Master Your Own Destiny

There are several fields open to women entrepreneurs, but one must explore as the success lies in the choosing By Pheji Phalghunan Running a successful business requires good managers. And, traditionally, Indian women have been good managers, being able to successfully balance raising children and running a home. It teaches women the two qualities that qualify them to make their first foray into the corporate worldknowing the importance of time management and how to deal with people. With loads of experience in the e-learning and e-commerce industry during her 10-year stint in the US, when Anisha Singh, 34, decided to start her own venture, she had that added advantage. I always thought I wanted to be an entrepreneur, but it was important to explore the opportunities because I realised that success lies in choosing the right platform, she says. In 2009, Singh visited India for a couple of days to explore how well her business idea could be implemented, but never returned. Instead, her husband Arjun Basu joined her in her effort to set up Mydala.com, Indias first group-buying portal that won Singh the title of the Leading Woman in Retail by the India chapter of London-based ii Global Business Information in 2012. Summing up the winning formula behind her business venture, Singh, who pursued her Masters in Political Communication and MBA in Management of Information Systems in the US after graduating from the Delhi College of Art, says: In general, Indians tend to be groupies. We dont like to do anything alone. The success of her business is rooted on the word-of-mouth model and, today, Mydala services 93 cities across the country with a physical presence in 25 cities. Taking the Plunge- After working with RMS Inc. for two years, I wanted to continue working on ideas that would impact millions around the globe. Thats what got me excited about starting YourNextLeap, a Web platform that helps people make career choices and get their first jobs, says Suruchi Wagh, 26, co-founder, YourNextLeap. Like Singh and Wagh, most successful women entrepreneurs seem to agree that job experience helped them give shape to their businesses. Says Sreeti

Mondol, 32, founder of Memories of a Butterfly, a Bangalore-based designer bead curtain and screen studio: Before starting my own business I was working with an ad agencys client servicing department and that helped me a great deal. I was always passionate about colours and beads, and creating something out of them, So, I took the plunge. Starting Early- Launching a business before greater responsibilitiessuch as starting a familyare upon them, helps cruise through the initial struggle years without having to focus on too many things at once. Earlier I used to stick around in the office as late as possible. But now, with my two-year-old daughter waiting, I make sure that I leave early, says Singh, who also founded KINIS Software Solutions, a real estate marketing tool for the US market. Challenges. A woman is expected to play multiple rolesthat of a daughter, wife, mother and sisterand, at the same time, manage her own career. Juggling multiple responsibilities and weaving a success story out of every opportunity can take its toll. Says Wagh: There are quite a few men and women who do not expect women to do well professionally. To continuously prove oneself makes it that much more difficult for a woman entrepreneur. Lack of ambition and, inherently, the risk-averse nature of women could also be a hurdle. Many women start companies, but these tend to be predominantly lifestyle ventures: founders start these companies to gain flexibility and income, rather than with the aspiration of building a large company, feels Laura Parkin, co-founder and CEO, National Entrepreneurship Network. Women also find it difficult to cope with failures and roadblocks and many seem to be wallowing in self-doubt. Says Singh: I am a go-getter. But it is not the case with many women. Most seem to lack self esteem and doubt their ability. And it stops many from taking that crucial step. Partnerships- For those who find it difficult to go at it alone, having a partner, or partners, to share the burden is ideal. Choose someone who has skills complementing you; identify and play on each others strengths, advises Wagh, who runs YourNextLeap with partner Mohit Gundecha. If you want to enter into a partnership with a man, be aware of the negatives too. There are chances of you getting ignored by others. Says Wagh: I was attending a start-up event with Mohit. A common industry contact introduced Mohit to a fellow start-up founder and just stopped there. I had to then

introduce myself as the co-founder. If you are partnering your spouse, always remember to separate work from life. At work there will always be differences of opinion, one should agree to disagree, but cannot carry it back home, cautions Arunima Singhdeo, 37, co-founder and director, babyoye.com, an online shop for baby products, which she started with her husband Sanjay Nadkarni. However, if both are professional and proficient in their respective fields, it can be a great working relationship, she says. Funding- Women also hesitate to ask for external funding. While some try to make use of the familys resources or get help from immediate relatives, 8085 per cent of them depend on microfinance institutions. We see fewer women entrepreneurs approaching venture capitalists to raise funds, observes Parkin. Though many nationalised banks offer loan schemes for women entrepreneurs, it is still difficult for women to raise funds because they must have at least 50 per cent ownership in the company. The special loan schemes, if you are eligible for one, give women concessions of anything between 0.25 per cent and 1 per cent, depending on the loan amount. There are Bank of Indias Priyadarshini Yojana, Dena Banks Dena Shakti, Sidbis Mahila Udyam Nidhi, State Bank of Indias Stree Shakti Package and Canara Banks CAN Mahila, to name a few. Financial institutions, however, are sceptical about providing assistance to women entrepreneurs. Reasons Sushil Muhnot, chairman & MD, Sidbi: One possibility why they find it difficult to get funding is, I guess, the issue of having collateral in their name. In India, most women dont have the necessary papers and documents in their name. Low awareness about special schemes meant for women entrepreneurs is another reason for their slow uptake. I advise women to go for credit guarantee schemes when looking for loans, Munhot continues. If men are given 75 per cent of the loan amount under credit guarantee schemes, women are eligible for 80 per cent of the loan amount, he explains. Mentoring-I have found that it really helps to have seasoned mentors as they can bring very different networks and perspectives, says Parkin. And,

luckily for women, most mentors consider their job as gender neutral. I dont mentor a woman any different from a man. Perhaps, women have less entrepreneurial hubris and, hence, to evaluate their ideas, they may seek advice more often, says Suresh Bhagavatula of N.S. Raghavan Center for Entrepreneurial Learning (NSRCEL), IIM, Bangalore. Says Wagh: One should seek a mentor who not only knows you professionally, but also personally and socially. Mentors are for a lifetime. They will always tell you things that are right for you even if that means you go through a tough time. They will make you face the realities sooner than later Networks- It helps to keep in touch with other women entrepreneurs. Joining online networks help in learning from the experiences of others. There are a number of organisations, including Association of Women Entrepreneurs of Karnataka (AWEK), Federation of Indian Women Entrepreneurs (FIWE) and Women Entrepreneurs on the Web (WEOW). WEOW help you go through creating your web identity step by step. Though I had started designing my website on my own, I wish I had that kind of help five years ago when I started off, Mondol signs off. pheji@outlookindia.com Credit- Outlook Money