Challenges faced by Women Entrepreneurs in Globalized Era *Dr.P.S.R.Murthy and **K.

Latha
*Professor, School of management studies, Adikavi Nannaya University **Research Scholar,University of Madras Rajahmundry

Introduction Women are an emerging economic force that policymakers cannot afford to ignore. There are however a number of constraints to women owned businesses that need to be addressed. In overcoming these obstacles, there are actions to be taken by government, financial institutions and employers organizations by working closely with women business associations. It is important for women entrepreneurs to join hands with mainstream employers organizations so that these obstacles, challenges and problems can be turned into legitimate policies. Globally, women are enhancing, directing, and changing the face of how business is done today. Ultimately, female business owners must be recognized for who they are, what they do, and how significantly they impact the worlds global economy. It is estimated that presently women entrepreneurs comprise about 10% of the total entrepreneurs in India. It is also clear that this percentage is growing every year. If prevailing trends continue, it is not unlikely that in another five years, women will comprise 20% of the entrepreneurial force in India. Women Enterprise Women Entrepreneurs may be defined as the women or a group of women who initiate, organize and operate a business enterprise. Government of India has defined women entrepreneurs as an enterprise owned and controlled by a women having a minimum financial interest of 51% of the capital and giving at least 51% of employment generated in the enterprise to women. Like a male entrepreneurs a women entrepreneur has many functions. They should explore the prospects of starting new enterprise; undertake risks, introduction of new innovations, coordination administration and control of business and providing effective leadership in all aspects of business. Women in business are a recent phenomenon in India. By and large they had confide themselves to petty business and tiny cottage industries. Women entrepreneurs engaged in business due to push and pull factors. Which encourage women to have an independent occupation and stands on their on legs A sense towards independent

Electronic copy available at: http://ssrn.com/abstract=1650583

decision-making on their life and career is the motivational factor behind this urge. Saddled with household chores and domestic responsibilities women want to get independence Under the influence of these factors the women entrepreneurs choose a profession as a challenge and as an urge to do some thing new. Women Leaders There are new challenges and new people in business every time.So evolving is the new concept of knowledge worker, and the problems of attrition have shifted the focus of organizations to the women as future workforce, especially as knowledge workers. Obviously, there are many examples where a woman has reached to the top, like Indira Nooyi, CEO of PepsiCo, and many more. So organizations have started seeing women with a new hope, they are taking-up women of ability, pairing them with men of ability, to make the best organization and a profitable one too. The truth is that successful business is led by people of experience with specific business skills and the right mind-set. Here are some reasons why we need more women as leaders in business: Women, on average, are terrific communicators and tend to be better at it than men. It's the information age and it's highly competitive. Global business will require expanding business networks. Women are natural net-workers. Diverse view-points can result in better, more creative solutions to business issues. Both women and men are needed to address business issues effectively. Keeping a talented knowledge worker will require relationship strategies. Women instinctively care about building relationships which is why they tend to gravitate toward jobs where building relationships is a major component such as Marketing or HR. Problems of Women Entrepreneurs in India

Electronic copy available at: http://ssrn.com/abstract=1650583

The women entrepreneurs have many problems to overcome in establishing their businesses. Some of these are common to all entrepreneurs and some are specific to women. Throughout history, women have been responsible for both the internal and external affairs of their families. Their efforts have helped to keep society bound together to the extent that it has been. This took place even though women were not accorded equal rights as men and had much fewer opportunities to receive education. Indeed, education was often considered to be an impediment to a girl obtaining a good husband and family, which was considered to be her principal goal in life. In the modern world, education is the main means by which more women might be able to become entrepreneurs and hence help in job creation and poverty eradication. Such education has both formal and informal components. Formal education provides skills and knowledge necessary to perform a job and also widens the horizon of opportunities. Develop Women Entrepreneurs Women need to be provided with better educational facilities and schemes should be extended to women folk from government part. Adequate training programme on management skills to be provided to women community. Encourage women's participation in decision-making.Vocational training to be extended to women community that enables them to understand the production process and production management. Training and counselling on a large scale of existing women entrepreneurs to remove psychological causes like lack of self-confidence and fear of success. Activities in which women are trained should focus on their marketability and profitability The financial institutions should provide more working capital assistance both for small scale venture and large scale ventures. Industrial estates could also provide marketing outlets for the display and sale of products made by women.21. A Women Entrepreneur's Guidance Cell set up to handle the various problems of women entrepreneurs. Conclusion The emergence of women entrepreneurs and their contribution to the national economy is quite visible in India. The number of women entrepreneurs has grown over a period of time, especially in the 1990s. Women entrepreneurs need to be lauded for their increased utilization of modern technology, increased investments, finding a niche in the export market, creating a sizable employment for others and setting the trend for other

women entrepreneurs in the organized sector. While women entrepreneurs have demonstrated their potential, the fact remains that they are capable of contributing much more than what they already are. In order to harness their potential and for their continued growth and development, it is necessary to formulate appropriate strategies for stimulating, supporting and sustaining their efforts in this direction. Such a strategy needs to be in congruence with field realities, and should especially take cognizance of the problems women entrepreneurs face within the current system. References Corner, L. 1998. Women and economic development and cooperation in Pacific Economic Cooperation Asia-

Jose P., Ajith Kumar & Paul T.M., (1994) Entrepreneurship Development, HimalayaPublishing.. Medha Dubhashi Vinze (1987) Women Entrepreneurs In India: A Socio-Economic Study of Delhi - 1975-76, Mittal Publications,NewDelhi. Renuka V. (2001) Opportunities and challenges for women in business, India Together, OnlineReport,CivilSocietyInformationExchangePvt.Ltd. Starcher, D. C. (1996). Women entrepreneurs: Catalysts for transformation. Retrieved July6,2001:http://www.ebbf.org/woman.htm10(c2001269511)