Women’s entrepreneurship has been getting growing recognition over the decades across the world. Women entrepreneurs not only induce new jobs for themselves but also for others. They give society different results for operation, organisation, and business problems. Women-possessed businesses are playing a vital part in the upsurge of entrepreneurial exertion in the United States. It’s reported that the highest number of self-employed women is in Sweden followed by England, France, and the USA. Women are generally drawn to jobs in retail, dining, lodging, education, insurance, and manufacturing. In our country, women constitute only 5.2 percent of the total self-employed people in India. The maturity of them was decided for husbandry, agro-grounded diligence, crafts, handlooms, and cabin diligence but in 2011 it improved to 25 percent.
Women’s entrepreneurship is gaining significance in India in the wake of profitable liberalisation and globalisation. The policy and institutional frame for nurturing entrepreneurial chops, and conducting vocational education and training have widened the horizon for the profitable commission of women. Still, women constitute one-third of the profitable enterprise. There are scores of successful women entrepreneurs both in profitable and social fields in India.
Therefore, a stage has been formerly set for the social take-off of women from a low development path to an accelerated pace in achieving the advanced position of self-sustaining profitable growth in the wake of a new profitable policy in 1991.
According to Schumpeter’s conception,“ Women who introduce, imitate or borrow a business exertion are known as women entrepreneurs ”.
The government of India grounded on women’s participation in equity and employment of business enterprises has defined women entrepreneurs as “ An enterprise possessed and controlled by women having a minimum financial interest of 51% of the capital and giving at least 51% of the employment generated in the enterprise to women. ”
List of business opportunities for women
Setting up a laundry business
Setting up a laundry business is probably one of the best ideas for a woman entrepreneur. It not only requires comparatively lesser investment than all the other startups, but also requires lesser manual effort. All you need to do is invest in starting a new laundry company and keep the required amount of labour and earn the profit. There is a lot of growth potential in a laundry business as it is a day to day requirement and the demand for it will never fall.
Initiating a ladies club
For women who are not very tech savvy, opening up a ladies club is the best source of startup to begin with. All you need is a circle of women who admire you and people skills. WIth a ladies club, you can gather all the women and keep several activities for them or you can also help in guiding them towards the right direction. For example, if someone is unsure regarding what they will do, you can listen to their hobbies, jot down business that will be beneficial to them, and then give an overview of what will suit them best.
Blogging has in today’s time become a great source of income. If you are someone who loves to express their knowledge and emotions through words, blogging is the best way out for you. You get to earn a hefty amount doing what you like. All you need to do is figure out a niche around which your blogs will revolve. It could be travelling, food or even just what you do on a regular basis. Blogging has become so in trend that it is very rare that one will fail in it.
Freelancing is another great source of a startup idea for women entrepreneurs. You must have a skill set on which you plan to work with professionally. It could be writing, clicking photos, editing photos, graphic designing, fashion and so on. You have to set up a company, put it up online with an attractive and quirky website. Every time you get a client, you can set an amount based on the project and the workload and you are good to go.
If you are a woman from the art and culture background, selling handicrafts will be a great business opportunity for you. In these times, everybody looks up online to buy even the smallest of things. Be it house decor, a special gift or even handmade coffee mugs. If you have an idea of how to curate any such thing, just create a page or a website online and open the portal for the customers to order goods from you.
Social Media Manager
Social media manager is now a post that has become very famous among everybody. Social media being the connector of the worlds is now required for the promotion of everything. Be it for a new company that one is starting, a product launch, or even for an influencer to keep up with their page. Having good social media skills and knowing exactly what will increase the reach of a page will earn you great clients, as a result of which your business will surely flourish in this field.
Take an Online Course
If you are unsure about having any polished skill, the best thing to do is take up an online course that will help you decide what you want to do. It will incorporate and improvise the skill that you wish to continue with.
Challenges of Women Entrepreneurs
Though there’s tremendous growth in women’s entrepreneurship in India, several exploration studies conducted in India have brought out the following problems and challenges encountered by women entrepreneurs during their entrepreneurial trips.
1. Problem of Finance
The access of women to external sources of finances is limited as they don’t generally own parcels in their name. financial institutions don’t consider women in general creditworthy as they’re sceptical of their entrepreneurial capabilities. They put strict conditions which discourage women from availing themselves of loan backing from banks. In this environment, they’re pushed to calculate their savings and small loans from musketeers and cousins. Because of their limited finances, women entrepreneurs aren’t suitable to effectively and efficiently run and expand their businesses or to work on any business opportunity.
2. Limited Mobility
Indian women can not go to exfoliate their household liabilities towards their family indeed after they plunge into the adventure started by them. This severely limits the mobility of female entrepreneurs. Domestic liabilities don’t allow women entrepreneurs to freely move out of business enterprises in connection with business conditioning.
3. Lack of Education
Illiterate and semi-knowledgeable women entrepreneurs encounter a lot of challenges in their entrepreneurial trip with respect to maintaining accounts, understanding plutocrat matters, day-to-day operations of the company, selling the products, and applying technology, etc. This reduces the effectiveness of operating the business successfully.
4. Lack of Network Support
The successful operation of any adventure irrespective of the size depends upon the network of support extended by colourful constituencies like family members, friends, cousins, familiarity, neighbours, institutions, and so on. Women entrepreneurs need important demanded cerebral support and wiser comfort, especially during the time they encounter challenges. But it’s reported that women entrepreneurs get veritably limited support in times of extremity from the utmost of these constituencies.
5. Stiff Competition
Women entrepreneurs have to face acute competition for their goods from the organised sectors and their manly counterparts. Since they aren’t suitable to spend free heartedly due to financial constraints, they aren’t suitable to contend effectively and efficiently with the request.
Women are more prone to a variety of feelings. Being mamas, women are vulnerable to numerous feelings. They frequently exhibit compassion and empathy towards others. This particularity doesn’t allow women entrepreneurs to take objective opinions in numerous surroundings during running the entrepreneurial adventure. Besides, the weak feelings don’t allow them to tolerate failures and bummers arising during the normal course of their entrepreneurial trip. This inherently tones down the effectiveness of their functioning.
7. Lack of Information
Women entrepreneurs are reported not to be generally apprehensive of subsidies and impulses available for them due to their poor knowledge situations or due to their preoccupation with household liabilities. This lack of knowledge or limited knowledge about subsidies prevents them from serving themselves special concessions, benefits, and opportunities awarded by Government and other agencies.
8. Dependent culture
In India, women still educated and talented are prepped to be dependent on their parents, life mates, and children during the colourful phases of their life cycle. They couldn’t take opinions on their own in numerous surroundings due to this reliance factor. They’ve to take authorization from their support groups to engage in any purposeful and economic exertion. They aren’t treated as equals unlike women in western countries. This artistic hedge doesn’t allow them to start and manage their ventures according to their free will and pleasure.
Solution to the challenges faced by women
After having considered all of these challenges that women have to face in the work field, Quick Clean has come up with an equal space for all men and women. All you need to do is have a good business layout and partner with us. We will help you with all your requirements and also guide you to go in the right way. Bring your ideas to us and let us help you establish your business!
Women entrepreneurs contribute to a nation’s enhanced economic stability and progress. Women who start businesses are an inspiration to other women. Business for women encourages the creation of additional jobs for women, which ultimately contributes to closing the gender wage gap.