Over the past few decades, there has been a significant increase in female entrepreneurship. More women are choosing to launch their businesses and participate in the world of business creation, one of the rapidly expanding facets of entrepreneurship globally. But in the past, women who made these choices encountered several barriers and resistance in terms of treatment, financial support, and juggling job and family obligations. Additionally, prior studies on female entrepreneurship and how it relates to societal change demonstrate that the development is influenced by external elements including governmental institutions, attitudes, and fundamental assets.
The goal of this study was to emphasize the fast changes that society has seen over the past few decades, what those changes signify for female entrepreneurs, and their current position in that society.
Semi-structured interviews, the basis of this qualitative study’s empirical findings, are based on an inductive methodology. The technique is based on Gioia’s (2012) approach with the aim of spotting trends and themes that can lead to insightful conclusions about the subject at hand.
DIFFICULTIES IN WOMEN’S ENTREPRENEURSHIP DEVELOPMENT
In India, female entrepreneurs face numerous challenges. Women who run large businesses are quite rare. The majority of their work is in small-scale industries. They encounter numerous difficulties starting and operating of business, and most of the issues are related to management and money.
- Social behavior: This is thought to be the biggest hurdle standing in the way of female entrepreneurs. Despite the equality guaranteed by the constitution, discrimination against women is more pervasive. Women do not receive equal treatment in a culture that is controlled by men. This is particularly true in India’s rural areas. Rural women are capable, but they rarely receive proper training. It’s a prevalent misconception that a female loses her skill when she marries. As a result, girls continue to work as domestic servants and artisans, and their inflexible attitudes hinder them from starting profitable businesses that rely on them.
- Education luck: In India, over 3/5 of women, or 60%, are still illiterate. The main factor causing social and economic issues is illiteracy. Women are less educated, and the education they do have is of poorer quality, therefore they lack market, business, and technological skills. Low achievement motivation among women is also a result of a lack of education. The establishment and operation of businesses are greatly hampered by the lack of education.
- Limited mobility: Women’s mobility in India is less than that of men. She’s not inside travels frequently and spends more time away. Her range of motion is so limited. This has effects on business as well.
- Family connections: In India, taking care of the family’s children and other members falls primarily on the shoulders of the women. Women’s participation in the workforce is considered as requiring the support and permission of their spouses.
- Intense competition: Women entrepreneurs typically lack well-established organizations and a significant budget for advertising and canvassing. As a result, they must compete fiercely with both of their male counterparts to sell their products; this competitiveness ultimately leads to the closure of women-owned businesses.
- Financial issue: Since women entrepreneurs typically do not own property in their names, they face financial difficulties.
- Gender differences: As with other entrepreneurs, women face a lack of working capital and enough financial resources. Gender has long been a key topic of discussion for entrepreneurial activities. Due to their inability to offer concrete assurance, the lead has limited access to outside finances. Additionally, banks have adopted a pessimistic outlook when offering credit to female business owners. Due to this, female business owners are compelled to rely on their funds and loans from family and friends.
DEVELOPMENT OF WOMEN’S ENTREPRENEURSHIP STRATEGY
Some psychological and sociological modifications must be made in the system to encourage women to shed their conventional roles and obligations.
- Women must work more to influence people’s attitudes and advance their status in society at large.
- Women must be encouraged to act appropriately and at the appropriate moment.
- Women who are successful in business must give their all to support other women in starting and maintaining their enterprises.
- All female business owners should band together and form cooperative societies to ensure the smooth operation of their respective sectors.
- It is necessary to promote women’s entrepreneurship as an essential and valuable element.
- It is occasionally necessary to document research and applications on women entrepreneurs.
- Government policymakers need to reassess their plans for encouraging women to pursue entrepreneurship and higher education.
- Women should be informed of the many lending options, financial incentives, and subsidies available.
- Constant reinforcement is needed to ensure the development of women entrepreneurs.
Due to industrialization, urbanization, globalization, and educational progress, women are now pursuing productive engagement in a variety of professions. Entrepreneurial women will be able to make money and achieve financial independence. since social Women who network will gain self-assurance, awareness, and the capacity to mobilize environmental support. In addition to the women’s health, education, and skill levels improving, this will also enhance the women’s living conditions since they will be able to use cleaner fuel, better homes, better sanitation, amenities, and infrastructure resources.