Entrepreneurship Development in India1.1 Introduction –There are so many institutes and organizations which are involved in entrepreneurship development activities and there are people who join these programmes as a stepping stone to become entrepreneur. It is a known fact that so many management institutes are coming up to cater  to  the growing need of industries by supplying traditional managers/corporate managers. The scope of this study is to find out the perception of management students about the entrepreneurship and  compare it with those people who have become entrepreneur. The researcher feels that this study will reveal the facts which are important to develop entrepreneurship as  a career option among management students.A manager is one  who manages all the resources to match with the organizational needs. In the managerial role resources are allocated to solve problems and improve the administrative efficiency. The entrepreneurship is very  a  old concept according to which any one who runsbusiness is called an entrepreneur. The more precise meaning of entrepreneur is; one who perceives a need and then brings together manpower, material and capital required to meet that need. Entrepreneur is one who understands the market dynamics and searches for change respond to it and exploit it as an opportunity.1.2  The Evolution of EntrepreneurshipThe word „entrepreneur‟ is derived from the French verb „enterprendre‟. It means “to undertake”. 11For a compilation of definitions, Robert C. Ronstadt, Entrepreneurship (Dover, MA: Lord Publishing, 1984),p.28; Howard H. Stevenson and David E. Gumpert, "The Heart of Entrepreneurship," Harvard Business Review (March/April 1985):p.85-94; and J. Barton Cunningham and Joe Lischeron, "Defining Entrepreneurship:' Journal of Small Business Management (January 1991): p.45-61.2The Frenchmen who organized and led military expeditions were referred to as “entrepreneurs”.Around 1700 A.D. the term was used for architects and contractor of public works.In many countries, the term entrepreneur is often associated with a person who starts his own new business. Business encompasses manufacturing, transport, trade and all other self employed vocation in the service sector.Entrepreneurship has been considered as the propensity of mind to take calculated risk with confidence to achieve predetermined business objectives. There are many views and opinions on the concept of entrepreneurship forwarded by some of the world famous management gurus and economists as mentioned below which will help in understanding this concept.

Entrepreneurs 2012 is the biggest business and entrepreneurial event of 2012!

President Bill Clinton leads a dazzling array of inspirational leaders from across the world of business, politics and entertainment.

Entrepreneurs 2012 will transform your life and allow you to achieve financial and professional freedom.

Look out for great competitions and networking events taking place before and during the event.

With a range of tickets there’s certain to be a package that’s right for you. 

Mallika Srinivasan, currently the Director TAFE India, was

honored with the title of Businesswoman of the Year during

2006 by the Economic Times. She joined the company in

1986 and has since been responsible for accelerating

turnover from 85 crores to 2900 crores within a span of two

decades. Mallika has an MBA from Wharton School of

Business, Pennsylvania.

Introduction

Women Entrepreneurs may be defined as the women or a group of women who initiate, organize and operate a business enterprise. Government of India has defined women entrepreneurs as an enterprise owned and controlled by a women having a minimum financial interest of 51% of the capital and giving at least 51% of employment generated in the enterprise to women. Like a male entrepreneurs a women entrepreneur has many functions. They should explore the prospects of starting new enterprise; undertake risks, introduction of new innovations, coordination administration and control of business and providing effective leadership in all aspects of business.

Push-Pull factors and Women in business

Women in business are a recent phenomenon in India. By and large they had confide themselves to petty business and tiny cottage industries. Women entrepreneurs engaged in business due to push and pull factors. Which encourage women to have an independent occupation and stands on their on legs. A sense towards independent decision-making on their life and career is the motivational factor behind this urge. Saddled with household chores and domestic responsibilities women want to get independence Under the influence of these factors the women entrepreneurs choose a profession as a challenge and as an urge to do some thing new. Such situation is described as pull factors. While in push factors women engaged in business activities due to family compulsion and the responsibility is thrust upon them.

Problems of Women Entrepreneurs in India

Women in India are faced many problems to get ahead their life in business. A few problems cane be detailed as;

1. The greatest deterrent to women entrepreneurs is that they are women.  A kind of patriarchal – male dominant social order is the building block to them in their way towards business success. Male members think it a big risk financing the ventures run by women. 

2. The financial institutions are skeptical about the entrepreneurial abilities of women. The bankers consider women loonies as higher risk than men loonies. The bankers put unrealistic and unreasonable securities to get loan to women entrepreneurs. According to a report by the United Nations Industrial Development Organization (UNIDO), "despite evidence that women's loan repayment rates are higher than men's, women still face more difficulties in obtaining credit," often due to discriminatory attitudes of banks and informal lending groups (UNIDO, 1995b).

3. Entrepreneurs usually require financial assistance of some kind to launch their ventures - be it a formal bank loan or money from a savings account. Women in developing nations have little access to funds, due to the fact that they are concentrated in poor rural communities with few opportunities to borrow money (Starcher, 1996; UNIDO, 1995a). The women entrepreneurs are suffering from inadequate financial resources and working capital.  The women entrepreneurs lack access to external funds due to their inability to provide tangible security. Very few women have the tangible property in hand.

4. Women's family obligations also bar them from becoming successful entrepreneurs in both developed and developing nations. "Having primary responsibility for children, home and older dependent family members, few women can devote all their time and energies to their business" (Starcher, 1996, p. 8).The financial institutions discourage women entrepreneurs on the belief that they can at any time leave their business and become housewives again.  The result is that they are forced to rely on their own savings, and loan from relatives and family friends. 

5. Indian women give more emphasis to family ties and relationships. Married women have to make a fine balance between business and home. More over the business success is depends on the support the family members extended to women in the business process and management. The interest of the family members is a determinant factor in the realization of women folk business aspirations. 

6. Another argument is that women entrepreneurs have low-level management skills. They have to depend on office staffs and intermediaries, to get things done, especially, the marketing and sales side of business. Here there is more probability for business fallacies like the intermediaries take major part of the surplus or profit. Marketing means mobility and confidence in dealing with the external world, both of which women have been discouraged from developing by social conditioning. Even when they are otherwise in control of an enterprise, they often depend on males of the family in this area.

7. The male - female competition is another factor, which develop hurdles to women entrepreneurs in the business management process. Despite the fact that women entrepreneurs are good in keeping their service prompt and delivery in time, due to lack of organisational skills compared to male entrepreneurs women have to face constraints from competition. The confidence to travel across day and night and even different regions and states are less found in women compared to male entrepreneurs. This shows the low level freedom of expression and freedom of mobility of the women entrepreneurs.  

8. Knowledge of alternative source of raw materials availability and high negotiation

skills are the basic requirement to run a business.  Getting the raw materials from different souse with discount prices is the factor that determines the profit margin. Lack of knowledge of availability of the raw materials and low-level negotiation and bargaining skills are the factors, which affect women entrepreneur's business adventures. 

9. Knowledge of latest technological changes, know how, and education level of the person are significant factor that affect business. The literacy rate of women in India is found at low level compared to male population. Many women in developing nations lack the education needed to spur successful entrepreneurship. They are ignorant of new technologies or unskilled in their use, and often unable to do research and gain the necessary training (UNIDO, 1995b, p.1). Although great advances are being made in technology, many women's illiteracy, strucutural difficulties, and lack of access to technical training prevent the technology from being beneficial or even available to females ("Women Entrepreneurs in Poorest Countries," 2001). According to The Economist, this lack of knowledge and the continuing treatment of women as second-class citizens keeps them in a pervasive cycle of poverty ("The Female Poverty Trap," 2001). The studies indicates that uneducated women donot have the knowledge of measurement and basic accounting. 

10.  Low-level risk taking attitude is another factor affecting women folk decision to get into business. Low-level education provides low-level self-confidence and self-reliance to the women folk to engage in business, which is continuous risk taking and strategic cession making profession. Investing money, maintaining the operations and ploughing back money for surplus generation requires high risk taking attitude, courage and confidence. Though the risk tolerance ability of the women folk in day-to-day life is high compared to male members, while in business it is found opposite to that. 

11.  Achievement motivation of the women folk found less compared to male members.  The low level of education and confidence leads to low level achievement and advancement motivation among women folk to engage in business operations and running a business concern. 

12.  Finally high production cost of some business operations adversely affects the development of women entrepreneurs. The installation of new machineries during expansion of the productive capacity and like similar factors dissuades the women entrepreneurs from venturing into new areas.

Challenges  

1. We Care Too Much

I believe our biggest challenge, but also our biggest opportunity is the fact that we care too much. Most

women entrepreneurs I have come across over the years are very compassionate and caring people

and we just don't have it in us to be "cut-throat, do whatever it takes to get to the top". We choose

entrepreneurship because it gives us the freedom to spend time with our families, take the kids to the

park after school etc. If you ask me, that's a small price to pay for a bit less success.

Thanks to: Susanne Myers of EasyLinkLove.com.

2. Superwoman is a Myth!

Many women try to be all things to all people. You CAN "have it all," but that doesn't mean you can

have it all right now, this second, all at once! Learning the Universal Law of Proper Perspective is

important ... know the PURPOSE for your goals, learn what is most important to do first, learn when

you have given a person or a project all the attention it needs and it's time to move your attention

elsewhere. It's essential to spend quality time daily in meditation to nurture your inner Self.

Overcoming Challenges Facing Women in BusinessAll business owners face certain challenges, but women, because of their gender, often have additional

challenges and obstacles that their male peers are less likely to encounter. Working women who have

children experience even more demands on time, energy and resources.

But this does not mean women are less successful than men, in fact, statistics show that women are

starting businesses at more than twice the rate of male-majority-owned businesses. The growing success

rate of women entrepreneurs shows that they are resourceful, and able to succeed, despite the odds.

There are three major areas where women business owners may face challenges, less common to men in

business:

1. Gender Discrimination and Stereotyping

2. Dual Career-Family Pressures

3. Lack of Equal Opportunities in Certain Industries

Successful Indian Women Entrepreneurs

Every corporate environment is said to have a ‘glass ceiling’ when it comes to women moving up the

ladder of success. However, these go-getters have surely proved this notion wrong by achieving success

through sheer hard work and dedication.

Profiling some of the top 10 women entrepreneurs India has seen –

Indra Nooyi

Strong-willed, with an acute acumen for financial strategizing, Nooyi is the CFO and President

of PepsiCo. Her strong acumen for business has helped the company garner as much as 30

billion dollars worth of crucial deals within the last couple of years. With a Masters Degree in

Public Management from Yale University and Masters in Finance and Marketing from IIM,

Kolkata, Nooyi held several senior positions at Motorola and Asea Brown Boveri before joining

PepsiCo.

Naina Lal Kidwa

From being Head of Investment Banking at ANZ Grindlays during

1982-1994 to Vice Chairman JM Morgan Stanley, Naina Lal Kidwai

is one of the most successful and famous Indian businesswomen of

today. The first Indian woman to graduate from the elite Harvard

Business School, she is currently Country Head and Group General

Manager HSBC Group India. Apart from working at HSBC, Kidwai

has also held other eminent positions such as that of Global Advisor,

Harvard Business School, non-executive director at Nestle SA and

as a member of Governing Board NCAER, Auditor General of India

and several other positions. Naina has received the distinguished

Padma Shri award for her contributions in the segment of Trade and

Industry.

Naina Lal Kidwai – one of the most successful Indian women

entrepreneurs

(Image: http://www.iloveindia.com/indian-heroes/naina-lal-

kidwai.html)

Kiran Mazumdar Shaw

Kiran Mazumdar Shaw is one of the richest women in India studied

zoology at Bangalore University and brewery at Ballarat University.

She started her career as trainee brewer at Carlton & United

Beverages in 1974. Four years later she started her own company,

Biocon, in her garage with an investment of Rs 10000. Three

issues –biotechnology was nascent at the time in India, she was a

woman and her organization had almost nil assets – made

financial institutions turn down her loan application. However, with

hard work and commitment, Shaw transformed Biocon into one of

the leading biopharmaceutical firms in India.

Women & Entrepreneurship In India [Survey Results]

As a woman running a start-up, and as a member of a few entrepreneur communities, I sometimes get

the feeling that every second woman I know is starting a business. As a website telling the story

of contemporary Indian women, naturally we were very keen to examine this phenomenon.

What is driving so many women to start businesses? What challenges do they face? What helps

them succeed? Does gender enter the entrepreneur’s mind at all? These were some of the questions

that led us to conduct the Women’s Web Women & Entrepreneurship in India 2012 Study.

Women entrepreneurs in India: Who, where, how big?

A significant chunk (58%) of the entrepreneurs we surveyed had started their businesses between the ages of 20 and 30; interestingly, 25% had started up even before turning 25. It raises the possibility of at least some women starting up businesses without first holding a job, right after their education. As expected, most were either graduates or post-graduates.

Which cities are producing India’s women entrepreneurs?

Bangalore leads all other cities head and shoulders in the presence of women entrepreneurs. Kolkata is the only absentee large metro (tucked away under ‘others’), with all the others such as Chennai, the National Capital Region (NCR), Pune, Mumbai and Hyderabad figuring in the list.

As for industry type, Professional services, IT/ITES, Apparel/accessories and Food & Beverages are the four major sectors in which women own businesses (59% of those surveyed).

The majority of women-owned businesses are micro-enterprises or small/mid-sized businesses, with 73% reporting a revenue of under Rs.10,00,000 (Rs. Ten lakh or One million) in the last financial year.

Corresponding to this, the majority had under 5 employees (71%).

Women starting businesses: Motivation and capital

57% of women entrepreneurs had started their businesses alone, while 35% had a co-founder and 8% were part of teams that involved more than 2 co-founders.

What drove women to start businesses? The opportunity to work more creatively and the perceived benefit of being one’s own boss were the top reasons chosen. While work-life balance was also chosen (by 36%), that was not the biggest reason for women turning entrepreneurs, as is commonly perceived.

60% of women entrepreneurs started their business with a capital of under Rs.1,00,000, and personal funds and savings were used to start the business in a majority of cases. However, 30% of those surveyed stated that they had used more 1 source of funding.

Women entrepreneurs in India: Challenges, support, joys, goals

We asked women entrepreneurs to pick their challenges, both at the time of starting up and at present; they are not the same. Financial and Marketing related challenges emerge as the top pick at both times. People challenges however are stronger at present than while starting up indicating that as teams grow, so do the challenges associated with them. Personal challenges (bandwidth/time management) however, drastically taper off suggesting that women’s confidence in their own abilities as entrepreneurs has grown with the experience.

As for support in their entrepreneurial journey, besides friends and family (the top choices), the growing importance of the entrepreneurial community is reflected in the fact that 26% mentioned other entrepreneurs and entrepreneur groups. 23% also mentioned mentors and advisors.

Perhaps my personal favourite among all the charts that emerged from this survey is the one below. When asked what was the biggest benefit they had derived from starting up their businesses, this is what women had to say.

On the question of goals, the majority chose growth and profitability related goals (81 and 53% respectively). This may not directly answer the question of whether women entrepreneurs want to scale up their businesses or not, but it does indicate that women’s businesses are not just hobbies or ‘ lifestyle businesses’, as sometimes alleged.

We received a total of 107 responses on what would help them achieve these goals, and the ones listed most often were recruiting skilled people (21%) and funding or financial support (20%).

Gender & Entrepreneurship

Finally, we asked our respondents to consider the question of entrepreneurship through the prism of gender. What did they believe? In short: Yes, it is harder to start a business if you are a woman (55%). Yes, knowing other women who run businesses is a big support (73%). Yes, being a woman impacts decisions on how

large/fast the business should grow (52%). On the question of whether a female mentor was better for women entrepreneurs, opinion was more divided.

The Women’s Web Women & Entrepreneurship in India 2012 Study has been a great opportunity for us to look inside this wonderful, brave world of women pushing the boundaries. I would like to thank here the many people and groups who helped us by sharing it with their networks, especially The Hatch, Your Story, The Open Coffee Club, Bangalore,the HEN network and bloggers Kanupriya Sindhu and Unmana.

Women entrepreneurship in India:A recent survey titled Women & Entrepreneurship in India 2012 Study by Women’s Web interviewed more

than 100 women entrepreneurs in India and put together an interesting set of statistics. Most of the

respondents were owners of small to medium sized businesses, a majority of which reported sub 10 lakh

revenue.

The survey pointed out that Bangalore seemed to be the nation’s top incubator for women

entrepreneurs as most of the respondents were based in the city. Kiran M Shaw, Chairman and MD of

Biocon, was recently ranked 2nd most powerful woman CEO in India. She is also from Bangalore. Delhi,

Chennai, Mumbai, Hyderabad, Pune and Ahmedabad followed. Interestingly, Kolkata was absent from the

top metros in which women entrepreneurs in India were based. It was the only metro to be clubbed with the

rest of cities in India.

Nearly 6 out of 10 respondents said that their businesses were in the areas of Professional Services, IT,

Apparels or F&B. The rest tail ended into other sectors including Travel, Media, Health and Manufacturing.

Statistics also showed that most women entrepreneurs from this survey had small to medium sized

businesses and more than 70% had less than 5 employees working for them.

So why did these women take up entrepreneurship as opposed to the traditionally accepted pathway to

success – Get a degree, get a job and work your way to the top?

The survey points out two major reasons which had lured the respondents to join the entrepreneurship

bandwagon. 75% of them believed that they had a creative idea that needed to be taken to the market place

and 60% felt the need to be their own boss.

Last but definitely the most inspirational finding for budding young to-be entrepreneurs is the fact that 60% of

these respondents started with a capital of less than 1 lakh. Personal savings, loans from friends and family

and loans from external parties emerged as the top 3 sources of funding. Not surprisingly, finance was the

most important challenge and roadblock these women entrepreneurs faced.

Recently, Dell Women’s Global Entrepreneurship Study interviewed 450 women entrepreneurs in US,

UK and India. It reported that India was one of the most favourable places for women entrepreneurs to set

up shop. The study pegged businesses owned by women entrepreneurs to grow up to 90% in the next 5

years. In comparison, similar businesses in US and UK were expected to grow by 50% and 24% in US and

UK in the same time period.

The Challenges Faced By Women Entrepreneurs

1. We Care Too Much

I believe our biggest challenge, but also our biggest opportunity is the fact that we care too much. Most

women entrepreneurs I have come across over the years are very compassionate and caring people

and we just don't have it in us to be "cut-throat, do whatever it takes to get to the top". We choose

entrepreneurship because it gives us the freedom to spend time with our families, take the kids to the

park after school etc. If you ask me, that's a small price to pay for a bit less success.

Thanks to: Susanne Myers of EasyLinkLove.com.

2. Superwoman is a Myth!

Many women try to be all things to all people. You CAN "have it all," but that doesn't mean you can

have it all right now, this second, all at once! Learning the Universal Law of Proper Perspective is

important ... know the PURPOSE for your goals, learn what is most important to do first, learn when

you have given a person or a project all the attention it needs and it's time to move your attention

elsewhere. It's essential to spend quality time daily in meditation to nurture your inner Self.

Overcoming Challenges Facing Women in Business

How Women Can Overcome Business Challenges

Women often have life skills and natural abilities that are useful in businesses. Women tend to be great

networkers, have inherent skills for negotiating, and the ability to multi-task. Single mothers are often

good at delegating and budgeting; skills that they rely on to manage their families.

Specific strategies to help women entrepreneurs succeed include:

Create a Strong Network

Consider Certifying as a Women-Owned Business

Understand the Power of the Internet

Learn New Ways to Balance Work and Life

Get Inspiration and Advice From by Other Women Succeeding in Business

Women's Business News:  Stay current on issues the present challenges for women in business,

and read how other women overcome their own obstacles in the business world.

What are the problems faced by Women Entrepreneur in India ?

Women entrepreneurs face a series of problems right from the beginning till the the enterprise functions. Being a woman itself poses various problems to a woman entrepreneur, The problems of Indian women pertains to her responsibility towards family, society and lion work.

The tradition, customs, socio cultural values, ethics, motherhood subordinates to ling husband and men, physically weak, hard work areas, feeling of insecurity, cannot be tough etc are some peculiar problems that the Indian women are coming across while they jump into entrepreneurship.

Women in rural areas have to suffer still further. They face tough resistance from men. They are considered as helpers. The attitude of society towards her and constraints in which she has to live and work are not very conducive.

Besides the above basic problems the other problems faced by women entrepreneurs are as follows:

1. Family ties:

Women in India are very emotionally attached to their families. They are supposed to attend to all the domestic work, to look after the children and other members of the family. They are over burden with family responsibilities like extra attention to husband, children and in laws which take away a lots of their time and energy. In such situation, it will be very difficult to concentrate and run the enterprise successfully.

2. Male dominated society:

Even though our constitution speaks of equality between sexes, male chauvinism is still the order of the day. Women are not treated equal to men. Their entry to business requires the approval of the head of the family. Entrepreneurship has traditionally been seen as a male preserve. All these puts a break in the growth of women entrepreneurs.

3. Lack of education:

Women in India are lagging far behind in the field of education. Most of the women (around sixty per cent of total women) are illiterate. Those who are educated are provided either less or inadequate education than their male counterpart partly due to early marriage, partly due to son's higher education and partly due to poverty. Due to lack of proper education, women entrepreneurs remain in dark about the development of new technology, new methods of production, marketing and other governmental support which will encourage them to flourish.

4. Social barriers:

The traditions and customs prevailed in Indian societies towards women sometimes stand as an obstacle before them to grow and prosper. Castes and religions dominate with one another and hinders women entrepreneurs too. In rural areas, they face more social barriers. They are always seen with suspicious eyes.

5. Shortage of raw materials:

The scarcity of raw materials, sometimes nor, availability of proper and adequate raw materials sounds the death-knell of the enterprises run by women entrepreneurs. Women entrepreneurs really face a tough task in getting the required raw material and other necessary inputs for the enterprises when the prices are very high.

6. Problem of finance:

Women entrepreneurs stiffer a lot in raising and meeting the financial needs of the business. Bankers, creditors and financial institutes are not coming forward to provide financial assistance to women borrowers on the ground of their less credit worthiness and more chances of business failure. They also face financial problem due to blockage of funds in raw materials, work-in-progress finished goods and non-receipt of payment from customers in time.

7. Tough competition:

Usually women entrepreneurs employ low technology in the process of production. In a market where the competition is too high, they have to fight hard to survive in the market against the organised sector and their male counterpart who have vast experience and capacity to adopt advanced technology in managing enterprises

8. High cost of production:

Several factors including inefficient management contribute to the high cost of production which stands as a stumbling block before women entrepreneurs. Women entrepreneurs face technology obsolescence due to non-adoption or slow adoption to changing technology which is a major factor of high cost of production.

9.Low risk-bearing capacity:

Women in India are by nature weak, shy and mild. They cannot bear the amount risk which is essential for running an enterprise. Lack of education, training and financial support from outsides also reduce their ability to bear the risk involved in an enterprises.

10 Limited mobility:

Women mobility in India is highly limited and has become a problem due to traditional values and inability to drive vehicles. Moving alone and asking for a room to stay out in the night for business purposes are still looked upon with suspicious eyes. Sometimes, younger women feel uncomfortable in dealing with men who show extra interest in them than work related aspects.

11. Lack of entrepreneurial aptitude:

Lack of entrepreneurial aptitude is a matter of concern for women entrepreneurs. They have no entrepreneurial bent of mind. Even after attending various training programmes on entrepreneur ship women entrepreneurs fail to tide over the risks and troubles that may come up in an organisational working.

12. Limited managerial ability:

Management has become a specialised job which only efficient managers perform. Women entrepreneurs are not efficient in managerial functions like planning, organising, controlling, coordinating, staffing, directing, motivating etc. of an enterprise. Therefore,

less and limited managerial ability of women has become a problem for them to run the enterprise successfully.

13. Legal formalities:Fulfilling the legal formalities required for running an enterprise becomes an upheaval task on the part of an women entrepreneur because of the prevalence of corrupt practices in government offices and procedural delays for various licenses, electricity, water and shed allotments. In such situations women entrepreneurs find it hard to concentrate on the smooth working of the enterprise.14. Exploitation by middle men:

Since women cannot run around for marketing, distribution and money collection, they have to depend on middle men for the above activities. Middle men tend to exploit them in the guise of helping. They add their own profit margin which result in less sales and lesser profit.

15. Lack of self confidence:

Women entrepreneurs because of their inherent nature, lack of self-confidence which is essentially a motivating factor in running an enterprise successfully. They have to strive hard to strike a balance between managing a family and managing an enterprise. Sometimes she has to sacrifice her entrepreneurial urge in order to strike a balance between the two.

Entrepreneurship: 5 Challenges Facing Women Entrepreneurs

Entrepreneurship isn’t a walk in the park for anyone and it can be even more challenging if you are of the “female persuasion”. Even with all of the advancements that women have made in the business world, there is still a long way to go before the success rate is level between male and female entrepreneurs.

While I don’t normally write about such gender-specific topics, I felt that this issue was important for everyone, men included, to understand. I encourage all of you to truly support your female colleagues, family members and friends, so that these challenges can become a thing of the past.

Below are some of the top challenges that female entrepreneurs need to overcome in general in order for woman-owned businesses to be more successful as a whole.

*These are generalizations and obviously do not reflect all women.

(1) Not Being Taken SeriouslyWithin the business world, women’s opinions and advice are not always viewed as “expert” compared to a man’s opinion. And when a female starts a business, sometimes family, friends, and others in the business community can view it as a

hobby or a side project to family duties, rather than a bona fide business. Seeking out extra support can help to help overcome this bias, but women need to realize that this is a true gender bias obstacle.

(2) Letting Fear Stand in the WayIn general, women can be less prone to taking risks and can let their own fears (such as the fear of failure, fear of success, fear of being on their own etc.) stand in the way of “going for it” and pursuing the path of entrepreneurship. Confidence is a great way to combat these fears and the best way to feel confident in what you are doing is to make sure that you are as prepared as possible before you start your business endeavor. Also, believe in what you bring to the table and value your time, efforts and capabilities.

(3) Wanting to Please EveryoneFemales are often taught to “be nice” and “people pleasers”, which can lead to seeking the approval of others. Subsequently, women can have a harder time saying “No”, which can lead to under-charging for their products/services or being too giving of their time and help in general. This typically comes at the expense of their own needs, business or otherwise.

(4) Wearing Too Many HatsIn their personal lives, women have a tendency to try to be everything to everyone and wear so many different hats that juggling everything becomes very difficult. So, when women add “entrepreneur” and “business owner” into the mix, this tendency is further magnified. Women can feel like they have to “do it for themselves” or are the best person for every job and have a tougher time delegating responsibilities to others. This causes more time to be spent working in their business, rather than on their business. This is a major hurdle to overcome in order to have a successful business.

(5) Not Being Able to “Toot Your Own Horn”Being able to speak about your accomplishments honestly and with pride is a necessity for a successful business owner or entrepreneur. Sometimes, women feel uncomfortable talking about their achievements and may feel like they are bragging or being too boastful. But your achievements and accomplishments are some of the biggest selling points your business has, so don’t be afraid to put them out there!Overcoming these 5 challenges will help put you on a path toward a more successful business.

 

What other challenges do you think face women in particular?

Thanks to Crystal Coleman of Northern Edge Business Solutions, Bernice Dickey of My #1 Is Still My #1!, Sandie Glass of Sandstorm Inc, Carol Margolis of Smart Women Travelers, Inc, and Vicki Donlan ofVickiDonlan for the inspiration behind some of these ideas.