| Women Entrepreneurs: Rising Sun of the Era | | | | entrepreneurs. Less than 5% of the current $73 bn |
| In this rat-racing world of today, | | | | venture capital pool in the US is awarded to women- |
| women are getting empowered as fast as a change | | | | owned firms. |
| in a fad. The silos of the work field are being broken | | | | How women entrepreneurs can drive growth |
| by the women heading everywhere in this so-called | | | | fast-forward |
| men-dominant world of yester-years. Now it is the | | | | Women have come a long way |
| era of new women, who are proving their mettle in | | | | in business. Today, they own one-third of all Canadian |
| all fields, diluting the water-tight compartments of the | | | | companies, paying the salaries of nearly 2 million |
| areas of professionalism being men- or | | | | people. The top 100 women entrepreneurs in Canada |
| women-oriented. | | | | generate over $2 billion in revenue annually. What's |
| There was a time when women | | | | more, women now own increasing numbers of small |
| were perceived as only home-makers, but with the | | | | and medium-sized companies outside of traditional |
| changing trends and our movement towards 21st | | | | service sectors, such as biotechnology, robotics and |
| century, it is becoming crystal-clear that they can be | | | | manufacturing. |
| fortune-makers for an organization too. Recent | | | | That's the good news. On the |
| findings have shown that the number of firms owned | | | | other side of the coin, according to a study by |
| by women has grown twice the rate in the past ten | | | | Industry Canada, over half of businesses run by |
| years. Infact "Women business-owners are significant | | | | women entrepreneurs are in a slow-growth stage of |
| players in the nation's economy and their momentum | | | | development. The majority of women-owned |
| shows no signs of slowing down." | | | | businesses tend to have fewer employees. Women |
| More and more women are | | | | export less and request less financing. |
| becoming entrepreneurs these days because they | | | | So as a woman entrepreneur, |
| see the attractiveness that a home-based business | | | | how do you overcome some of these barriers? If |
| has to offer them in terms of freedom and flexible | | | | your business is a little sluggish, how do you make |
| working hours. No longer having to work hours | | | | that vital shift into fast-forward growth? Chic |
| dictated to them, women entrepreneurs have more | | | | Allison, Partner with BDC's Consulting Group, who has |
| time to spend with their families and to bring up their | | | | worked closely with hundreds of women in business, |
| children. They enjoy more varied and meaningful | | | | offers some essential advice on how women can |
| tasks in their business, without the limitations and | | | | build on their strengths. |
| stresses associated with the glass-ceilinged corporate | | | | Assess your growth potential |
| world. | | | | Businesswomen are more inclined to take measured |
| Are Women Leaders in Demand? | | | | or calculated risks. But their reticence to risk too |
| Business is Business! That's what | | | | much may also create barriers to growth. What can |
| they say! But is there any particular way a business | | | | help here? A formal growth potential assessment of |
| has to be done? Partly yes and partly no. Partly yes | | | | your company can actually measure your risk |
| because there isn't any particular way we wouldn't | | | | potential. Basically, this involves hiring experienced |
| have learnt and tried to master it. And partly no | | | | consultants to do a cost-effective diagnosis of your |
| because continuous change in technology and vast | | | | business to help you see your strengths and minimize |
| amount of information is making it much more | | | | weaknesses that could hinder your success. By |
| challenging, and demands something new every time. | | | | conducting in-depth interviews with key people in |
| Add to it the global competition, business is never the | | | | your business, the experts can provide you an |
| same. As somebody said, "You never cross the same | | | | outsider's perspective on your company's operations |
| river more than once." Always there are new waters | | | | and pinpoint challenges associated with your growth. |
| in the river, so there are new challenges and new | | | | Make strategic planning a part of your business |
| people in business every time. | | | | |
| So evolving is the new concept of knowledge | | | | Avoid working in a silo. As you |
| worker, and the problems of attrition have shifted | | | | may know, women entrepreneurs are often skilled at |
| the focus of organizations to the women as future | | | | networking because they've worked hard to get into |
| workforce, especially as knowledge workers. | | | | the spotlight. Always focus on personal and |
| Obviously, there are many examples where a woman | | | | professional visibility in the business community at |
| has reached to the top, like Indira Nooyi, CEO of | | | | large. Keep in mind that you should be building a |
| PepsiCo, and many more. So organizations have | | | | strong presence in mainstream organizations. Consider |
| started seeing women with a new hope, they are | | | | your possible contribution to the local chamber of |
| taking-up women of ability, pairing them with men of | | | | commerce, lobbying groups and industry-based |
| ability, to make the best organization and a profitable | | | | organizations. Ultimately, being a part of the |
| one too. | | | | mainstream business community enables you to |
| The truth is that successful | | | | strengthen and polish your competitive business skills. |
| business is led by people of experience with specific | | | | Show your sizzle. Get growth financing. |
| business skills and the right mind-set. This is why we | | | | Although women in business are |
| must develop women managers further through | | | | often well-prepared on paper when seeking financing, |
| learning experiences, coaching and training that | | | | they tend to be less assertive when it comes to |
| ensures the results a corporation needs to obtain | | | | selling their business strengths. |
| highly skilled women leaders. | | | | When you're looking for financing, remember that |
| Here are some reasons why we need more women | | | | you're there to help the loan officer help you get |
| as leaders in business: - | | | | what you want. Be sure you present a full picture of |
| - Women, on average, are terrific communicators and | | | | where you're going, which means showing that you're |
| tend to be better at it than men. It's the information | | | | proud of your achievements. Showing confidence in |
| age and it's highly competitive. | | | | your growth potential is as important as |
| - Global business will require expanding business | | | | demonstrating the figures. |
| networks. Women are natural net-workers. | | | | Break the rules and always innovate! |
| - Diverse view-points can result in better, more | | | | Innovative companies outperform |
| creative solutions to business issues. Both women | | | | non-innovative businesses by far in a competitive |
| and men are needed to address business issues | | | | business world. And women entrepreneurs tend to |
| effectively. | | | | be naturally creative, want to learn and are open to |
| - Keeping a talented knowledge worker will require | | | | new ideas. If you're looking to achieve growth, be |
| relationship strategies. Women instinctively care about | | | | sure you're challenging the status quo in your key |
| building relationships which is why they tend to | | | | operational activities such as human resources and |
| gravitate toward jobs where building relationships is a | | | | financial planning. For example, you many need to |
| major component such as Marketing or HR. | | | | encourage your employees to get involved in the |
| The list may go on and on, and | | | | decision-making process, to brainstorm strategic plans |
| now the women will be the rising sun of the era. The | | | | and share ideas on working smarter and faster. On |
| women entrepreneurship is just one stance of | | | | the financial front, you should be looking at innovative |
| women empowerment, more examples are yet to | | | | financing alternatives from your banking partners, for |
| be set. So wishing all the women the very best of | | | | example, that enable you to pursue growth, expand |
| their life, we hope to have a world that is more | | | | into few markets, develop your people and export. If |
| respectful towards women. | | | | you feel that you're not a risk taker, look for |
| As is rightly said, "Well Begun is Half Done." | | | | financing that provides you flexibility and a |
| Women in industrial research A | | | | comfortable level of cash flow. |
| report from an independent high – level expert | | | | Develop your resources from within |
| group underlines the need for the full participation of | | | | Women are born communicators, |
| women in industrial research. The implications for | | | | so to drive your business growth potential, be sure |
| innovation include the drawbacks of inadequate | | | | you build a strong learning organization. Encourage |
| female input into research, design and marketing, and | | | | your people to take the initiative to develop and |
| the reasons why women entrepreneurs are a very | | | | support risk-taking. Training your people means |
| rare breed. | | | | appointing mentors and coaches to cement the |
| The high level group on women in | | | | partnership between managers and employees. Most |
| industrial research, appointed by the European | | | | importantly, be sure you assess the full range of |
| Commission’s Research DG, concluded in January | | | | training vehicles readily available today, from |
| 2003 that the under- representation of women in | | | | Web-based learning to leader-led workshops. |
| science is hindering the aims of the European | | | | Get the people you need and delegate |
| Research Area. The group focused on industrial | | | | As multi-taskers in business and |
| research since the EU target is for about two- thirds | | | | their personal lives, women often have difficulty |
| of R&D investment to be financed by industry | | | | delegating responsibility. But if you've reached a |
| by 2010. By that date, Member States’ | | | | plateau in your business, it may be because you have |
| investment in R&D should, according to the | | | | reached your own personal limits. Remember that |
| Barcelona European Council, approach 3% of gross | | | | you can't do everything yourself, so be sure to bring |
| domestic product. | | | | in the right talent to help you pursue your company's |
| The group, chaired by Professor | | | | growth. Hire people who match your company's |
| Hula Rubsamen- Waigmann, was alarmed that the | | | | profile and who will help you achieve the growth you |
| average proportion of women in EU industrial | | | | need. |
| research (14.9%; range 9-28%)is less than half that in | | | | |
| universities and research institutes, and that they are | | | | Conclusion |
| awarded a tiny minority of patents. Childcare and | | | | "Entering the new Century, I |
| other services are essential to allow highly qualified | | | | strongly believe that more efforts should be |
| women to remain active in research careers; but their | | | | undertaken in order to ensure greater opportunities |
| provision varies widely. Social pressures on women to | | | | for women, who nowadays take the main burden of |
| be full-time mothers (or lack of recognition of the | | | | doing most of domestic work, supporting their |
| value of career women) are important too. If a real | | | | families financially and morally, and often having not |
| difference is to be made by 2010, concerted actions | | | | enough time and energy left for doing what they |
| are needed at EU, national and regional level. | | | | want to do most. I hope that in the 21st century, |
| Women Entrepreneurs | | | | there will be a just and democratic society, where |
| Over the past 20 years the | | | | women and men can participate equally in all aspects |
| number of women who are self – employed or | | | | of social, political and economic life. I hope, that the |
| running their own business has increased substantially. | | | | civil and political interests of women will be protected, |
| Women- owned businesses are still a minority, but | | | | women's economical independence (support to small |
| many more are co owned by men and women. | | | | business, loans to women entrepreneurs, etc.) will be |
| Women owned firms are | | | | increased, women's political participation will be |
| concentrated mainly in the service-sector. | | | | strengthened, discrimination against women (violence |
| Rubsamen-Waigmann says that a major factor here | | | | against women, trafficking in women and children, |
| is the availability of venture capital. “Women start | | | | etc.) will be eliminated, women's access to education |
| business with capital from informal sources, ask for | | | | will be expanded. I think that it is very important for |
| less and have a harder time raising venture capital in | | | | women of diverse countries to consolidate efforts |
| sectors where high initial investment is needed. In the | | | | and get more international visibility for the purpose of |
| service sector you can start with a small amount and | | | | uplifting the status of women in our communities and, |
| grow slowly, but business are more sustainable.” | | | | indeed, in the whole world." |
| This, she believes, is another reason why co-owned | | | | "Harmony of |
| companies are often successful, because they mix an | | | | Mankind and Earth." |
| element of risk- taking with an element of caution. | | | | |
| The reports highlight the need to raise awareness | | | | C. PAVITHIRA |
| among venture capitalists of the value of women | | | | M. |