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Women Entrepreneurs: Understanding the Reality of Entrepreneurship

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Female entrepreneurs never look better for society in the past. In fact, now 70% of the female population in Sri Lanka are engaged in business and 35% have legally listed as women entrepreneurs (Sunday Times Sri Lanka, 2017). Women owned companies are still in the minority due to the difficulties and challenges which was faced by women. Meanwhile the hurdles which are faced by women entrepreneurs are vast and differ from male counterpart.

According to Nirmala R (2014), one of the solution is to continuously attempt to motivate, encourage, inspire, and co-operate women entrepreneurs. Furthermore, there should be some attempts to enhance the standards of women education in general as well making effective provisions for their personality development, training and practical experience programs, to improvise their over-all personality standards. Moreover, there should be some attempts to establish suitable training institutes for enhancing women’s level of risk tasking abilities, skills, work-knowledge and enhancing their capabilities.

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Women entrepreneurs need to be encouraged positively in terms of understanding the reality of entrepreneurship with exceptional potential. They have to be directed in a right way to come up with a lot of ideas into their focus such as for a better educational facilities and schemes should be extended to women and as well as to consider women as an exact target group for all developmental programs. Furthermore, Vocational training to be extended to women community that empowers them to understand the production management and production process. And also as a solution skill development to be done in women’s polytechnics and industrial training institutes, as the skills are put to work in training workshops. Moreover, the training on professional capability and leadership skill to be extended to women entrepreneurs as a solution for the lack of confidence (Vijayaragavan 2014).

For a parent entrepreneur, they have dual responsibilities such as responsibilities to their family and children and to their business work. Parent entrepreneurs need to truly achieve the work-life balance by find ways to devote time to both business and family. However, the best solution is to create a schedule and a system which helps to achieve the balance that have been craving to do so. Furthermore, to overcome the self-doubts, the first step is to dig deep and identify the particular source of any insecurities. Such as the reason to doubt yourself. Doubting yourself is common mistake that the women entrepreneurs make. (Driver S. 2019)

Funding, funding is easily the biggest challenge which is faces by most of the women. Generally, because it is the one felt across the spectrum in most countries. In women’s business, most of the VCs and financial institutions do not show enough confidence. To overcome the challenge rethink of the old mantra, “be so good they can’t ignore you.” Keeping up with an awesome business plan and by having a supreme team when setting up your venture is a good start. Just like expertise, nothing substitutes preparedness. And also by taking advantage of the women-friendly sources of financing includes women-targeted funds and microfinance institutions (Malt R. 2016)

Once an entrepreneur wanted to hire an employee, the entrepreneur needs to be unique and exclusive. Employee hunt should do as the same way which the entrepreneur would approach a customer-centric marketing campaign by an excellent targeting. Once the entrepreneur have a pool of prospects, arranging a “walking interview” will be helpful in which the entrepreneur take the candidate on a tour of their working environments. Furthermore, asking relevant questions such as candidates’ experiences, dedication, expectations, and long-term goals would be a helpful tip. Moreover, by taking the time to seek the references, entrepreneur can get an idea which candidate can honestly attest to their work more ethic and potential. 

Once the entrepreneur pick the candidate and before making the job offer, ask what it will take to keep them employed with you for the long haul. Because, when the entrepreneur provided they do a good job for you. And also the entrepreneur will know what kind of rewards the candidates or the employees are seeking. And also entrepreneur can make adjustments accordingly to employees, needs such as what they want more; vacation? Freedom from micromanagement? More pay? The opportunity for advancement? However, this will stand to reason that if an entrepreneur make expectations clear for both parties so the entrepreneur can lay the foundation for a long-term and mutually-rewarding client-boss relationship.  

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