new ideas to expand the business. Also, supports to collaboration of modern and unique businesses to compete in the market effectively.
6. Management
They manage business internal and external factors. To establish, the growth, and smooth run of the business, a business person balances all the available resources. They manage different tasks through coordination, supervision, and control. Managing business-related activities supports achieving the target goal at the right time of the venture.
7. Globalization and Internationalization
Introducing new and unique products changes the market landscape. Attracting customers are best to stay in the market. Women entrepreneurs are creative to launch quality products in the market and it also fulfills the customer needs and desires. These help to establish global market conditions and export the products globally. International trade nature and techniques could be supportive of business growth.
8. Empowerment
They play role models for other women and girls to commence the venture. They energize women’s capacity and importance in the business venture. The settlement of businesses run by female entrepreneurs challenges gender inequality. They give the path for low or unsupportive business people to begin the new venture. Their knowledge, skills, experiences, behaviors, and attitudes empower individuals to run the venture and achieve goals in the prescribed time.
Read more: Concept of women entrepreneurs
Read more: Concept of Entrepreneurship
Read more: Concept of entrepreneurs