Women entrepreneurship has emerged as a matter of concern in the recent years. It lays stress on utilizing women’s leadership skills, decisiveness, and innovative ideas for economic and social development. Over the past years, there has been a rise in recognition and acceptance of women in leadership positions in the corporate sector. Leading conglomerates are appointing female CEOs; today, there are more women running Fortune 500 businesses than at any time in the past. As per data, there are more than 9 million firms in the USA which are owned by women, employing around 8 million people, and generating around $1.5 trillion in sales.
However, in spite of all these developments, there are only a few companies where we can see women in top positions. Moreover, recent data suggest that there is huge gender pay gap in organizations, and female entrepreneurs are citing imaginary male co-founders for credibility and recognition. These examples suggest that gender inequality is still a big problem in businesses.
Women are accepting entrepreneurship and are successfully leading businesses, facing and overcoming various challenges. They are properly utilizing various opportunities and prospects for accomplishing their own and their organization’s goals and objectives.
Opportunities and Advantages for Women in Entrepreneurship
A Diverse and Innovative Workforce
Diversity – in gender, culture, age, and race – promotes innovation and creativity. Top companies across the world aim to prioritize and benefit from a diverse and innovative workforce. Men and women from different backgrounds bring in varied experiences with them, which shape their approach to business. Challenging and collaborating with each other helps them in performing creatively and taking the company forward.
Strength in Soft Skills and Emotional Intelligence is an Advantage for Women
Technical skills and knowledge are essential for success. But soft skills and emotional intelligence are equally important. Emotional intelligence in leadership means self-awareness, empathy, and the ability to listen. Although these characteristics are difficult to measure, they can make a major difference. Women can utilize their experiences and soft skill aptitude with emotional intelligence for properly leading their companies.
Ability to Create a Woman-friendly Corporate Environment
The corporate culture of many companies can work against women. But when a woman leads her own company, she has the ability to establish an environment suitable for other women working in the company. Being an entrepreneur, a woman can live a more authentic life and can create a corporate culture more suitable to her own values.
Challenges for Women in Entrepreneurship
Gender Discrimination at Workplace
Most of the industries are male dominated. It is more of a challenge when a woman comes in as a leader, and gives men directions. While most corporates believe in gender equality, and agree that the best person, irrespective of gender, should get the job, there have been many instances where a woman having a gender neutral name gets the job. This proves that unconscious organizational gender bias does exist. Women, right from a young age are instructed not to be ‘bossy’, whereas, men are encouraged to be assertive and aggressive.
Read More: https://theknowledgereview.com/women-entrepreneurship-challenges-opportunities/
