Woman entrepreneur

What is a Woman Entrepreneur?

Who are Women Entrepreneurs?

To put it in a simple way, a Woman Entrepreneur is:

One who takes the initiative to create a product or establish a business for profit; generally, undertaking on her own enterprise in which others may be employed and risks are taken; all these while trying to maintain work family balance and to live with purpose.

Every woman that own a business whether it is public, private, barely surviving or growing like crazy; even a business that is not profitable at the moment; if she owns one, she has the entrepreneur spirit, she has acted on it, therefore she is one of many women entrepreneurs.

More often than not, she is a wife and a mom, and she has started a Home Based Business in order to create financial security for the household.

She gets ahead of the game and her competition by getting the resources and support, that will empower her. She has personal goals established in order to become a successful entrepreneur.

She invests on herself. She has a mentor or a coach that guides her through the roadblocks and obstacles of being in business, by helping her to stay focus on her goals.

Does it sound familiar to you? Most women are naturally individuals that can handle many things at once, who have to joggle their lives between kids appointments, household chores, their relationship with their partner and hopefully with themselves. These are all talents that can be perfectly translated to the skills inventory of an entrepreneurial woman.

However, it does not matter how good you are at dealing with multiple tasks, Time management always will be something that most human beings (and that includes us, women) have to deal with their entire lives and learn to be more efficient at it.

Does it sound complicated to become a woman entrepreneur? It could be complicated, if you are trying to do it on your own, without the right resources, training, and guidance from someone that has done it already and that is knowledgeable about starting a new business.

As an entrepreneur, you are facing daily challenges and planning for the future. We offer you comprehensive range of products and services to make your day to day banking hassle free, as well as expert advice making sure we match the right product to your specific financing needs.

There are many benefits you enjoy when you can manage your money as simply and as efficiently as possible. We introduce to you our Business Account.

Your benefits:

Free unlimited domiciliation of bills

Reduced price on checkbooks

Same value date for a variety of transactions

No commission on deposits up to 3,000 USD

Free debit, credit and internet cards

Free SMS transaction notification

Free Internet Banking and Mobile Banking services

As a woman entrepreneur, you contribute to the economic growth in the country. Yet, you might lack the funding and support to help you succeed. We, at BLC Bank, value your contributions, understand your borrowing needs and are committed to support your growth plans.

Whether your business is in agriculture, industry, trade, tourism, services or real estate, check our wide range of the below listed products and our experts will provide you with advisory services and support guiding you to make the right choices for your business.

ESFD microcredit Programs . created by the European Commission and the Lebanese Government, the Economic and Social Fund for Development (ESFD) in conjunction with BLC Bank, provides support for the financing of startup and growing projects.

Koudourat range of products . If you have an established business with an annual turnover below USD 500,000 or simply wish to establish a new business, the KOUDOURAT programs are your ideal solution to finance your working capital, acquire new machinery and equipment or buy premises. KOUDOURAT products have been structured based on the type of loans a business may require such as term loan, Overdraft, Letters of Credit and Guarantees.

Kafalat Loans . In association with Banque du Liban (BDL) and Kafalat s. a.l. we give the opportunity to your businesses to finance development projects at a very low cost. Kafalat s. a.l. objective is to provide an efficient financial guarantee for loans provided to developing enterprises.

If you wish to expand your existing business or open a new one and your business is in the Agriculture, Industry, Tourism, Technology or Craftwork sector with a number of employees not exceeding 40, then ask for our Kafalat range of products: Kafalat Basic, Kafalat Plus and Kafalat Innovative.

Term Loans with BDL . In collaboration with Banque du Liban (BDL), the Term Loans provide you with the right financing solution to launch new projects or enlarge your existing business in the productive economic sectors of Industry, Agriculture, Tourism, Traditional Crafts and High technology at very competitive features. This loan targets professionals, start-ups and existing businesses. Non subsidized sectors can also benefit from Commercial Property Loan under BDL Circular 185 at very competitive conditions, reduced interest rate, no fees and free from commissions.

Collateral-free Loan . If your business has already been established for at least 2 years, you can benefit from flexible financing conditions to help you achieve your plans without the hassle of securing a collateral. You can borrow to finance your equipment, raw material, inventory, farming supplies and working capital while enjoying a long term repayment period up to 5 years. Read more here

Your Credit Facilities benefits:

Attractive low interest rates

Competitive fees and commissions

Grace period in line with your business needs

Flexible financing methods

Long term repayment period

Assistance from the Bank's experts to choose the program that best fits your needs

Stay up to date by tracking your accounts online through BLC eBank.

Provide your employees with the solution for their day to day banking all the while allowing you to save both time and money with the SIGMA account, an interest earning checking and salary domiciliation.

Your benefits:

Time saving through direct electronic funds transfers

Cost effective solution to help you cut your overhead expenses

Increased efficiency in managing your employees' payroll

Reduced risk of handling large amounts of cash

Your employees' benefits:

Accessing the account anytime

Special interest rates earned even on low account balances

Free checkbooks, debit card, credit card, internet card

Free SMS transactions notifications

Free bills domiciliation, annual account statement

Free for the first year: personal accident insurance

Free Internet & Mobile Banking

No commission on US Dollars cash deposits up to USD 1,000

Personal loan up to ten times monthly salary and a credit card with a limit up to six times his monthly salary

Option of installing Point of Sale machines (POS) at your end, which will allow your customers to make their payments using their debit or credit cards (MasterCard, VISA, American Express). This will grant your customers additional payment methods in an easy and simple process while the purchase amount will be automatically credited into your account.

For financial advice or detailed information about our products, contact the WE Initiative ambassador or champion in your region on www. we-initiative. com or email we@blcbank. com or call us on 1510

Contents

History [ edit ]

Before the 20th century women were operating businesses as a way of supplementing income or in many cases they were simply trying to avoid poverty and making up for the loss of a spouse. The ventures that these women undertook were not known as entrepreneurial due to the time in history and usually had to yield to their domestic responsibilities. The term entrepreneur is used to describe individuals who have ideas for products and or services that they turn into a working business. In earlier times this term was reserved for men. [ 2 ] Women became more involved in the business world after it was a more acceptable idea to society. This does not mean that there were no female entrepreneurs until that time. In the 17th century, Dutch Colonists who came to what is now known as New York City, operated under a matriarchal society. In this society many women inherited money and lands and through this inheritance and became business owners. One of the most successful women from this time was Margaret Hardenbrook Philipse, who was a merchant, and ship owner, also involved in the trading of goods. [ 3 ] During the mid 18th century and on it was popular for women to own certain businesses like brothels, alehouses, taverns, and retail shops among others. Most of these businesses were not perceived with good reputations mostly because it was considered shameful for women to be in these positions. Society at the time frowned upon these women because it took away from their more gentle and frail nature. During the 18th and 19th centuries more women came out from under the oppression of society’s limits and began to emerge into the public eye. Despite the frowns of society women like Rebecca Lukens in 1825, took the family business of ironworks and was able to turn it into a profit generating steel business. In the 1900’s due to a more progressive way of thinking and the rise of feminism, female entrepreneurs began to be more accepted and although these women entrepreneurs serviced mostly women consumers they were making great steps. Women gained the right to vote in 1920 and two years later Clara and Lillian Westropp started the institution of Women’s Savings & Loan as a way of teaching women how to be smart with their money. As each change in society happened, female entrepreneurs were there taking great gains along the way. With the boom of the textile industry and the development of the railroad and telegraph system, women like Madame C. J. Walker took advantage of the time and was able to market her hair care products in a successful way becoming the 1st African American female millionaire. Carrie Crawford Smith was the owner of an employment agency opened in 1918 and like Madame C. J. Walker, she sought to provide help to many women by giving them opportunities to work. During the Great Depression, some of these opportunities afforded to women took a seat and society seemed to have reversed its views, reverting back to more traditional roles. This seemed to affect women working in the business world however, it served as a push to those involved in the entrepreneurial world. More women began starting their own businesses, just looking to survive during this time of hardship. In 1938, Hattie Moseley Austin, who had begun to sell chicken and biscuits after her husband died, opened Hattie’s Chicken Shack, in Saratoga Springs, NY. During WWII many women entered the workforce filling jobs that men had left behind to go off and fight. Many women of their own accord took these jobs as a patriotic duty along with others who started businesses of their own. Some of these woman included Pauline Trigere, who came to New York from Paris in 1937 and started a tailoring business that later turned into a high end fashion house. Also Estee Lauder at the time was working on the idea for her beauty products and officially launched in 1946 a year after the war ended. After the war ended many men returned home injured or not at all, still requiring women to maintain their place in the business world. The Federation of Business and Professional Women’s Clubs were a source of encouragement to women entrepreneurs. They often would hold workshops with already established entrepreneurs, such as Elizabeth Arden giving advice. When the 1950’s came, women found themselves surrounded by messages everywhere, stating what their role should be. Domesticity was the overall concern and theme that was highly stressed during this time and women were juggling, trying to combine the home and their career. Home based businesses helped to solve a good part of the problem for those women who worried about being concerned mothers. Lillian Vernon while pregnant with her first child started her own business dealing with catalogs by investing money from wedding gifts and started filling orders right at her kitchen table. Mary Crowley founded Home Decorating and Interiors, as a way of helping women to work from home, by throwing parties to sell the products right in the comfort of their own home. In an effort to avoid criticisim and loose business from those who did not support women in business, Bette Nesmith who developed the product “Mistake Out”, a liquid that painted over mistakes in typing, would sign her orders B. Smith so no one would know she was a female. From the 1960’s to late 70’s another change in came about where divorce rates were rising and many women were forced back into the role of being a sole provider. This of course pushed them back out into the working world where they were not well received and when the recession came many of these women were the first to be without work. Once again the entrepreneurial endeavors of women came to the rescue, as an effort of asserting themselves and aiding other women in being a part of the work force. Mary Kay Ash and Ruth Fertel of Ruth’s Chris Steak House, were part of that movement. The 1980’s and 90’s were a time of reaping the hard work of all those women who worked tirelessly for their rightful place in the work force as employees and entrepreneurs. Martha Stewart and Vera Bradley were among the 25 percent women who owned businesses. The public also was becoming more receptive and encouraging to these women entrepreneurs, acknowledging the valuable contribution they were making to the economy. The National Association of Women Business Owners helped to push Congress to pass The Women’s business Ownership Act in 1988, which would end discrimination in lending and also get rid of laws that required married women to acquire their husband’s signature for all loans and in addition the Act also gave women owned businesses a chance to compete for government contracts. Another monumental moment for women in business was the appointment of Susan Engeleiter to head up the Small Business Administration in 1989. In the late 80’s and throughout the 90’s there was more of a focus on networking opportunities in the world of female entrepreneurs. There were many opportunities that came about to help those who were interested in starting up their own businesses. Support groups, organizations for educating the female entrepreneur and other opportunities like the seminars and help with financing came from many different sources, such as the Women’s Business Development Center and Count Me In. Despite all these advances, the female entrepreneurs still fell behind when compared to their male counterparts. As the 90’s came in the availability of computers and the increasing popularity of the internet gave a much needed boost to the women in business. This technology allowed them to be more prevalent in the business world and showcase their skills to their competitors. Even still with the added popularity of women in business, the availability of technology, the support from different organizations, today female entrepreneurs still are fighting. The economic downturn of 2008, did not serve to help them in their quest. With the continual attention given to female entrepreneurs and the educational programs afforded to those women who seek to start out with their own business ventures, there is much information and help available. Since 2000 there has been an increase in small and big ventures by women, including one of their biggest obstacles, financing. [ 4 ] women entrepreneur can never be question because of the gender dis kind of discrimination was never born in our COUNTRY ? INDIA. but was imported by American culture. Women in India are not only worship for drama but was really set as princess. if wanting example form our own history

Demographics [ edit ]

Studies have shown that successful women entrepreneurs start their businesses as a second or third profession. Because of their previous careers, women entrepreneurs enter the business world later on in life, around 40–60 years old. As women are now overtaking their male peers when it comes to education, [ 5 ] having higher education degrees is one of significant characteristics that many successful female entrepreneurs have in common. The number of self-employed women has steadily increased over the past 3 decades putting them at an approximate 33 percent increase. Many women owned businesses continue to be home based operations. These types of businesses usually have limited revenue with about 80 percent of them making less than $50,000 in 2002. This group made up for about 6 percent of total women-owned businesses. Children of these female entrepreneurs are expected to boost that number as they contribute to the growing amount of female entrepreneurs. Most women owned businesses are in wholesale, retail trade and manufacturing. Female entrepreneurs have also made a name for themselves in professional, scientific and technical services, also in health care and social assistance. In 1972 women owned businesses accounted for 4.6 percent of all U. S. businesses, that was about 1.5 million self employed women. That number increased to 2.1 million in 1979 and 3.5 million in 1984. In 1997 there were about 5.4 million women owned businesses and in 2007 that number increased to 7.8 million. The participation of females in entrepreneurial activities does of course vary in different amounts around the world. For example in Pakistan, women entrepreneurs account for only 1% of this gender’s population, while in Zambia 40% of women are engaged in this activity. The highest amounts of females involved in entrepreneurial activities can be seen in Sub-Saharan Africa, with 27% of the female population are. Latin America/Caribbean economies show comparatively high percentages as well (15%). The lower numbers are seen in the MENA/Mid-Asia region with entrepreneurial activities registering at 4%. Developed Europe and Asia, and Israel also show low rates of 5%.

International implications [ edit ]

A recent international study found that women from low to middle income countries (such as Russia and the Philippines ) were more likely to enter early stage entrepreneurship when compared to those of higher income countries (such as Belgium. Sweden and Australia ). A significant factor that may play a role in this disparity can be contributed to the fact that women from low income countries often seek an additional means of income to support themselves and their families. Overall, 40 to 50 per cent of all small businesses are owned by women in developing countries. [ 6 ] Alternatively, this may also be due to the fact that, in western business practices, it is not seen as beneficial to exhibit feminine traits. While eastern businesses tend to follow methods based around mutual respect and understanding, western business expectations are for business leaders to be more ruthless, headstrong and less sensitive or respectful. "In the grab for power women use whatever means available to them, whereas a man would take a club to his opponents head a woman is more likely use other less forceful and more subversive measures. Lets just own it we have different weapons in our arsenal." [ 7 ] Female entrepreneurs make up for approximately 1/3 of all entrepreneurs globally. According to one study, in 2012 there was an approximate 126 million women that were either starting or already running new businesses in various economies all over the world. As far as those who were already established, there was an approximate 98 million. Not only are these women running or starting their own businesses but they are also employing others, so that they are participating in the growth of their respective economies.

A study title "Barriers of Women Entrepreneurs: A Study in Bangalore Urban District", in India has concluded that Despite all this constraints, successful women entrepreneurs do exist. Women entrepreneurs have evidently more to ‘acquire’ than their male counterparts. But, the socio-cultural environment in which women are born and raised hinders them. Social customs, caste restrictions, culture restraints and norms leave women lagging behind men. [ 8 ]

Present challenges [ edit ]

Even though female entrepreneurship and the formation of women business networks is steadily rising, there are a number of challenges and obstacles that female entrepreneurs face. One major challenge that many women entrepreneurs may face is the traditional gender-roles society may still have on women. Entrepreneurship is still considered as a male-dominated field, and it may be difficult to surpass these conventional views. Other than dealing with the dominant stereotype, women entrepreneurs are facing several obstacles related to their businesses.

Obstacles specific to starting new firms [ edit ]

External finance and sex discrimination. [ edit ]

In general, women have lower personal financial assets than men. This means that for a given opportunity and equally capable individual, women must secure additional resources compared to men in order to exploit the opportunity because they control less capital. A question that has developed into its own sub-field in the women’s entrepreneurship literature is if women have a harder time getting finance than men for the same business opportunity. [ 9 ] [ 10 ] [ 11 ]

A specific solution for solving women’s difficulties for obtaining financing has been microfinancing. Microfinance is a financial institution that has become exceptionally popular especially in developing economies.

Obstacles specific to managing a small firm [ edit ]

Studies on women entrepreneurs show that women have to cope with stereotypic attitudes towards women on a daily basis. Business relations as customers, suppliers, banks, etc. constantly remind the entrepreneur that she is different, sometimes in a positive way such as by praising her for being a successful entrepreneur even though being a woman. Employees tend to mix the perceptions of the manager with their images of female role models leading to mixed expectations on the woman manager to be a manager as well as a “mother”. The workload associated with being a small business manager is also not easily combined with taking care of children and a family. However, even if the revenues are somewhat smaller, women entrepreneurs feel more in control and happier with their situation than if they worked as an employee. [ 12 ] Women entrepreneurship has been recognised as an important source of economic growth. Women entrepreneurs create new jobs for themselves and others and also provide society with different solutions to management, organisation and business problems. However, they still represent a minority of all entrepreneurs. Women entrepreneurs often face gender-based barriers to starting and growing their businesses, like discriminatory property, matrimonial and inheritance laws and/or cultural practices; lack of access to formal finance mechanisms; limited mobility and access to information and networks, etc.

Women’s entrepreneurship can make a particularly strong contribution to the economic well-being of the family and communities, poverty reduction and women’s empowerment, thus contributing to the Millennium Development Goals (MDGs). Thus, governments across the world as well as various developmental organizations are actively undertaking promotion of women entrepreneurs through various schemes, incentives and promotional measures.

Women entrepreneurs in the four southern states and Maharashtra account for over 50% of all women-led small-scale industrial units in India [ citation needed ] .

Obstacles specific to growing firms [ edit ]

A specific problem of women entrepreneurs seems to be their inability to achieve growth especially sales growth. [ 13 ] Another previously addressed issue is finance and as stated previously, the entrepreneurial process is somewhat dependent on initial conditions. In other words, as women often have a difficult time to assemble external resources, they start less ambitious firms that can be financed to a greater degree by their own available resources. This also has consequences for the future growth of the firm. Basically, firms with more resources at start-up have a higher probability to grow than firms with fewer resources. By resources is meant here societal position, human resources and financial resources. This initial endowment in the firm is therefore of great importance for firm survival and especially for firm growth. [ 14 ] [ 15 ] [ 16 ] [ 17 ] Despite that many women entrepreneurs face growth barriers, they are still able to achieve substantial firm growth. There are examples of that both in a number of developing economies (Ethiopia. Tanzania and Zambia ) surveyed by the ILO. as well as in more developed economies such as the United States.

Encouragement of women entrepreneurs [ edit ]

In 1993, "Take Our Daughters To Work Day" was popularized to support career exploration for girls, later expanded to Take Our Daughters and Sons to Work Day .

www. sba. gov/about-offices-content/1/2895 and their Facebook group https://www. facebook. com/SBAgov? ref=br_tf. Female-only taxi companies in India, the UAE and Brazil support working women. [ 18 ] One example of successful women entrepreneurs in rural villages of Bangladesh is the Infolady Social Entrepreneurship Programme (ISEP) .

Reasons for becoming a female entrepreneur [ edit ]

Many studies have concluded that women start their own businesses for a variety of reasons. These reasons included, having an idea for a business plan, a passions for solving a specifically related career problem, wanting to be more in control of their careers, maintaining a more balanced life, having a flexible work schedule, taking a personal vision and turning it into a lucrative business. Along with the intense desire to see their vision carried out, these women also have a great ability to multi-task and are not fearful of the risks involved in being self employed. Women are still facing many issues in the workforce and being their own boss certainly is more appealing to some of the everyday issues they face in outside of entrepreneurship. Gender roles are still very much a part of their lives but for some female entrepreneurs, they feel more in control, when working for themselves.