By Sabrina Zavahir
Empowerment of female business owners is committed and is a deeply paid attention around the globe since it’s not only the financial gain that would be achieved, but, it certainly has an impact for a social change. A dream or a passion is an universal thought, but, an opportunity to be gained is not! A platform set up towards the future to strengthen a female enterprise is more vital rather than providing financial support to purchase merely the material goods.
Female led businesses become far more solid in reliability with a stable income giving ample spacing to create and develop independence with an abundance of opportunities for women which would certainly benefit their families , communities and the employees directly involved with the so called business venture. By having a comprehensive approach with belief, sustainability, along with scalable results ascending with solutions, will provide answers to global and domestic poverty.
Micro-funding, business training and business modernization techniques are areas if focused even the humblest enterprise can be expanded resulting in economic prosperity.
It’s seen as evident the economic prosperity leading to newer innovative leverages with passion, ingenuity with oodles of vigour in entrepreneurial women around the sphere. Micro-funding, business training and business modernization techniques are areas if focused even the humblest enterprise can be expanded resulting in economic prosperity. The economic growth is heavily fuelled by appropriate entrepreneurship. An influx of females in business enterprises and being recruited, ushers in gains with significance with work productivity, advancing the monetary gains in an economy.
Many aspiring and inspiring female entrepreneurs strive around strong work ethics with a passion to enhance themselves so that the industries will flourish where they can serve their families and communities. drivers behind the female led businesses such making a.
BMD shares a detailed view point which was acquired from Ms Nayomi Handunnetti- Award winning Entrepreneur, Doctoral Candidate, Executive Director Handun Villas & Restaurants, Founder The Siren, Co-Founder Elixir Ceylon, A thought leader in Entrepreneurship & Fitness Enthusiast, on female led enterprises which is filled of ripostes towards sustainability with appropriate and auxiliary entrepreneurship skills.
Q .Should there be policy initiatives underpinning policies which are extremely well designed to encourage more women to establish more businesses where female entrepreneurship is well constructed?
Female entrepreneurs are critical to the economic growth of any country. We see an increasing number of females starting new businesses in Sri Lanka. But the biggest concern in this regard is the lack of policy initiatives and regulatory framework that support women entrepreneurship. Therefore, to encourage more female entrepreneurs and to continue supporting those already in business, it is of great importance that a comprehensive policy is developed. It’s clearly understood that women entrepreneurs are considered as a key to accelerate economic growth, along with that if policies can be explored on the lines where barriers for women entrepreneurs can be eliminated and offer feasible policies with matured recommendations where even the gender gap can be a thought sense that can be disregarded, many newer pathways will be automatically.
If I may share certain statistics, data provided by the International Council for Small Business, formal and informal Micro-, Small and Medium-sized Enterprises (MSMEs) make up over 90% of all firms and accounts on average, for 70% of total employment and 50% of GDP. While most women have been hit hardest by the COVID-19 pandemic, they are seen often leading the way in “building a better normal.”
Many women entrepreneurs have responded positively to the incredible challenges with both grit and innovation, pivoting rapidly to cope with the impact of the crisis and help create better futures.
Taking a look at a statistic from The Boston Consulting Group’s (BCG), new analysis shows if women and men across the globe equally participated in entrepreneurship, the global GDP has the potential to increase by 3%-6%, boosting the world economy by $ 2.5 trillion to $5 trillion, a good referencing to get at an overall image.
Q : By drawing upon good and practical practices by taking in overseas examples, wouldn’t it be an encouragement for women to enter self-employment which would lead towards an economic and social viability?
I would like to address three key issues. As far as I see, pretty evidently, female entrepreneurs lack funding, market accessibility and work life balance. So, policies as per in my opinion should be to encourage entrepreneurship where we can build a structured kind of a system for these female entrepreneurs where the funding could be from angel investors or banks, based on their project proposals or their cash flow statements rather than requesting for collateral documents which most of the females do not have. Entrepreneurs are in some form a fiscal gain as monetary gain creators when newer businesses flourish and new job opportunities are created.
Focus on improving access to credit facilities so that necessary training can be provided to assist in building new skills, creating access to networks, accepting the dual role of a female entrepreneur with a family and as a business owner. Even simple approaches such as encouraging to purchase items from shops owned by women where in return their business is promoted, be it even on social media for example, even try and invest in women-owned companies and set up methodologies to constantly try and donate to women-owned enterprises.
This gender lens gazed through an entrepreneurship policy will weaken the strength , the scope and the effectiveness of the entire entrepreneurship policies which has been designed for women.
Invest in women-owned companies. Create forums to learn from female entrepreneurs and carry out mentoring other women entrepeneurs as a motivational tool. It would be also ideal to take it certain comparisons of trademarks which has been set it by successful self-starters where their ability have created a breakaway from the “9 to 5” parameters by engaging in traditional jobs. Innovativeness also comes in the form of capitalizing by looking through the productive windows by comparing the methods already being distinguished which sometimes may require some sort of international guidance as well as spur income growth.
Q: Are you of the opinion that women entrepreneurs constantly require instructions towards new directions in riding in this so called business rollercoaster while balancing family life and self-employment?
In my opinion we as women entrepreneurs do have the right kind of direction, right sense and drive to move forward as female entrepreneurs. We need to have this move forward kind of a mind frame as female entrepreneurs. the biggest bottlenecks we face are the lack of funding and market access.
Like all other business tycoons, SME sector based female entrepreneurs constantly require the drive to maintain work-life balance and the mindset to not give up in taking the business to the next level. We all know, specially in the south Asian region, we as females carry out loads of unpaid work with regard to taking care of elderly parents, house work, looking after families and kids’ education. In my opinion we do not require constant direction as such. If we are able to kind of address the above two issues, for female entrepreneurs, the sky’s the limit.
Q : How should small firms improve their efficiency levels?
I have a few suggestions such as to maintain a healthy cash flow which is very important. Then, as point number two, find investors or a funding facility when one clearly knows that the business should be taken to the next level. Third point for me would be, focus on growth, even in the form of growing your network , locally as well as globally, irrespective of gender or nationality. Networking is a key for any entrepreneur in the SME sector.
Most entrepreneurs simple tend to give up since they get so occupied trying hard to juggle so many tasks in one go where they tend to forget to balance the most important factor that’s the physical wellbeing along with mental health.
Finding appropriate mentors who can groom, take on the next level of challenges which are bound to be experienced by a female entrepreneur in particular, is important. One should be malleable enough to learn, unlearn and re-learn as a process towards growth. Keep your mind open to new possibilities which are on offer to adapt and sometimes even to customize your said industry to the global environment.
My next attention would be to keep ones mental and physical wellbeing extremely fit. Most entrepreneurs simple tend to give up since they get so occupied trying hard to juggle so many tasks in one go where they tend to forget to balance the most important factor that’s the physical wellbeing along with mental health.
The last point for me would be and relatively a strong opinion that I share as well is to work on the lines where one would strategize on building a personal brand exclusive to you, as an entrepreneur, where you would be visible in public forums voicing your views. Keep youth in mind. Reach out to them as well , assist fellow female entrepreneurs and don’t limit yourself, but reach out even to the world and build a very strong personal branding.
Q : “The Lens of Gender Acceptance,” should it be changed in the concept of branding or marketing related job roles for expanding a profitable business return?
This gender lens gazed through an entrepreneurship policy will weaken the strength , the scope and the effectiveness of the entire entrepreneurship policies which has been designed for women.
This gender lens gazed through an entrepreneurship policy will weaken the strength , the scope and the effectiveness of the entire entrepreneurship policies which has been designed for women. Evidences are clearly seen with regard to this gender gap negatively impacting on the smooth process of operations, tampering mainstream entrepreneurship enhancement and income generation.
In my opinion, in Sri Lanka there are talented and accomplished female marketing professionals. Gender personally to me is irrelevant when it comes to performance, when it comes to achieving goals and ambitions. I strongly feel gender does not influence or have an impact in this marketing fraternity since I have personally seen many female marketing professionals who have been extremely successful.
Q : Female owned enterprises, how may they make an impressive growth in your perspective?
As a female entreprenueur what I feel is that we as care givers are at a much better level by bringing in that caring aspect to an organization. We look at the wellbeing of our employees plus in terms of CSR and sustainability. In my past experiences, I have seen many women led businesses that prioritize CSR and sustainability over profit. Also, prioritizing people, in the form of providing care giving, being considerate towards their mental and physical wellbeing have helped female led businesses.
Try and challenge the statusquo and try challenging the banks, chambers and donor agencies to think differently. We can take examples from many progressive countries where they look at female entrepreneurship in a very positive manner.
At present, as we all are aware, the situation is very uncertain, even for entrepreneurs. But, what I feel is that as responsible citizens, at all times bring in a positive hope. Try and challenge the statusquo and try challenging the banks, chambers and donor agencies to think differently. We can take examples from many progressive countries where they look at female entrepreneurship in a very positive manner. Also on another note :
entrepreneurship is work life balance, not neglecting your family, your business and your personal, physical and mental wellbeing.