Changes That a Woman Entrepreneur Brings About
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The number of women who are emerging as entrepreneurs in India has definitely changed the way businesses are thought of now. Previously, the idea of an entrepreneur typically was of a man, in a corporate setting who would call the shots in a boardroom set up. However, a number of factors have now brought about a sea change on how we imagine entrepreneurs and the way they conduct business.
A number of women, especially moms, are helming businesses and creating products and services that reflect their experiences or address problems which are unique to women and the roles they play in life, be it of a mom or a wife or the one who calls the shots at home. Women entrepreneurs are uniquely positioned to be able to address problems since they have similar or same experiences which feeds into the solution they are creating. This, in turn, gives them an edge over male entrepreneurs who solve for women’s problems as they may not have the same perspective or understanding of the problems.
Increasing education levels and easier access to technology, e-commerce websites and social media are breaking down the barriers for women to seize the opportunity and become entrepreneurs. The fact that people have higher disposable incomes is positively influencing this trend and giving it the right thrust.
Previously, when women faced an unmet need, they wouldn’t be able to resolve it due to lack of resources, both financial and material. However, it is not the same anymore. New e-commerce portals, technological advancements and social media channels are making it easier for women entrepreneurs to realise their dreams of solving for problems which went unaddressed previously.
A number of female entrepreneurs are making the most of their learnings and contacts from their corporate career which they left after becoming moms and applying those to set up businesses which offer solutions. Female entrepreneurs find it is much more difficult for them to get funding as compared to male entrepreneurs and initially they use their capital to build a product or a service which resonates with women. This, in turn, drives word-of-mouth for their brands both online and offline. Since women spend more time on the Internet and social media channels compared with men, it becomes easier to identify and reach out to the right target audience early on. A lot of moms turned into bloggers at the turn of the century and this community is now more than willing to help other moms reach out and spread the word on their behalf.
Today, women can start a business from the comfort of their homes with a laptop and an Internet connection and unlike in the past do not require a prerequisite set up which involved capital and manpower. Family support and house help has made it easier for women to be able to juggle responsibilities at home and meet the demands of being an entrepreneur.
Another important factor that is contributing to the rise of women entrepreneurs is the willingness to spend on quality products which are also sustainable rather than just being functional. This, in turn, offers a viable opportunity for brands to focus on creating high quality products that resonate with their consumers’ beliefs and ideas of sustainability. New certifications and organisations working on bringing transparency in sustainability are helping brands achieve this goal.
Working moms are adept at multitasking and becoming an entrepreneur demands that they make the most of this skill. Entrepreneurship also offers women the freedom to work on their own terms and choose how they spend their time which is often not the case with a job. Flexibility, new opportunities to expand their horizons and passion are just some of the reasons why more women are willing to don the hat of an entrepreneur and give traditional career paths a miss.