ENTREPRENEURSHIP – A NEW DOMAIN FOR WOMEN by Prof. Iqbal M. khan.

ENTREPRENEURSHIP – A

NEW DOMAIN FOR WOMEN

by

Prof. Iqbal M. khan

Entrepreneurship—A New Domain for Women

Nations striving to increase productivity cannot afford to underutilize vital economic resources—male or female.

As women have become better educated, better trained, and more committed to careers outside their homes. The Dilemma grows.

Women are now routinely doing things seldom allowed in earlier times.


The vast majority of women still labor

in low-paying “female” occupations.

Own only a negligible proportion of

the capital assets of this country.

Entrepreneurship as a career option

for women, became popular in late

1990s.


Women will, in time, take their place among

the great business leaders of our country.

How soon this change will occur depends

on how quickly our society removes the

discriminatory barriers and how rapidly

women train themselves for the complex

problems facing today’s business leaders.


Unfortunately the discriminatory barriers will take time to erode.

One thing that women want is to enter the economic mainstream of our society, not only as workers with responsible and equal positions but also as owners of their own business.


Why do Women become Entrepreneurs?

A female dream of owning her own business and reaping the economic, psychological, benefits of the hard work, determination and perseverance.

A female dream of owning and operating their own companies

There is a rekindling of the entrepreneurial spirit in women-a spirit that was in our grandmothers.


Women as Entrepreneurs Today more and more women are beginning

to view business ownership as a viable career option

A means to achieve economic independence, upward mobility and self-fulfillment.

Who is the new female entrepreneur? The common thread that binds these women

together is the entrepreneurial spirit.


Women as Entrepreneurs The spirit is the ability to have the

creativity, imagination, and drive to create something from nothing.

Spirit that surfaces daily in every woman, from those who organize charities to those who make last year’s dresses look like this year’s fashion.

What is causing this revival of the entrepreneurial spirit?


Women as Entrepreneurs Economic freedom and power are

fundamental to achieving equality. Increasing numbers of women who want

to learn to mange their own financial affairs.

Just beginning to understand that power is measured in dollars.

Women are tired. We also want equal access to equity, to

ownership of the capital and myths that we can’t or shouldn’t mange money.


Women as Entrepreneurs That we can’t balance checkbooks, That we are poor credit risk That we are “hobbiests” rather than serious

businesswomen. Despite desire for success, women are not

making it big The terms career woman and married

woman Today’s the new term is working woman

and we are indeed working.


Women as Entrepreneurs Today’s working woman is increasingly

serious about her career, no longer viewing it as a way station to marriage or a job she holds to pay children’s college bills.

What does all this mean in terms of the future of entrepreneurship for women?

It means that more and more bright, well-educated, and ambitious women will begin to beat their head against .


Women as Entrepreneurs

Will decide to take on the risk of business ownership for the potentially greater financial and personal rewards of fulfilled ambition.

Found that women are no different than men in their entrepreneurial drive

It tends to be more difficulty for women than for men to live out this drive.

Made strangers to the business environment.



From birth we are told to sit still and be polite, whereas little boys are encouraged to excel and to be adventuresome

Women enter the entrepreneurial game with a handicap.

Have been raised outside the mainstream of business and finance and have been steered away from the entrepreneurial playing arena.



Inhibited and sometimes prohibited from taking courses and jobs that would have taught us the skills and enabled to amass the money and the management track record that are the equipment of an entrepreneurial player.

Women trying to enter the entrepreneurial game faces additional obstacles that men do not face.


Women as Entrepreneurs That business ownership is a valuable career

alternative women need to explore further. Have the courage, the persistence, and ability You must understand the entrepreneurial

game The incredible sense of freedom ad pride that

owing your own business work you. You are women who have broken the mod of

male entrepreneurs wining by your own rules.



Women tend to work not in order to

have flashy re Cadillacs, as some male

entrepreneurs do: they tend to work to

achieve self-fulfillment.

They also refuse to put their personal

lives aside for their professional lives.


Why do Women become Entrepreneurs

They felt ownership was the only way

that they could find an outlet for their

creative intelligence, ambition and drive.

They felt that their sex made them

outsiders in the traditional business

structures and limited their opportunities

for achievement.



Martha Stuart Communications –a

business that produces videotapes on

social issues.

According to Stuart, the roadblocks,

deadens, and lack of promise in the

corporate environment pushed her into

business ownership.



Realizing that I wouldn’t really be president of CBS . . . and I really like to run things

Charlotte Cohen now owns a brokerage business in St. Louis with six branches

Cohen got feed up and angry with the fact that she kept getting passed over for partnership, despite ten years of service and a good track record with a brokerage firm.



She proved that the test of mettle for a successful entrepreneur is the ability not to get frustrated by obstacles, but to overcome them

You reach the point where you get sick and tired of arguing with propel about why they should treat you equally

So you decide to just go and show them that you are equal.



Why does this occur?

Women are perceived as powerless by

subordinates because of their youth and

sex.

As an owner, you have both the authority

and the power to carry through.



Patricia Cloherty, a venture capitalist and former deputy administrator of the Small Business Administration, that entrepreneurship is still one of the major ways for a person to get assets under their belt and develop the economic power to enter the mainstream of our society.



Beatrice Fitzpatrick, founder and executive director of the American Women's Economic Development Corporation in New York city, believes women will be the next great wave of entrepreneurs.

Fitzpatrick feels that women have natural entrepreneurial qualities

The only thing they lack is training, experience and business contacts.



Women have always been entrepreneurial create something from nothing.

The organization has graduated seventy groups of women through the training program and has counseled more than five thousand helping to create a growing and vibrant force of women business owners.



They seemed to enjoy what they were

doing and to think of their success in terms

of the business and not the trappings of

power or status that money can bring which

often motivates men in starting a business.

They seemed to be a little more in tune

with reality and the hardships involved.



Realistic about the time it would take

before the business could start earning

them a healthy profit and were willing to

stick to it.

Men go into much more for the money,

or the power and status that money can

bring.



Jerry A. Timmons, a Professor at

Northeastern University point out that

the best entrepreneur is someone who

really wants to implement an idea and

who uses money only as a measure for

keeping score, not as the goal of he

business.



Women are avoiding the trap, which

many men fall into of making money too

high a priority.

He says that the women in his courses

consistently earn higher marks in

managing people then do the men.



A factor he attributes to women having lesser needs of power, aggression and ego relative to men.

As a result women are more flexible managers and entrepreneurs

Flexibility is what makes or breaks most companies as they begin to grow and leave the entrepreneurial stage.


Entrepreneurial Personality Characteristics

1. Drive and Energy Level. Amount of personal energy; ability to work actively for long hours with less then normal sleep.

2. Self-Confidence. Level of one’s self-confidence: A belief in yourself and your ability to achieve your goals and a sense that events in your life are self-determined.



3. Long-Term Involvement. Commitment to long-term, future projects and to working toward goals that may be quite distant in the future; implies a total immersion and concentration on the attainment of distant goals.

4. Money as a Measure. Money in the form of salary, profits, or capital gains viewed as the measure of what you have accomplished– as a way of keeping score– rather than the procurement of luxuries or the achievement of power.


Entrepreneurial Personality

Characteristics

5. Persistent Problem Solving. Intensive and

determine desire to complete a task or

solve a problem; a strong determination to

get the job done.

6. Goal Setting. Ability and commitment to set

clear goals and objectives that are high

challenging, but are realistic and attainable.



7. Moderate Risk Taking. Preference for taking moderate, calculated risks, where the chances of winning are not so small as to be a “gamble” or so large as to be a “sure thing” but provide a reasonable and challenging chance of success.

8. Dealing with Failure. One who is disappointed but not discouraged by failure; ability to use failure as learning experiences and to better understand your role in causing the failure in order to avoid similar problems in the future.


Entrepreneurial Personality Characteristics 9. Use of Feedback. Demonstrated capacity to

seek and use feedback on your performance in order to take corrective action and to improve.

10.Taking Initiative and Seeking Personal Responsibility. Desire to seek and take initiative and to put yourself in situation where you are personally responsible for the success or failure of the operation; one who takes the initiative to solve problems or fills leadership vacuums and who likes situations where one’s impact on problems can be measured. A doer (self-reliant)


Entrepreneurial Personality Characteristics 11.Use of Resources. Orientation which seeks to

identify and obtain expertise and assistance that is needed in the accomplishment of your goals; not so involved in personal achievement of goals and independent accomplishment that you will not let anyone help you.

12.Competing against Self-imposed Standard. Desire and tendency to establish your own standard of performance which is high, yet realistic and to compete with yourself.


Entrepreneurial Personality Characteristics 13.Internal Locus of Control. The belief that one’s

accomplishments as well as failure lie within one’s personal control and influence, rather than being determined by luck or other external, personally uncontrollable events and circumstances.

14.Tolerance if Ambiguity. Able to tolerate and live with modest to high levels of ambiguity and uncertainty concerning job and career security, and work-related events on a continuous basis. Sufficient self-confidence that job security and permanency are not important.


Entrepreneurial Role Requirements 1. Accommodation to the Venture. Extent to

which the entrepreneur’s career and venture are treated as the number one priority—above family, community etc.

2. Total Immersion. Ability to become totally immersed in and committed to the building of the business, willing to invest life savings, reduce income as much as one-half in start-up and early years; building the business seen as a way of life.


Entrepreneurial Role Requirements 3. Creativity and Innovation. Extent to which

one possesses an orientation and career anchor which place great value on creative, innovative work and which derives personal satisfaction from it; rather than doing the routine or merely doing a difficulty task better.

4. Knowledge of the Business one wants to Start. Extent to which one has thorough and proven operating knowledge of the business to be start.


Entrepreneurial Role Requirements 5. People and Team Building. Extent to which

one has demonstrated the capacity to attract, motivate and build a high quality team whose capable management skills, know-how and personal styles meet the needs of the venture.

6. Economic values. Extent to which one believes in and is committed to the conventional economic and financial values of the American system of free enterprise, such as profits, capital gains, private ownership, earnings per share, etc.


Entrepreneurial Role Requirements 7. Ethics. Extent to which one’s business

conduct tends to be defined and adaptive to the demands and needs of each situation, rather then by a rigid code of conduct applied uniformly, regardless of different conditions and circumstances.

8. Integrity and Reliability. Extent to which one is highly respected for dependability, reliability and honest dealing.

ENTREPRENEURSHIP – A NEW DOMAIN FOR WOMEN by Prof. Iqbal M. khan.

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