
There is a tide in the affairs of men,
Which taken at the flood, leads on to fortune…
- William Shakespeare
The Bard, as usual, got it right, though we wish he’d specifically included women too in these famous lines! No matter. Worldwide, women entrepreneurs are foraying into every kind of business, from home-based start-ups to global enterprises. Odds like gender-specific obstacles make the ride a bumpy one.
Personality traits
While some of us are intrinsically more suited to the challenges of business than others, there are also incidences where circumstances have forced women to develop entrepreneurial traits.
For some women, the desire to be independent, born out of dissatisfaction with their work environment is what drives them to become entrepreneurs. For others, it’s the flexibility of setting one’s own schedule and pace that makes them switch from a career. What’s common to all is the ability to take risks, spot opportunities in adversity, and sheer persistence. Studies have also revealed that women as entrepreneurs tend to rely greatly on intuition and relationships vis-à-vis men, who lean towards logic and efficiency.
Where do I begin?
Whether you’re ambitious, savvy or a born risk-taker or someone with a Big Idea but no clue how to proceed further, consider some of these essentials:
· Belief in what you want. Does your gut tell you its good? Go for it. Even if things don’t pan out right, you’ll have the satisfaction of knowing you went into a project that meant something to you.
· Doing your homework: That great idea is not of much use if there are already a zillion me-too’s out there. Studying your market and having a business plan is vital. And before you take the leap, have you a safety net in place?
· Going solo is a misnomer. In truth, you’ll find yourself donning many roles – CEO, marketing whiz, accountant, customer care representative, copywriter and perhaps, cleaning lady.
Obstacles
Any business is bound to have starting problems. Being a woman at the helm brings its own peculiar set of roadblocks:
· Access to investment avenues is easier for men who network socially with bankers, lawyers and potential investors. Without such readymade systems, a woman has to find her way around, working consciously towards tapping these resources for money and information.
· Women still lack a sizeable number and variety of role models in business, whose experiences and knowledge they can draw upon.
· Balancing family responsibilities and the demands of a new business can be daunting.
· We are our own worst enemies – self-doubt is a woman’s biggest challenge.
Can I really do it?
· You don’t need specialized or formal education to start off. Experience and determination count for more.
Dorothy J. White took on home-cleaning jobs after years of marriage and kids to supplement her husband’s income. Her sincerity and hard work soon translated into an increasing number of referrals. When her husband suggested that she turn her job into a business, Dorothy was incredulous. How could she, a high-school pass out and member of a minority community, ever hope to succeed? But begin she did, in a small way. After homes came office-cleaning contracts. Slowly, the business grew, with Dorothy availing of government programs to help women and minorities. Miracle Services, Inc is now a multi-million dollar enterprise, with Dorothy as its President. An inspiring tale of what passion and hard work can achieve!
(Source: Women Entrepreneurs Only by Gregory K. Erickson, Ernst & Young)
· You don’t need wealth either to start off. Seed money can come from banks, family or investors who fund newcomers.
In 1959, seven poor, semi-literate housewives from Gujarat, India, borrowed Rs.80 (around US$2) from a moneylender and social worker. Why? To earn just enough to lead a dignified life. On the terrace of one home, they would roll out papads or lentil dough roundels that would be dried and packed for sale. Over the years, the tiny enterprise snowballed as more women joined up and the Sri Mahila Griha Udyog Lijjat Papad grew into a cooperative of 42,000 employees. Their unique business model has since won international recognition. Talk about womanpower!
· The Internet – thanks to its phenomenal reach and low-cost operation, small businesses can compete with established players. On the Net, age is no barrier, either.
“If you think you’re too small to have an impact, try going to bed with a mosquito.” That was Anita Roddick, late iconic founder of Body Shop. Now, there’s something to ponder about!
Skeletons in the Closet
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