The emergence of entrepreneurs in every society depends to an excellent extent, on the economic, social, and psychological factors prevailing within the society. Women are now more aware of their existence, roles and rights. The term women entrepreneur refers to the women or a group of women, who owned, control and operate their enterprise or business. Women entrepreneurs are the key players of a developing country like Nepal, in terms of their contribution to the economic development. The entrepreneurial capacity of female has made a mark in many areas and that they have entered the commercial segment too. In recent years, there is an increasing role of women in terms of their share in business. To become effective women entrepreneurs, they must have following important qualities like, positive attitude, vision, risk taker, planner, intuitive, autonomy, distinctive and so on. Together with the extreme desire to determine their vision applied, these women even have a good ability to multi-task and never feared the risks involved in being self-employed which become the most reason for launching their firms.
Women entrepreneurship is being one among the core drivers of economic empowerment. Women entrepreneur also performs different functions of various nature like employment generation, introducing new ideas of innovation, support to family’s income, overall economic growth and so on. It is a significant tool for uplifting women’s status within a society. Now a days Nepali women’s participation in entrepreneurial activities has been rising. Many organizations have begun to provide professional exchange bases for women entrepreneurs and also mentor to assist them to upgrade their business skills. Women are accepting entrepreneurship and that they are successfully leading their business. Although they are facing and overcoming various challenges, they are properly utilizing various opportunities for accomplishing their organization’s goals and objectives.
Challenges of women entrepreneurs
In the context of Nepal, There are some challenges faced by women at various stages at the start in running their enterprise.
Lack of risk taking ability: women are more risk averse than man. Many researchers found that female are less confident, analytical and have poor leadership abilities as compared to man. Women don’t seem to be economically stable because of which reduce their ability to bear risks and uncertainties involved during a business unit.
Difficulty in acquiring funds: It is very difficult just in case of women owned firms to look after for the investors so as to assist them start their business. Investors basically search for businesses or company that may grow their valuation in upcoming future. Most of the investors hesitate to take a position in women owned firms because they think that women can’t be ready to lead their company towards success. Due to which it is difficult to acquire funds.
Balance between work and home responsibilities: The mixture of the business with family responsibilities may undermine the success of their business. Women use several strategies to cope with the double workload from combining business with family. There is also the inverse relationship between the time spent caring for youngsters and therefore the success of business.
Limited business networks: Network is incredibly essential for entrepreneurial success. Women have fewer business contacts to the member of professional organizations or a part of other networks. It is not always easy to seek out the proper support network for women entrepreneur. They have limited networks due to the fact they always want to network with those they know and trust and would rather not explore new territories. In order that they often find it difficult to access information.
Opportunities of women entrepreneurs
Although there are a various problems or challenges faced by the people for his or her entrepreneurial journey, on the opposite hand there are also many opportunities for them so as to run their businesses effectively.
Change in organizational culture: The gender gap is now closing. More and more women are working in various organizations and also they are receiving much appreciation from their work. Because of which women are motivated to search out their way to the top management of a company.
Ability to make a woman-friendly corporate environment: Companies supporting women should help to achieve skill improving classes which might help to improve their careers forward. When the female lead their company, they are ready to develop or establish an efficient environment which is suitable for other women working within the company.
There are many of opportunities available for women entrepreneur practically projects with low investment like designers, interior decorators, production of liquid soap, various training and coaching classes, child care centers, garments and so on. Such opportunity may leads to their business success.
Women entrepreneurs are bound to get the best scope within the country like Nepal. Now a day it becomes a significant tool for women empowerment. There is several of organization that benefits of developing and also promoting women. From the various research papers several challenges faced by women entrepreneurs have inherit focus. These challenges include change in organizational culture and development of effective leaders. Entrepreneurship among women improves the wealth of the state in an exceedingly most efficient manner. They have to perceive fully the role and significance of entrepreneurship. Women entrepreneurs are making big impact altogether segments of economy. Women are involve in various organizations, but they are ready to be an entrepreneur in these sectors such as designers, interior decorators, training and development, production of soap and so on. Women entrepreneurship is additionally become a controversy for the women because they are afraid to require a risk and also face difficulties in acquiring funds. There is also the problem to balance between professional and personal life which can lead the most important challenges for the women entrepreneurship. Social and political developments in Nepal have also been responsible for determining the role of women during a changing society. Over the years the speed of women moving towards higher education, technical and professional education has been increasing, which leads them to become self-employed and leads them to vary the role in their society.