Female or Women Entrepreneurship – Definition, Advantages and Disadvantages

Women constitute around half of the total world population. They are therefore regarded as the better half of the society. In traditional societies, they were confined to the four walls of houses performing household activities. In modern societies they have come out of the four walls to participate in all sorts of activities. The global evidences prove that women have been performing exceedingly well in different spheres of activities like academics, politics, administration, social work and so on. Now they have started plunging into industry also and running their enterprises successfully.

Although small businesses owned by women have traditionally focused on fashion, food and other services sector, but recently women entrepreneurs have been moving rapidly into manufacturing, construction and other industrial filed. Women owned business are lightly increasing in the economics of almost all countries. The hidden entrepreneurial potential of women have gradually been changing with the growing sensitivity to the role and economic status in the society. It means women have the potentials, skill, knowledge and adaptability to run a business successfully.

Today, women have demonstrated their multitasking ability. Women entrepreneurs can certainly initiate, organize, plan and operate their small and medium venture efficiently. Affirming this notion Ms. Shahnaz Husain, Chairperson and Managing Director of Shahnaz Husain Group of companies elaborate, “the women who is creative finds greater freedom to translate her creativity and ideas when she has her own enterprise. For those women without high professional qualifications and those who are from a lower economic sector, entrepreneurship is a means of earning money and contributing to the family income.… Read the rest

The Other Side of Entrepreneurship

People who have opposite opinions against entrepreneurship point out ten potential risks. First is management mistake that is the primary cause of business failure. Sometimes the owner of a small business lacks the leadership ability, sound judgment, and knowledge necessary to make the business work. Second is lack of business experience which indicates that most entrepreneurs tend to be beginners to be easy to make management mistakes in their own businesses.

Third one is poor financial control. Effective managers realize that any successful business venture requires proper financial control. Business success also requires having a sufficient amount of capital on hand at start-up. Under-capitalization is a common cause of business failure because companies run out of capital before they are able to generate positive cash flow. Entrepreneurs tend to be overly optimistic and often misjudge the financial requirements of going into business.

Fourth one is weak marketing efforts that means entrepreneurs tend to misunderstand the marketing efforts. For example, owners of small businesses usually believe their businesses will make a great number of customers automatically, but it almost never happens in reality. Building a growing base of customers requires a sustained and creative marketing effort. Keeping customers coming back requires providing customers with value, quality, convenience, service, and fun.

Fifth thing is failure to develop a strategic plan. Many small business managers ignore the process of strategic planning because they think that is something that benefits only large companies. Without a good defined strategy, a business has no sustainable basis for creating and maintaining a competitive edge in the marketplace.… Read the rest

Are Entrepreneurs Made or Born?

Since the late 18th century, business has constituted a main composition of the modern society. As the success of Steve Jobs, Bill Gates and Warren Buffet, many people start their own business in chase of profit. There are entrepreneurs growing everyday while some others bankrupting. You may think that entrepreneurs are born successful, and they owned an enormous business. However, entrepreneur is not defined as the one who has made their business tremendous, but the one who starts his own company and employs himself. Therefore, anyone can become an entrepreneur if he or she starts his or her own business and works for himself or herself. There are no boundaries among people, but your working position determines whether you are an entrepreneur. Entrepreneurs are not naturally born, but naturally made. Entrepreneurship is actually not a destiny, but a qualification. It is the qualities that make entrepreneurs successful. Moreover, the qualities are not inherent, but gotten through education and experiences.

Are Entrepreneurs Made or Born?

Entrepreneurs are not born. Entrepreneurs are not like athletes, they don’t need natural inherent body and muscles. An athlete’s child may grow up an athlete, but it would not happen in an entrepreneur’s family. Many businesses bankrupted everyday, including some entrepreneur’s family. However, entrepreneurs are naturally made, and they own some special qualities and also need some training’s and experiences as athletes. Many people from non-entrepreneur’s families start their own business and become entrepreneurs everyday. Dhirubhai Ambani, the most enterprising business man in India who’s father is a school teacher, started his business on his own.… Read the rest

10 Common Characteristics of Successful Entrepreneurs

Entrepreneurship is itself a process through which the entrepreneur allocate the resources available to the business in a way or in other words in a systematic manner that the entrepreneur can meet the requisites of the business and achieve the objectives of the business as well as of his own. Now a days businesses are being done on large scale or more businesses are being run in one organization therefore, the executive management or the entrepreneurs has to adopt the ways and system through which they can not even secure their time but to save their resources from drain.

Entrepreneurship is the process of innovation that reallocates resources to new opportunities, often creating new opportunities through unusual combination of resources and skills of risk taking. The entrepreneurs some time has to face the problems because they prepare their plans personally and create innovations and believe that they are doing the best and when the problem in the market has to be faced by them, then they suffer losses and face the rejection of their self developed ideas, innovations, inventions or creations on the basis of incomplete information and evaluation of the factors because they personally believe in strategies and plans. The success is behind the criticism because when the entrepreneur of such kind prepare plans for business before going to other persons, he himself cities his ideas, innovations, creations and plans which he develop and get the answer to check his satisfaction. The entrepreneurs of successful type take and evaluate constructive and realistic criticism of their business on the basis of past and previous plan/strategies being adopted by them and others and before adoptions to any of them constructively consider the positive and negative possibility of such adoptions.… Read the rest

Four Types of Businesses for Entrepreneurs to Start With

Entrepreneurship is the process of bringing together factors of production, and organizing profit oriented activities, or the process of distributing economic goods and services for profit. An entrepreneur is a risk taker who possesses skills, such as knowledge and self-confidence. This individual bears the risk of starting a business venture, in the face of uncertainty about future conditions. Most successful entrepreneurs are self-motivated. Entrepreneurs start their own businesses because they do not like to work for others, but prefer to be their own boss and be responsible for the decisions they make. Entrepreneurs have the ability to spot a business opportunity and utilize it, with the hope of succeeding, rather than failing.

Entrepreneurship is a creative activity, as it tries new methods, rather than following routine methods. Entrepreneurship is closely related to innovation, as the success of entrepreneurship, largely, depends on the ability to respond to innovation. It has its objective of economic success, based on the utilization of new means of production. Entrepreneurship is a result-oriented activity, since it emphasizes high levels of achievement and performance. The qualities of an entrepreneur are acquired; thus, an entrepreneur need not be born as one, but can become one through progressive learning.

When selecting the type and size of a business venture, an entrepreneur should consider and conduct analyses on the factors below.

  • Raising capital – most entrepreneurial activities, normally, depend on the availability of capital.
  • Market research – it is the systematic collection of data regarding the consumer levels of demand for the product and cost.
Read the rest

Entrepreneurship Motivation among Students in India

The Indian economy was previously highly depended on agriculture; however, the current development in the industrial and service sectors requires entrepreneurship to also parallely progress, so, entrepreneurship in India requires ample motivation. Many aspects play a role in developing entrepreneurship:

  1. Educational institutions help develop requisite qualities like leadership and team spirit, help in the development of business plans, and the gaining of financial support, besides setting up TBIs and EDCs.
  2. Established businesses can help with internship, apprenticeship, and collaborations.
  3. Small scale industrial associations can also act as facilitators in prototype labs, and expositions.

It is the view of a number of first generation entrepreneurs that entering into entrepreneurship demands a lot of drive and passion. Not only is the entrepreneur expected to be inspired by the idea behind the business, but business man must also have ample leadership potential in order to be able to take the responsibility in case of failure.

Role of Educational Institutions

What students’ posses? What is needed in an entrepreneur? Qualitative transformation required to be an entrepreneur. Educational institutions must for this reason create leaders who are simultaneously both good team players, while at the same time being capable of exercising absolute control over their employees. With this view in mind educational institutions take active efforts to boost leadership skills through development of business plans, and conducting of best manager competitions. Various team-building games are also conducted.

The concept of developing competitive business plans adds to the soundness of the plans, as each student would want to better upon the plans of the others.… Read the rest