Women Entrepreneurs: Rising Sun of the Era

Women Entrepreneurs: Rising Sun of the Era

             In this rat-racing world of today, women are getting empowered as fast as a change in a fad. The silos of the work field are being broken by the women heading everywhere in this so-called men-dominant world of yester-years. Now it is the era of new women, who are proving their mettle in all fields, diluting the water-tight compartments of the areas of professionalism being men- or women-oriented.

             There was a time when women were perceived as only home-makers, but with the changing trends and our movement towards 21st century, it is becoming crystal-clear that they can be fortune-makers for an organization too. Recent findings have shown that the number of firms owned by women has grown twice the rate in the past ten years. Infact "Women business-owners are significant players in the nation's economy and their momentum shows no signs of slowing down."

            More and more women are becoming entrepreneurs these days because they see the attractiveness that a home-based business has to offer them in terms of freedom and flexible working hours. No longer having to work hours dictated to them, women entrepreneurs have more time to spend with their families and to bring up their children. They enjoy more varied and meaningful tasks in their business, without the limitations and stresses associated with the glass-ceilinged corporate world.

 Are Women Leaders in Demand?

            Business is Business! That's what they say! But is there any particular way a business has to be done? Partly yes and partly no. Partly yes because there isn't any particular way we wouldn't have learnt and tried to master it. And partly no because continuous change in technology and vast amount of information is making it much more challenging, and demands something new every time. Add to it the global competition, business is never the same. As somebody said, "You never cross the same river more than once." Always there are new waters in the river, so there are new challenges and new people in business every time.

So evolving is the new concept of knowledge worker, and the problems of attrition have shifted the focus of organizations to the women as future workforce, especially as knowledge workers. Obviously, there are many examples where a woman has reached to the top, like Indira Nooyi, CEO of PepsiCo, and many more. So organizations have started seeing women with a new hope, they are taking-up women of ability, pairing them with men of ability, to make the best organization and a profitable one too.

            The truth is that successful business is led by people of experience with specific business skills and the right mind-set. This is why we must develop women managers further through learning experiences, coaching and training that ensures the results a corporation needs to obtain highly skilled women leaders.

Here are some reasons why we need more women as leaders in business: -

• Women, on average, are terrific communicators and tend to be better at it than men. It's the information age and it's highly competitive.
• Global business will require expanding business networks. Women are natural net-workers.
• Diverse view-points can result in better, more creative solutions to business issues. Both women and men are needed to address business issues effectively.
• Keeping a talented knowledge worker will require relationship strategies. Women instinctively care about building relationships which is why they tend to gravitate toward jobs where building relationships is a major component such as Marketing or HR.

            The list may go on and on, and now the women will be the rising sun of the era. The women entrepreneurship is just one stance of women empowerment, more examples are yet to be set. So wishing all the women the very best of their life, we hope to have a world that is more respectful towards women.

As is rightly said, "Well Begun is Half Done."

            Women in industrial research A report from an independent high – level expert group underlines the need for the full participation of women in industrial research. The implications for innovation include the drawbacks of inadequate female input into research, design and marketing, and the reasons why women entrepreneurs are a very rare breed.

            The high level group on women in industrial research, appointed by the European Commission’s Research DG, concluded in January 2003 that the under- representation of women in science is hindering the aims of the European Research Area. The group focused on industrial research since the EU target is for about two- thirds of R&D investment to be financed by industry by 2010. By that date, Member States’ investment in R&D should, according to the Barcelona European Council, approach 3% of gross domestic product.

            The group, chaired by Professor Hula Rubsamen- Waigmann, was alarmed that the average proportion of women in EU industrial research (14.9%; range 9-28%)is less than half that in universities and research institutes, and that they are awarded a tiny minority of patents. Childcare and other services are essential to allow highly qualified women to remain active in research careers; but their provision varies widely. Social pressures on women to be full-time mothers (or lack of recognition of the value of career women) are important too. If a real difference is to be made by 2010, concerted actions are needed at EU, national and regional level.

Women Entrepreneurs

            Over the past 20 years the number of women who are self – employed or running their own business has increased substantially. Women- owned businesses are still a minority, but many more are co owned by men and women.

             Women owned firms are concentrated mainly in the service-sector. Rubsamen-Waigmann says that a major factor here is the availability of venture capital. “Women start business with capital from informal sources, ask for less and have a harder time raising venture capital in sectors where high initial investment is needed. In the service sector you can start with a small amount and grow slowly, but business are more sustainable.” This, she believes, is another reason why co-owned companies are often successful, because they mix an element of risk- taking with an element of caution. The reports highlight the need to raise awareness among venture capitalists of the value of women entrepreneurs. Less than 5% of the current $73 bn venture capital pool in the US is awarded to women- owned firms.

 How women entrepreneurs can drive growth fast-forward

             Women have come a long way in business. Today, they own one-third of all Canadian companies, paying the salaries of nearly 2 million people. The top 100 women entrepreneurs in Canada generate over $2 billion in revenue annually. What's more, women now own increasing numbers of small and medium-sized companies outside of traditional service sectors, such as biotechnology, robotics and manufacturing.

             That's the good news. On the other side of the coin, according to a study by Industry Canada, over half of businesses run by women entrepreneurs are in a slow-growth stage of development. The majority of women-owned businesses tend to have fewer employees. Women export less and request less financing.

             So as a woman entrepreneur, how do you overcome some of these barriers? If your business is a little sluggish, how do you make that vital shift into fast-forward growth? Chic Allison, Partner with BDC's Consulting Group, who has worked closely with hundreds of women in business, offers some essential advice on how women can build on their strengths.

  Assess your growth potential

Businesswomen are more inclined to take measured or calculated risks. But their reticence to risk too much may also create barriers to growth. What can help here? A formal growth potential assessment of your company can actually measure your risk potential. Basically, this involves hiring experienced consultants to do a cost-effective diagnosis of your business to help you see your strengths and minimize weaknesses that could hinder your success. By conducting in-depth interviews with key people in your business, the experts can provide you an outsider's perspective on your company's operations and pinpoint challenges associated with your growth.

Make strategic planning a part of your business

                                    Avoid working in a silo. As you may know, women entrepreneurs are often skilled at networking because they've worked hard to get into the spotlight. Always focus on personal and professional visibility in the business community at large. Keep in mind that you should be building a strong presence in mainstream organizations. Consider your possible contribution to the local chamber of commerce, lobbying groups and industry-based organizations. Ultimately, being a part of the mainstream business community enables you to strengthen and polish your competitive business skills.

Show your sizzle. Get growth financing.

            Although women in business are often well-prepared on paper when seeking financing, they tend to be less assertive when it comes to selling their business strengths.
When you're looking for financing, remember that you're there to help the loan officer help you get what you want. Be sure you present a full picture of where you're going, which means showing that you're proud of your achievements. Showing confidence in your growth potential is as important as demonstrating the figures.

Break the rules and always innovate!

            Innovative companies outperform non-innovative businesses by far in a competitive business world. And women entrepreneurs tend to be naturally creative, want to learn and are open to new ideas. If you're looking to achieve growth, be sure you're challenging the status quo in your key operational activities such as human resources and financial planning. For example, you many need to encourage your employees to get involved in the decision-making process, to brainstorm strategic plans and share ideas on working smarter and faster. On the financial front, you should be looking at innovative financing alternatives from your banking partners, for example, that enable you to pursue growth, expand into few markets, develop your people and export. If you feel that you're not a risk taker, look for financing that provides you flexibility and a comfortable level of cash flow.

Develop your resources from within

            Women are born communicators, so to drive your business growth potential, be sure you build a strong learning organization. Encourage your people to take the initiative to develop and support risk-taking. Training your people means appointing mentors and coaches to cement the partnership between managers and employees. Most importantly, be sure you assess the full range of training vehicles readily available today, from Web-based learning to leader-led workshops.

Get the people you need and delegate

            As multi-taskers in business and their personal lives, women often have difficulty delegating responsibility. But if you've reached a plateau in your business, it may be because you have reached your own personal limits. Remember that you can't do everything yourself, so be sure to bring in the right talent to help you pursue your company's growth. Hire people who match your company's profile and who will help you achieve the growth you need.

Conclusion

            "Entering the new Century, I strongly believe that more efforts should be undertaken in order to ensure greater opportunities for women, who nowadays take the main burden of doing most of domestic work, supporting their families financially and morally, and often having not enough time and energy left for doing what they want to do most. I hope that in the 21st century, there will be a just and democratic society, where women and men can participate equally in all aspects of social, political and economic life. I hope, that the civil and political interests of women will be protected, women's economical independence (support to small business, loans to women entrepreneurs, etc.) will be increased, women's political participation will be strengthened, discrimination against women (violence against women, trafficking in women and children, etc.) will be eliminated, women's access to education will be expanded. I think that it is very important for women of diverse countries to consolidate efforts and get more international visibility for the purpose of uplifting the status of women in our communities and, indeed, in the whole world."

                     "Harmony of Mankind and Earth."

C. PAVITHIRA

M.Phil Scholar,

Depatment of Commerce

Periyar University, Salem-11,