WOMEN ENTREPRENEURS AND THEIR CONTRIBUTION ON NATIONS DEVELOPMENT

“A strong woman believes that she is strong enough to face her journey; and a woman of faith believes that it is in this journey that she will become strong.”

• Millie Leung, Entrepreneur, Author and International Speaker

Across the globe, women entrepreneurship development has acquired significant attention in recent years. The next decade could see increased effort in this direction due to objectives of regional balance and employment.. Despite all the hurdles, women stood tall and are applauded for their achievements in their respective field. Women entrepreneurs make a substantial contribution to national economies through their participation in start-ups and their growth in small and medium businesses. Their interests and activities in the economic growth and development especially in the area of Women entrepreneurship have received outstanding interest from researchers.

Naina Lal Kidwai was the first Indian Woman entrepreneur. She was also an Indian banker, Chartered Accountant and business executive. She was formerly a Group General Manager and the Country Head of HSBC India. She is also a former President of the Federation of Indian Chambers of Commerce and Industry (FICCI).

Women entrepreneurship contributes more than 50% to Gross Domestic Product (GDP)of most nations both developed and less developed. Its contributions to economic development have been predominantly in the area of job creation, poverty alleviation, environmental vitality, wealth creation and human capital.

Here are some of the reasons for the increased interest in fostering women entrepreneurship include:

1. The acceleration of economic growth requires an increased supply of women entrepreneurs . Women entrepreneurs, when successful, act as a change maker in their families and society and inspire others to become self reliant and take up entrepreneurship.

2. Past and recent experiences of failures of microbusinesses and non-performance of enterprises have underscored the importance of entrepreneurial competence. Half of the world’s population cannot be ignored: women can make an important contribution to business creation.

3. For the success of microenterprises, especially in manufacturing, development efforts have come to depend more on the person behind the project, the women owner/manager and the entrepreneur.

According to me ,the female entrepreneurs are those women who think of a business enterprise, initiate it, organize and combine the factors of production, operate the enterprise, undertake risk and handle economic uncertainties involved in running a business enterprise. With education and training, the female entrepreneur can gain confidence to do all work, which was the prerogative of man and do it excellently, rather better than men. Over the years, the educated women have become ambitious, acquired experience and basic skills, knowledge and self-assurance.

The most important role played by an average female entrepreneurs include the following :

§ Exploring the possibilities and prospects of starting a new business venture.

§ Risk taking and handling of economic uncertainties involved in running a business venture.

§ Serving as agents of innovations and limitations of innovative tendencies.

§ Coordinating all factors of production, administration and control of their businesses.

§ Supervision and effective leadership style

The woman plays a significant role in the economic development of any country. This is a considerable factor with great emphasis on any developing scenario. Women contribute and support the economy extensively in different ways by being employed in many different sectors.

Many successful businesses are run by women some of whom are very skilled in entrepreneurial activities. Some of these women are well educated and are aware of correct application of theory in business. It is a known fact that many of the most successful and world’s largest enterprises are owned and run by women today. In developing countries, some women are running small enterprises many of which have proven to be successful. Women entrepreneurs in both developed and developing countries are socially powerful in terms of education and making a positive impact on the society. It is important to study how women in business and their skills can be utilized to achieve a sustainable economy in a developing nation.

Objectives of this study cover an extensive range from the study of the development of women entrepreneurs to a sustainable economy, social system, and ecology. A descriptive research methodology has been used for this study and administered to a selected sample from a specific population that include women in businesses and executives who represent both private and public sectors of selected developing countries. The Study has been carried out over a period of six months and has used a questionnaire as the survey instrument. The survey has indicated how women entrepreneurs can be positioned to play an important role in promoting sustainable practices in the economy, the social system and the ecology. The researcher concludes the study by observing that given the positive effect made by women on the economy and development, women entrepreneurship is key to the developing world in promoting sustainable practices in business socially, economically and ecologically.

Here are some of the successful women entrepreneurs who have a much contribution in nations development:

1. Indu Jain — Chairperson of Bennet, Coleman (TOI)

2. Indra Nooyi — Chairwoman of PepsiCo

3. Kiran Mazumdar Shaw — Founder of Biocon Limited

4. Priya Paul — Chairperson Park Hotels

5. Vandana Luthra — Founder of VLCC

and many more….

Thank you!