What are the women entrepreneurs?
A women entrepreneur is a woman or group of women who start a business venture. They are a business person who plays a vital role in economic growth, fostering innovation, and redesigning business. They are initiated, organize, and start a business. Taking all the responsibility and liability, they put the venture idea into reality as a new business. Their commitment and devotion to starting a venture are prominent.
Empowering and developing women entrepreneurs are not only for gender equality but also for economic growth, a positive image in society, and reshaping businesses around the globe. To achieve target goals, profit, and growth of businesses, they identify opportunities and use the collected resources to utilize that opportunities. They are innovators of new, unique, and modern business ventures, which had not been seen before.
A women entrepreneur is a confident, creative, and innovative woman who desires self-employment and also creates job opportunities for others.
S.S. Khanka “Women entrepreneurs may be defined as a woman or group of women who initiate, organize, and run a business enterprise.”
Ruhani J. Alice “Women entrepreneurship is based on women’s participation in equity and employment of a business enterprise.”
J. Schumpeter “Women who innovate initiate or adopt business actively are called women entrepreneurs.”
Types of Women Entrepreneurs
Based on women’s nature, knowledge, skills, and attitudes, different types of women entrepreneurs can be defined as follows.
1. Freedom Seekers
Freedom seeker women entrepreneurs are those who are dissatisfied with their employment (i.e. hours of work, working environment, and remuneration). About these issues, they survive from salary inequalities or discrimination in the organization.
Cause of this condition, they find a business or create a new business. They seek freedom to run or operate the business activities.
2. Security Seekers
Security seeker women entrepreneurs are those who become entrepreneurs due to some personal misfortune, downsizing, divorce, etc. They want to establish their status or maintain that. They seek a venture to survive in society. They start a business to improve their family lifestyle.
3. Satisfaction Seekers
Such kinds of business people are housewives. They do all kinds of work in-house but till not start any outside work. They have no previous working skills to commence a business. But they want to prove to themselves or others that they can progress business, help the economic growth of society, and increase the living standards of the family.
Functions of Women Entrepreneurs
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.
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.
Read more: Concept of entrepreneurship
Read more: Concept of entrepreneurs