Creativity and Entrepreneurship drives a country's economic supremacy. However, most states ignore almost half of its immense entrepreneurship capability - it's power. Although, this millennium is showing a lot of promise regarding Creativity Entrepreneurship. Initiatives taken by many reports indicate that we have a long way to go.
"Female entrepreneurship continues on an upward trend globally. The latest research shows that women’s entrepreneurial activity is up 10%, closing the gender gap by 5% since 2014. In the past year, 163 million women were starting businesses across 74 economies worldwide, while 111 million were running established businesses. Among the 63 economies surveyed in both this and the last report produced in 2015, GEM found that Total Entrepreneurial Activity (TEA) among women increased by 10%, and the gender gap (ratio of women to men participating in entrepreneurship) narrowed by 5%. These same economies show an 8% increase in women’s ownership of established businesses."
Source : https://www.gemconsortium.org/report/gem-20162017-womens-entrepreneurship-report
However, in most economies across the world, this number is incomparable to the equivalent statistics for men. The whole concept of entrepreneurship appears masculine and intimidating.
The wheels of change have started to turn in Asia, where we are witnessing an increasing number of women entrepreneurial initiatives. However, despite many examples of successful women entrepreneurs in the region, they do not seem to be as visible as male entrepreneurs. Women entrepreneurs face many more challenges than their male counterparts do.
1. Many women entrepreneurs face challenges even in their choice of business. In most male-oriented societies, women play the role of a caregiver in the family. A responsibility they cannot sacrifice on any account. Hence any entrepreneurial initiatives that women take up cannot compromise this role. Most women consider predominantly home-based business options. Even within this scenario, many women juggle their time and attention between fulfilling familial responsibilities and running their establishments, which can be quite a challenge many times. These drawbacks pull women back into the comfort zone of their homes and jobs.
2. A large percentage of women still lack the essential skills required to run a successful medium- to large-scale business. While education is often not the issue, technical knowhow, financial knowledge, managerial skills, and the work experience required to establish and grow a business are lacking.
3. Financial restrictions often hinder women from scaling up their enterprises - they often struggle to receive long-term financial investments for moving to the next level in business.
4. The entire business ecosystem for women is weak, with hardly any networking happening in this entrepreneurial scene. The single-unit entrepreneurial establishments and multiple responsibilities rarely leave any time for such activities.
Despite these challenges, women entrepreneurs do have hope since there is growing awareness of the need to correct these imbalances.
1. A key change seen in many economies is the acknowledgement that women entrepreneurs make a significant contribution to the economic growth of a country. Many organizations are now hosting programs to educate and train entrepreneurs. Many home-grown incubators were supporting women entrepreneurs. A strong network of successful women entrepreneurs playing the role of mentors, teaching others, and investing in new ventures is immensely supporting women to follow their entrepreneurial dreams.
2. Successful women entrepreneurs can lead by example. Their accomplishments have to be publicized so they can serve as an inspiration.
3. Social media can help build a strong network of women entrepreneurs who can share their lessons and experience and support each other mutually to succeed.
4. Of course, revised government policies and social welfare initiatives that help create a conducive atmosphere for gender-independent growth options will also be a great support.
Women entrepreneurs have realized their capability and are ready to partner with men to build the economic future of their country. All it need is a platform where they can sharpen their skills, a network where they can share their experiences. This requires an integrated support system that will help them manage their multiple responsibilities at home and follow their dreams with confidence.
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