How Women Entrepreneurs are Overcoming the Startup Challenges
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There was a time when women were either only consumers or less paid employees to businesses, and entrepreneurship among them was rather exceptional. Both social and economic factors were discouraging to women entrepreneurs until the late nineties. Then comes the era of IT and the Internet which has drastically changed the business landscape and the whole world got shrunk into a virtual market where selling innovative ideas and concepts was much easier than ever before.
By the mid of the present decade, digital transformation becomes a common phenomenon across industries that have powerfully catalysed the startup culture all over the world but particularly in India. Amidst this changing business scenario there emerges a breed of women entrepreneurs who are equipped with knowledge, foresight, and determination to excel in professional lives. Although some challenges are still there, they can’t be associated with women exclusively; they are rather common to every startup. And, those who are armed with sharp acumen and intellect are successful to make a distinct niche.
Every startup faces some difficulties and challenges in the initial phase, and women entrepreneurs are no exception to it. Small seed capital, recruiting the best talent in the industry, limited marketing budget, leveraging traction, and maintaining a balance between business and family life are some of the top challenges that almost every entrepreneur come across in the business world.
And, women entrepreneurs are not lagging behind in beating these challenges. Most of the time, they keep their organisations lean in structure and all of their key people, including founders perform multiple tasks. And, over a period of time, this becomes the culture of startup companies. Successful women entrepreneurs believe in providing enough opportunities to their employees for showcasing their talent and creativity. They recognize and reward the creativity, dedication, and exceptional work spirit of their employees.
Curbing Challenges Through Effective Communication
Good interpersonal skills are key to convince people both inside and outside the organization and being emotionally balanced and soft-spoken, women entrepreneurs have an edge over their male counterparts in influencing the people. Once the team starts obliging the leader and vendors deliver the exact demands, the business eventually finds the right track and achieves smooth growth.
People and ideas are the two most valuable assets of a startup and if women entrepreneurs have a knack of leading the people, then frustration will never touch her. If one studies the personalities of shepreneurs in the present age, it wouldn’t be wrong to say that in most of the cases, their powerful communication skills is a common attribute to success.
Taking Advantage of the Changes in the System
Moreover, the booming startup culture in India is not just enhancing country’s GDP, but at the same time, it is empowering women entrepreneurs and garnering them with better business opportunities in both physical and virtual landscape. Recently, the government's decision to source 25 per cent material from SMEs and 3 per cent from only women-owned SMEs for public institutions have further reinforced startups run by women entrepreneurs.
Also, the government’s announcement of launching an online portal that can sanction loans up to INR 1 crore, within 59 minutes is quite helpful to startups in overcoming many financial challenges. Besides, the ongoing digital revolution is enabling them to sell their products through e-commerce portals, and smart shopping apps are further facilitating their growth. Now, they don’t require a massive investment to start a business; they don’t need a posh office space to execute the things. With a laptop and Smartphone, they control demand as well as supply.