Female Entrepreneurship: Skills, Challenges, and Significance

This report provides an in-depth analysis of female entrepreneurship, beginning with an overview of entrepreneurship and its impact on the economy. It highlights the significance of female entrepreneurs and the socio-economic benefits they bring. The report then delves into the challenges women entrepreneurs face, such as competition, funding limitations, work-life balance issues, and lack of support. It also reflects on essential entrepreneurial skills and competencies, including risk-taking, communication, and passion, while suggesting areas for further development, such as creativity, tolerance for ambiguity, and leadership skills. The report concludes by emphasizing the importance of eliminating gender-based inequalities to foster a more inclusive and prosperous entrepreneurial ecosystem.

Running head: MANAGEMENT
International Relations
Name of the Student:
Name of the University:
Author Note:

1MANAGEMENT
Executive Summary:
The aim of the report is to provide an insight into the aspect of female entrepreneurship. The
report begins with a discussion of the concept of entrepreneurship and the significance towards
the economy. The report also discusses the importance of female entrepreneurship. There is also
discussion regarding the challenges faced by the women entrepreneur. Further, the report also
reflects on entrepreneurial competencies and skills and how they might be further developed.

2MANAGEMENT
Table of Contents
1. Introduction:................................................................................................................................3
2. Definition of Entrepreneurship and Significance to Economy....................................................3
3. Significance of the Female Entrepreneurs...................................................................................6
4. Evaluation of the Challenges of Female Entrepreneurship.........................................................7
5. Reflection on the Entrepreneurial skills and Competencies and how to develop it Further........8
7. Conclusion:..................................................................................................................................9

3MANAGEMENT
1. Introduction:
The report aims at providing an insight into female entrepreneurship. An entrepreneur
represents an individual who instead of working as employee finds and runs a small business
assuming all the rewards and risk associated with a venture. An entrepreneur is commonly seen
as innovator who is also source of new goods, ideas, services, procedures and business. Women
Entrepreneur represents a person who accepts the challenging role in meeting the personal needs
and become financially independent. In present times, increasing number of woman are
becoming leaders in their own business with many struggling in achieving success. Female
entrepreneurship however acts as an important tool in enabling the women empowerment. The
development of the women as entrepreneur will put forward socio economic benefits for country.
The report commences with an introduction of entrepreneurship and its significance towards the
economy. The report highlights the significance of the female entrepreneurship and the
challenges it faces in the process. The report also provides a reflection on the entrepreneurial
skills and competencies and how it might be developed.
2. Definition of Entrepreneurship and Significance to Economy
Entrepreneurship refers to the process of launching, designing and running of a newer
business that was initially smaller business (Kuratko 2016). The people responsible for creating
the business are known as the entrepreneurs. In other words, entrepreneurship is described as the
willingness and the capacity to organize, develop and manage the business venture including the
risk for making a profit. However, in the field of economics, Entrepreneurship captures the
innovative activities on part of the established firms and similar activities for the new business
(Nielsen et al. 2016).

4MANAGEMENT
There have been various studies carried out on the various aspects of entrepreneurship
both in the Indian and the international perspectives. In the Indian perspective, there have been
various researches for understanding the various aspects of female entrepreneurship.
Krishnamoorthy and Balasubramani (2014) identified the vital motivational factor of
entrepreneurial women. The study helped in identifying the ambitions, skills, family support,
knowledge, market opportunities, government subsidy, independence and satisfaction that act as
key motivational factors of the entrepreneurs. The study concluded on a note where ambition,
skill and knowledge, independence and the dimensions of the entrepreneurial motivations have
significant impact on the entrepreneurial success. Palaniappan and Ramanigopal (2012) in the
research undertook an analysis where women have become successful in breaking the barriers of
limits of their homes by entering various types of professions and service. This study undertook
an analysis of the motivational and the other factors that influences the women in becoming
entrepreneurs, the weakness and strength of the women entrepreneurs and environmental threats
and opportunities in promoting entrepreneurship while offering suggestions for promoting
women entrepreneurship in Tamil Nadu. The study put forward a conclusion that lack of
education and training forces them to retire from the market. Besides, they also face challenges
with Finance.
In the international perspective, Sarfaraz, Faghih and Majd (2014) in their research
analyses the degree at which the entrepreneurship impacts the economy depends on various
factors that include gender composition, quality and the kind of entrepreneurial activity. The
research investigates the relation between the women entrepreneurial and the economic
development. The research also shows relationship between gender-related development indices
and the various stages of the entrepreneurial activity of the women. According to Jennings and

5MANAGEMENT
Brush (2013), this particular research is based on the three key objectives. The first objective was
related to the work known as the research in the female entrepreneurship. The second objective
lay in accessing contributions of the work and the third objective lay in discussing both the
opportunities and the difficulties of scholarship on the female entrepreneurs. The third objective
involved consideration of the entrepreneurial activity embedded in the families that resulted in
necessities as well as opportunities with the entrepreneurs pursuing the goals beyond the
economic gain.
The Significance of the Entrepreneurship to the Economy is as follows:
 Entrepreneurship helps in Making Additions to the National Income: The
entrepreneurial ventures helps in generating newer wealth. Existing business often
remains confined to scope of the existing market and hits glass ceiling when it comes to
income (Chavan and Murkute 2016). Newer and improved service, product or technology
from entrepreneurs will enable the development of the new market and the creation of the
new wealth.
 Entrepreneurship helps in Creating Social Change: The unique offerings in the form
of newer goods and services helps the entrepreneurs in breaking away from the tradition
and indirectly supporting the freedom through reduced dependence on the obsolete
technologies and the systems (Kickul and Lyons 2016). This results in the improved
quality of the life, enhanced morale and better economic freedom.
 Entrepreneurship helps in the Community Development: Entrepreneurs regularly
nurture the venture put forward by the likeminded individual (Schaper 2016). They are
also known for investment in the community projects and also provide financial support

6MANAGEMENT
to the local charities. Entrepreneurship also helps in further development of their
individual ventures.
3. Significance of the Female Entrepreneurs
The investment of the woman with the entrepreneurial activity and the economic power
helps in strengthening their autonomy and influencing their personal and the economic scope
(Hasan and Almubarak 2016). The core condition towards the security of women lies in ceasing
their helplessness and dependence whose key factor lies in investing women with the power at
the individual level by supporting creation of the autonomy, economic independence and the
social level by promoting equal access towards the social, political and the power towards the
formation of an opinion.
Female entrepreneurship activity provides the women not only with the power to earn in
the own right but independently prosper, reduce insecurity in regard to ability of taking to the
children while encouraging the other women in striving towards assuming the autonomy in the
personal, economic and the political senses for making the independent decisions and standing
for themselves and environment (Wells 2014). In comparing with the work performance as
employees in terms of the patriarchal values set, it has been found that higher proportion of the
women are opting to become entrepreneurs. Thus, strengthening the enterprise will strengthen
the proportionate participation of the women in the process of decision-making of the societies.
Besides, economic independence of female entrepreneurs, deployment of self assertion skills,
assumption of responsibility for themselves will enable increasing proportion of women in
recognizing their skills, strengthening, acquiring economic independence and representing the
values of the society that goes beyond the patriarchal set of the values that includes welfare of

7MANAGEMENT
the helpless people and the children, preserving the security and the environment and care
giving.
4. Evaluation of the Challenges of Female Entrepreneurship
These include (Ramadani, Gerguri-Rashiti and Fayolle 2015):
 Tough Competition against the Male Counterparts: Since a long time, aspects of
entrepreneurship have been dominated by the men. So the female entrepreneurship might
face immense challenge from the male counterparts.
 Limitation in Funding: Funding represents a crucial factor in starting a business. Most
women in India do not have the property or assets in their name. Hence, they encounter
the problem of applying for the loans due to the lack of the collateral. Most women
running their own business face the problem of funding.
 Managing Work Life Balance: Running a business for long hours makes it challenging
for a women. In case of the working mothers, taking care of the children takes immense
lot of energy and time sometimes forcing them in giving less priority to the business.
 Minimum Amount of Support: A new venture in the entrepreneurial world calls for
immense support. Sadly, in certain cases, women are left on their own with no single
person for guiding them. In the present day scenario, it is vital to have role models and
experienced mentor. It really becomes challenging for the women with no support from
the family and the friends.
 Insufficiency in Education: Female entrepreneurs who do not have a formal education
might face various problems when it is related to the business development, managing of
the accounts, understanding the money matters or the running of the business on a day to

8MANAGEMENT
day basis. Lack of information and skills might reduce the chances of business in
becoming a success.
5. Reflection on the Entrepreneurial skills and Competencies and how to develop it Further
The role of the entrepreneurship has increased dramatically due to rapid and intensified
competition level fuelled by forces of technological advancement and globalization.
1. Willingness in Taking Responsibility and Risk: This is considered as one of the
strength points of an efficient entrepreneur. It has however been confirmed that the willingness
in taking risk are considered the compulsory attributes of the entrepreneurship.
2. Possessing Communication Skills of the Advanced Level: This is also considered as
one of the strengths points. It has however been stressed that entrepreneurs should accomplish
their task through the other people, their ability of working, communicating and understanding
holds importance. Thus, effectiveness in verbal or written communication is necessary for the
performance of the venture and in developing a large social contact list.
3. Immense Level of Passion towards Business: This particular entrepreneurial skill
and competency plays key role in making of a successful entrepreneur at the global scale in
future. It is therefore an undisputed fact that successful entrepreneurs across the world such as
Bill Gates of Microsoft and Steve Jobs of Apple had immense passion towards the business
projects that has led to their achievement levels.
Areas that Needs Further Development

9MANAGEMENT
It has been found that in addition to the above skills and competencies, there is a need for
further development that would enable the entrepreneurs to effectively operate in a highly
competitive market.
1. Development of Personal Level Creativity: This is necessary as it helps the
entrepreneurs in developing creative business idea and implementing them dramatically due to
intense market competition. It also plays a role in determining the competitive edge of the
business
2. Ensure Increased Tolerance Level for Ambiguity: Entrepreneurs need to possess
this particular skill as it would allow them in developing a comfort level in situations where
alternatives, variables and the outcomes remains poorly defined .
3. Development of the Leadership Skills: Entrepreneurs need to be effective and strong
leaders for attracting an additional workforce that helps in determining the success of the
business.
7. Conclusion:
On a concluding note, it can be said that elimination of the hierarchical relation in terms
of intergender will result in indispensable changes in regard to determination of priorities of the
society, creation of the opportunity of the global process in different direction. The report also
portrays that increasing power of the women acts indispensible in creating and maintaining a
genuine influence and changing the set of patriarchal values that rushes the world towards the
danger. The report also discusses challenges. It also puts forward entrepreneurial skills and
competencies for putting an end to the power and economic inequalities.

10MANAGEMENT

11MANAGEMENT
References:
Chavan, V.M. and Murkute, P.A., 2016. role of women entrepreneurship in Indian economy. Int
J Sc Tech Manag, 5(3), pp.231-238.
Hasan, F.S. and Almubarak, M.M.S., 2016. Factors influencing women entrepreneurs’
performance in SMEs. World Journal of Entrepreneurship, Management and Sustainable
Development, 12(2), pp.82-101.
Jennings, J.E. and Brush, C.G., 2013. Research on women entrepreneurs: challenges to (and
from) the broader entrepreneurship literature?. The Academy of Management Annals, 7(1),
pp.663-715.
Kickul, J. and Lyons, T.S., 2016. Understanding social entrepreneurship: The relentless pursuit
of mission in an ever changing world. Routledge
Krishnamoorthy, V. and Balasubramani, R., 2014. Motivational factors among women
entrepreneurs and their entrepreneurial success: A study. International Journal of Management
Research and Business Strategy, 3(2), pp.13-26.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Nielsen, S.L., Klyver, K., Evald, M.R. and Bager, T., 2017. Entrepreneurship in theory and
practice: paradoxes in play. Edward Elgar Publishing.
Palaniappan, G., Ramanigopal, C.S. and Mani, A., 2012. A study on problem and prospects of
women entrepreneurs with special reference to Erode District. International journal of physical
and social sciences, 2(3), pp.219-230.