WOMEN ENTREPRENEURSHIP: TURNING CHALLENGES INTO OPPORTUNITIES

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Entrepreneurship is an act of being an entrepreneur, one who undertakes innovations, finance and business intelligence in an effort to transform innovations into economic goods. It may result in new organizations, revitalizations of mature organizations in response to a perceived opportunity.

Submitted: June 17, 2013

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Submitted: June 17, 2013

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Entrepreneurship

Entrepreneurship is an act of being an entrepreneur, one who undertakes innovations, finance and business intelligence in an effort to transform innovations into economic goods. It may result in new organizations, revitalizations of mature organizations in response to a perceived opportunity.

Importance of an Entrepreneurial Economy:
The characteristics of an entrepreneurial economy are high levels of innovation combined with high level of entrepreneurship which results in the creation of new ventures as well as new sectors and industries. An entrepreneurial economy allows individuals to establish their own earning business setups even on different scales (small or huge organizations) and so for staying in the market everyone tries to come up with new and innovative products and services. Thus promoting more of research and development in the business sector which ultimately results in more competitive offerings internationally and globally. Hence, keeping the country’s offerings valuable in the international market.

Entrepreneurship in Pakistan:
Here I have tried to highlight the barriers in path of entrepreneurship in Pakistan, and have mentioned a few solutions for its implementation to achieve higher economic growth in Pakistan.

The foul policies of the government of Pakistan that has just served a few elite and powerful people and rent seeking culture has crippled the innovation of products and almost ended the trend of research and development in Pakistan

By ensuring rule of law, removing the instruments of rent seeking, new growth strategy based on researched knowledge and overcoming the energy crisis are the major factors that if implemented correctly in Pakistan, can bring prosperity in economy while rescuing many from the poverty and deprivation trap.

Women Entrepreneurship: Turning Challenges Into Opportunities

Women Entrepreneurship the Emerging Workforce in 21st Century: Turning Challenges into Opportunities

Ayesha Kalim

Innovative Educational Solutions (IES), Lahore

Women entrepreneurship turning challenges into opportunities.

This conceptual paper indicates and emphasizes the women entrepreneurs as the potentially emerging human resource in the 21st century to overcome the economic challenges in global perspective. Women of 21st century is no more a traditional resource confined to homes only rather an educated, knowledgeable and innovative part of the overall population possessing the capacity to transform economies into thriving enterprises. Developing and developed nations have realized that developing women entrepreneurship is indispensible to flourish as economically dominant nation in the modern high-tech world. Therefore, creation of platforms and networks for entrepreneurial culture are prominent issues globally. 

Key words: 

Entrepreneur: individual holding vision for creating opportunities for economic growth.

Challenges: impediments on the way towards achievement of final goal. 

Opportunities: chances for developing professionally or personally. 

This is a concept paper and the researcher has adopted the method of reviewing different research articles, research journals, and case studies, to collect data about entrepreneurship and woman entrepreneurship which is consequently incorporated as a concept paper drafted by the researcher. 

Introduction

Entrepreneurship has been globally felt as a developmental & progressive idea for business World. Scott, (1986).  Therefore entrepreneurship is considered as vital ingredient for not only globalization but at the same time for creating diverse opportunities for future potential performers. Mitra, (2002).  To exploit the human resource to their optimum potential is one of the greatest challenges faced by innumerable business organizations in the contemporary economic world, where progress is quantified and consumed as an entity. Brush, (1992). 

Entrepreneurship is not just confined to any one gender now rather due to multi-faceted economic pressures women have turned up & realized that the survival of their families & their own potential lies only in working side by side with men. Marlow, (2002). 

Education of woman have no doubt given them immense confidence & encouragement to serve & discover new business avenues. However the ground realities do differ to a great extent as far as geographical boundaries are concerned.  Globally women are considered as weaker gender physically and emotionally, therefore prospects open for them to develop into business professionals is an area still quite unexplored and needs attention. Wennekers, (1999).  Overcoming the challenges of business world are no doubt more treacherous for women than their male counterparts, therefore they undergo various impediments to achieve their business success. Allen and Truman, (1993).  Fortunately due to technological advancement & means of communication the world has turned into a global community which has created new channels & opened up avenues for women to explore not only their potential aptitudes rather search for better business opportunities. Carter, (2001). 

Entrepreneurship for Women

A question arises here that what entrepreneurship means for a woman?  How a woman conceives the idea of entrepreneurship? 

Entrepreneurship is an idea or vision which a woman holds to explore and optimize which could help her create new jobs & economic empowerment among her fellow beings.  Across the globe, generations of women from very different backgrounds show very encouraging sign of entrepreneur spirit. It is to be hoped that governments at all levels will work to provide an environment in which this spirit may flourish. Delmar, (2000).  Over 200 million women are employed across all industry sectors, with half of this number is in developing countries. Gem report, (2007).  Entrepreneurship by definition implies being in control of one’s own life and activities

 For a woman entrepreneurship is not a new concept but certainly keeps woman hesitant to be among startups due to societal and community trends and pressures. Many other factors do influence to keep woman away to be potential entrepreneurs especially in developing countries.

Developed nations have provided gender equality platforms to keep the woman workforce motivated to be entrepreneurs. However, women still face financial insecurity, business insurance & human resource challenges plus resistance from their male counterparts to be successful woman entrepreneurs. 

Motivational factors for woman entrepreneurs

Contemporary trends in business world have increased the fertility rate for entrepreneurship development globally.  Large organizations lead to challenging situations in all spheres therefore small & medium scale enterprises are encouraged to open up new business avenues with new and diversified products and services to satisfy the consumer needs by cutting costs at the same time. Delmar, carter and jones, (2000). 

Motivational factors influencing woman to join the leading group of entrepreneurs are of two types. One is entrepreneurship by choice, and the other is entrepreneurship by necessity. Schumpeter, (2000).

Women become entrepreneurs by choice due to the following factors:

·To materialize their idea into a capital 

·For their empowerment and freedom 

·To prove their worth among their male family members 

·To establish their own rules for their work 

·To overcome the deficiencies they faced during their job experience

·A long term standing desire to own their own company

·Working for someone else did not appeal to them

·By necessity they are motivated to be entrepreneurs are:

·To improve the quality of life of their children

·To share the family economic burden

·To adjust and manage household and business life successfully on their own terms

·Due to the death or sickness of their husband.

Tips on successful entrepreneurship

Key ingredient of a successful entrepreneurship venture is honest people and there is no extra effort needed to select such people, as 99.99 percent people are inherently honest.Khalid Awan, Co-Founder and Chairman, TCS Group said what is more important is the system they work in because this is what absorbs and molds people and makes them honest.
Delivering a lecture on ‘TCS-A Case Study of Entrepreneurship in Pakistan’ he said TCS had achieved many milestones by operating on a business concept that continues to gain strength, as it has all along understood primary customer needs.
The result is TCS today leads Pakistan’s courier sector and continually sets benchmarks to improve the overall quality and standards of the industry.
Recounting the various milestones achieved by TCS, it is a source of great satisfaction for him TCS is recognized and respected today as a professional, innovative, profitable, information and knowledge-based logistics and services-based enterprise and is fast growing into an important regional and global player.

How Entrepreneurs Come Up With Great Ideas

At the heart of any successful business is a great idea. Some seem so simple we wonder why nobody thought of them before. Others are so revolutionary we wonder how anybody could've thought of them at all.

But those great ideas don't come on command. And that leaves lots of would-be entrepreneurs asking the same question: How did everybody else get inspiration to strike—and how can we work the same magic?

Ideas for startups often begin with a problem that needs to be solved. And they don't usually come while you're sitting around sipping coffee and contemplating life. They tend to reveal themselves while you're hard at work on something else.

 


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