Definition of Entrepreneurship
Entrepreneurship is a creative way of developing business ideas and launching them to create a business with a given level of risk with an aim of making a profit at the end. The owner of the business forgoes the need of being an employee of a given company and becomes an owner of a small business assuming risks. It is a new business venture that depends on the development of new ideas and processes to create a profit making business. It is worth noting that, the owner who is referred to as an entrepreneur, looks for possible business ideas and capitalizes on them. The idea behind the creation of the business is to take exploit the available opportunities and enjoy the profit from the returns (Greene, 2008).
Female Entrepreneurship
Female entrepreneurship is an emerging business venture in the world. The changing world perception about women is one key factor that has played a great role in the growth and development of female entrepreneurship. It is worth noting that today many female entrepreneurs have come to existence. Despite of their risk adverse attitude towards entrepreneurship, there is a significant increase of female entrepreneurs in the world.
Just like other entrepreneurship, creativity is a key factor that enhances the development of female entrepreneurship. Investment by various world societies towards educating women is the key to women creativity. Creativity originates from discovering some exploited opportunities in the business world and developing an idea to take advantage of that opportunity. Education has enabled female entrepreneurs to develop a new idea or modify and existing idea to fit available opportunities. All along, the process starts with the creation of a business plan which acts a guide on how to implement such ideas.
Also, responsiveness is another factor that plays a great role in the creation of female entrepreneurship. The internet existence is one of the important tools that support the development of female entrepreneurs. The internet provides these entrepreneurs with a wide spread of information through which can source new ideas or use the information to modify some of the existing ideas. However, for one to succeed as an entrepreneur, she needs to respond quickly to market opportunities. The ability to respond to the opportunities determines the success of the business. However, on the side of female entrepreneurs, there is a slow response to such opportunities.
Besides, risk tolerance is another key driving factor to the growth and development of entrepreneurship. Any successful business has a degree of risk, and thus, the ability of one to exploit a business opportunity is subject to the risk tolerance one possesses. An entrepreneur needs to be a risk seeker to succeed in his or her business. Many female entrepreneurs find it hard to risk in a business. In fact, they lack the enthusiasm vital for entrepreneurship. All the same female entrepreneurs endure emotional risk to enhance success. Therefore, for an entrepreneur to succeed in his or her business venture, he or she must have a firm belief that the risk will eventually lead to success (McAdam, 2013).
Furthermore, leadership remains a very important function for any entrepreneur. When one identifies business opportunities, she comes up with a guiding idea to take advantage of the opportunities. However, one has two options one is to either venture into the idea or sell the idea to others. It is during this time when leadership becomes very crucial. As a part of developing the idea, one needs to use leadership skills to turn the ideas into future fruits. Female entrepreneurs are really good at implementing their ideas to exploit opportunities.
Barriers Facing Female Entrepreneurship
Any success in business does not come without challenges and so is the female entrepreneurship. There are many barriers that hinder the growth of female entrepreneurs. Shortage of capital is one key challenge that faces the growth of entrepreneurship. Executing the developed ideas requires one to use funds for implementation. Financial resource catalyzes the degree of turning the idea into a profitable business. However, with harsh economic conditions and the unstable economy, female entrepreneurs are finding it difficult to raise the required amount of capital to implement their ideas.
Carter (2007) argues lack of enough knowledge and skills is another challenge that faces the success of Female entrepreneurship. In spite of much focus on female education in various societies of the world, many women entrepreneurs remain illiterate to handle business matters firmly. Many females see the opportunities and create ideas with an aim of exploiting them. However, implementing the ideas requires the application of good business practices, knowledge, and skills. Such knowledge and skills are inadequate to many of the entrepreneurs. Such a challenge prevents the entrepreneurs from making sound business decisions required to execute their ideas. As a result, many entrepreneurs end up failing despite having good business ideas.
Tight market entry regulations also present entrepreneurs with a great challenge in implementing their ideas. Government rules, environmental regulation, and taxation laws are some of the regulations that hinder entrepreneurs from implementing their ideas to satisfactory. The entrepreneurs have to meet these regulations. However, complying with some of the regulations is difficult for the entrepreneurs who are new in the business. Some of the regulations are costly for the entrepreneurs making it hard for them comply. For instance, environmental regulations requiring the entrepreneurs to go green to control pollution is an expensive venture for the businesses (Carter, 2007).
Future Trends for Female Entrepreneurship
Technological advancement presents a future growth and development of female entrepreneurs. New technologies have given rise to the use of the internet. The internet provides people with vast information that is useful for entrepreneurship. It is worth noting that the internet may present people with new market opportunities something that pushes them to create business ideas to exploit the opportunities. Therefore, with further development in technology, there is a future in female entrepreneurship. Therefore, the future of the female entrepreneurship will depend on the ability of the entrepreneurs to use the new technologies. Investment in such technologies will be key to enhancing the success of the businesses.
Additionally, the future of female entrepreneurship business requires the entrepreneurs to comply business regulations as provided by various statutory bodies and governments. Various business regulations remain vital for every business that needs to succeed. Failure of the entrepreneurs to comply with the regulations will affect their operations in the future negatively.
Furthermore, the society needs to invest much in educating and training women to acquire the right knowledge and skills required to implement their business ideas. Business training is vital for entrepreneurs in helping them make sound decisions. Besides, through training, the entrepreneurs will gain knowledge on how to monitor business activities and offer the required control to ensure the attainment of the goals. Governments also need to invest much on training their citizens to help them advance in entrepreneurship. Such a move will be advantageous to both the government and its citizens.
In conclusion, entrepreneurship presents people with the best opportunities for self-employment. Today, female entrepreneurship is on an upward trend, and it is opening opportunities for people to develop their ideas into a fruitful business. The internet is presenting female entrepreneurs with new business opportunities and new ideas to apply in business. Thus, it is important for female entrepreneurs to invest in the use of the internet and take advantage of the business opportunities and ideas. However, the entrepreneurs need to focus on the challenges so as to enhance efficiency. For instance, complying with provided business regulations is one area that the entrepreneurs should capitalize. Besides, training to acquire business knowledge and skills is another area that entrepreneurs need to focus on to enhance success in their implementation.
References
Carter, N. (2007). Female entrepreneurship: Implications for education, training and policy. Abingdon, Oxon: Routledge.
Greene, C. L. (2008). Enterpreneurship: 21st century business. Australia: South-Western Cengage Learning.
McAdam, M. (2013). Female entrepreneurship. London: Routledge.
