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Women Entrepreneurs: Why are they Vital to Our Economy?

By SiliconIndia   |   Monday, November 26, 2012
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Bangalore: Last week, the world of business celebrated Global Entrepreneurship Week. Over the years, the campaign has been successful in encouraging people to attain their dreams, improving business skills for aspiring entrepreneurs and helping people gain support; as reported by Katharine Tengtio via huffingtonpost.co.uk

Now that we find ourselves once again in the midst of a global recession, it’s all the more crucial   that we promote entrepreneurship and entrepreneurial thinking in our society. While MNCs appear to  paint a powerful image in our minds, we can’t ignore the fact that small and medium sized businesses are just as vital to our economy, as they help in creating jobs as well as fostering growth. Moreover, entrepreneurship can increase levels of confidence and help develop a sense of self-sufficiency and independency among people, thereby boosting their self-esteem and overall well-being.

Supporting entrepreneurship is certainly a positive as well as a practical choice, but there are lots of women in our society who receive neither encouragement nor support. And as an outcome, these women are deprived of being able to pursue their dreams and ambitions; hence a substantial source of growth is put to a halt. As Hillary Clinton stated at the APEC Women and the Economy Forum, held recently, "Limiting women's economic potential is for every country like leaving money on the table. It doesn't make sense, especially when we are still struggling to grow our way out of the economic crisis."

It is essentially the need of the hour that governments and organizations work toward the support of female entrepreneurship and promote growth. However, there are several issues that must be addressed. Women face an innumerable amount of social, economic and structural barriers which obstruct them from achieving their pursuits.

Women typically lack access to training and business development services that would help them grow in their endeavors. As a result of a limited  financial knowledge, many women face difficulties in accessing the necessary loans that they would require in order to develop their businesses. 

In addition to the existing woes, women entrepreneurs also lack enough networks that can assist them in learning and leveraging of resources, such as knowledge, business advice and mentorship. The fact that business culture is male-dominated, women naturally tend to feel left out from such circles. Finally, women lack the support from family and communities to pursue their entrepreneurial endeavors.  And with so few women entrepreneurs to inspire them to push ahead, the outcome lays as it is: the current reality of our society.

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