Women Entrepreneurship And Economic Development Business Essay

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Women entrepreneurs have enormous potential to bring prosperity in the county and therefore encouraging women entrepreneurship is very important. These women entrepreneurs are generally classified into self-entrepreneurs, inheritance entrepreneurs, and partner entrepreneurs. Promotion of women entrepreneurship in India is done by the government as well as by various other agencies. The Two main objectives behind promoting Women entrepreneurs are first employment centered and second providing autonomy to women. This study explored the effects of motivational factors on women entrepreneurship in Jaipur city. The objectives of the study seeks to find out the various factors which act as motivational tools for women entrepreneurs, the nature of these factors and the impact, they are having on Women entrepreneurs. The study is an exploratory research based on both primary and secondary data. The research was conducted on around 60 entrepreneurs through convenience sampling technique in Jaipur city. The Secondary data was collected through text books, magazines, journals and web site references.

The study implies that motivation is a key factor for start up and success of the business. Another implication is that education is an essential element for entrepreneurship development. The educated generation is more interested in becoming entrepreneurs. This study also contributes to both theoretical and practical aspects of motivational factors affecting the start-up of businesses by women entrepreneurs.

Keywords: Motivational Factors, Women Entrepreneurs, self-entrepreneurs, inheritance entrepreneurs, partner entrepreneurs

INTRODUCTION:

In entrepreneurship new firms emerge with innovative or better products or services to challenge the existing ones and thus creating a dynamic marketplace. Women form micro-enterprises, small industries and bring their value addition through product/service to the market place. They strive to optimize the utilization of their talents and resources in their own ventures. The factors that motivate women entrepreneurs reflect in the way they conduct business. Motivational patterns of women entrepreneurs differ and accordingly their dealing with the issues of the nature, types and dynamics of business. The ability of women entrepreneurs to evaluate the patterns and factors of their motivation before starting a business really helps them to perform effectively for the achievement of their business goals and objectives. A research study reveals that entrepreneurship is not about making money, thinking the greatest ideas, making the best sales pitch, applying the best marketing strategy. It is in reality an attitude to create something new or different and an activity which creates value in the entire social eco-system. It is the psyche makeup of a person and state of mind, which develops naturally, based on his/ her surrounding and experiences, which makes the person to think about life and career in a different way.

The women have achieved immense development in their state of mind. With the coming of development in service sector, many entrepreneurial opportunities especially for women have been created where they can utilize their skills and can grow. In India also from the last two decades, increasing numbers of Indian women have becoming entrepreneur and also they are gradually contributing a lot in economic development. But still they have not capitalized their potential in India and have a long way to go.

WOMEN ENTREPRENEURSHIP AND ECONOMIC DEVELOPMENT:

Entrepreneurship has a role of bringing women into the mainstream of economic development and plays a role of world changers .The role of women entrepreneurs in the process of economic development has been recognized from nineties in various parts of the world. Today, in the world of business, women entrepreneurship has become an essential component in many countries and has been accepted in all spheres. The United Nations report has also concluded that economic development is closely related to the advancement of women. In nations where women have advanced, economic growth has usually been steady. By contrast, in countries where women have been restricted, the economy has been stagnant. The data on correlation between Gender related development index and GDP per capital reinforces the above fact. Other important factor for development of women entrepreneurship is structural association and group of people are also promoting women entrepreneurship. A vital link to economic decision-making processes, the business associations has made their members' visions and priorities a part of the national political and economic agenda. Around the globe many more organizations are contributing in similar ways.

REVIEW OF LITERATURE:

In the changed state, there is increasing awareness among women that entrepreneurship opens up a new ground for them and they can realize their esteemed career which gives them autonomy and self-reliance. In order to do well in their venture of entrepreneurship, they must distinguish the fact of advantages they have and the inimitable challenges that they have got to face than their male counterparts. The understanding of the problems they face, their level of contentment towards motivated factors enables them to take advantage of their strengths and unique differences as advantages. It also acts as a facilitator for potential entrepreneurs and encourages future women entrepreneurs to endeavor into the field of business.

A business will neither start up nor succeed without motivation (Roberston, Collins, Medeira and Slater, 2003). The possible factors which influence entrepreneurial behavior are the individual, social and environmental factors. The Social factors model examines the individual background, family background, stage of career, early life experiences and growth environment (Gibb, 1993).

Most of the study on women entrepreneurs had focused on the demographic, family, occupational and educational background. It is analyzed that motivation, personality and demographic variables contribute extensively to the entrepreneurial purpose in women (Vijaya, 2000). A study by Welsch and White (1982) found that women entrepreneurs have a propensity to be younger, more educated and emphasizes in information so urges. In addition, women entrepreneurs were almost as likely to be self employed.

One study of twenty female entrepreneurs instituted that their most important motivations to set up a business were the need to achieve, the desire to be independent, the need for job satisfaction and economic necessity (Schwartz, 1976). Apart from that, desire to control, need for success, to improve the economic situation, need to be independent and the need for job satisfaction are also some notable motivating factors (Scott, 1986).

According to the categorization suggested by Carter et al. (2003), there are different pull motivations relate to motivations such as independence and enthusiasm to be free of any control or to become one's own boss, recognition and gain of acceptance and admiration by other people (Nelson, 1968), self-realization, attainment of the entrepreneurial goals (Fischer, Reuber, and Dyke, 1993), economic incentives, the desire to gain more and attain economic achievement (Birley and Westhead, 1994).

The "necessity entrepreneurs" are driven by push factors and their core motivations are lack of other or superior alternatives to unemployment (Evans and Leighton, 1990,Storey, 1991, Clark and Drinkwater, 2000, Masuda, 2006), lack of other income option in the case of unemployed persons facing the end of their unemployment benefits, advisement from other parties of the unemployed people to strive self-employment as an alternative choice to wage-employment and unemployment (see Caliendo and Kritikos, 2009).

Conventional thought of the entrepreneurship cited the desire to self-employed, to breed income and to develop skills according to Hookoomsing and Essoo (2003), (Richardson et al., 2004). Women's reasons intended for starting business are not always repeatedly determined by positive factors but also because of negative conditions such as low family income, lack of employment opportunities, dissatisfaction with a present job or the need for flexible work(Robinson, 2001), These factors tend to be most prime among women within rising economies (Dhaliwal, 1998).

OBJECTIVES OF THE STUDY:

To study the socio-economic background of the women entrepreneurs in Jaipur District.

To study the motivational factors and other factors that influence women to become entrepreneurs.

RESEARCH METHODOLOGY:

DATA COLLECTION:

The study is based on exploratory research design and data is collected from primary and secondary sources. The primary data was collected through a structured questionnaire. A sample of 60 respondents in Jaipur city was taken for the study. Convenience sampling method was used for collecting the data from the respondents. The Secondary data was collected through text books, magazines, journals and web site references. Major tool of the data collection was conduction of personal interview/survey. All the collected was arranged in the various forms of tables and then it was critically analyzed with the support of numerous statistical tools. Percentage Analysis, Average, Weightage Score and Chi-Square Test are the various statistical tools applied

ANALYSIS AND INTERPRENTATION:

Demographic Variables:

The personnel characteristics of the selected respondents like age, educational status, marital status, concerned area of business and business category are discussed in this section.

Table 1.1: Distribution of Respondents on the Basis of Various Demographic Variables

Factors

Category

No. of Respondents

Percentage

(%)

Age Group

Below 25 Years

5

8.33

25-35 Years

15

25.00

35-50 Years

30

50.00

Above 50 Years

10

16.67

Marital Status

Married

35

58.33

Unmarried

25

41.67

Education Qualification

illiterate

5

8.33

Primary

3

5.00

Secondary

8

13.33

Higher Secondary

16

26.67

Graduate Level

28

46.67

Concerned Area of Business

Service Related

35

58.33

Social Work Related

5

8.33

Manufacturing Related

20

33.33

Business Category

First Generation

25

41.67

Parental Business

15

25.00

In-Laws Business

20

33.33

Table 1.2: Motivational Factors of Women Entrepreneurs in Jaipur District (Weighted Ranking Method)

S.No.

Weight

10

9

8

7

6

5

4

3

2

1

Total

Rank

 

Particulars

I

II

III

IV

V

VI

VII

VIII

IX

X

1.

Personal Desire to achieve something different

12

8

6

11

5

6

3

3

4

2

408

2

120

72

48

77

30

30

12

9

8

2

2.

Acceptance of this work as a Challenge and Adventure

10

8

7

12

4

5

6

4

3

1

404

3

100

72

56

84

24

25

24

12

6

1

3.

Liking for Business & Independent Occupation

14

7

8

9

4

5

3

4

3

3

412

1

140

63

64

63

24

25

12

12

6

3

4.

Monotony of Housework

6

7

8

9

7

2

3

5

12

1

354

8

60

63

64

63

42

10

12

15

24

1

5.

Independence & Willingness to be Free of any Control

13

8

5

7

3

4

5

8

4

3

384

6

130

72

40

49

18

20

20

24

8

3

6.

To get Economic Independence

12

7

8

5

5

7

6

2

4

4

389

4

120

63

64

35

30

35

24

6

8

4

7.

Because of Unemployment

5

6

4

3

6

8

12

10

4

4

323

10

50

54

32

21

36

40

48

30

8

4

8.

To get better life than before

5

7

7

6

2

4

10

6

10

3

324

9

50

63

56

42

12

20

40

18

20

3

9.

To Prove Yourself

11

9

10

6

4

2

3

6

2

7

388

5

110

81

80

42

24

10

12

18

4

7

10.

To get Social Status

5

7

6

8

9

7

5

4

7

8

360

7

50

63

48

56

54

35

20

12

14

8

The table 1.2 shows that motivational factors for women entrepreneurs, the weighted ranking method applied. It inferred that the most number of the respondents have given First rank for liking for business & independent occupation; the respondents have given Second rank for personal desire to achieve something different. The third rank was acceptance of this work as a challenge and adventure and followed by to get economic independence, to prove yourself, to get social status, monotony of housework, to get better life than before and because of unemployment.

Chi-Square Analysis:

The various opinions of the sample respondents and socio-economic characters relationship is used for Chi Square Test. Table 1.3 reveals that the summary of the respondents. The chi-square analysis reveals that the factors age, education qualification and concerned business area are significant at 5% level. The remaining factors are not significant at 5% level.

Table 1.3: The Summerised Table of Opinion of Women Entrepreneurs

S. No.

Factors

Chi Square Value

Degree of Freedom

Table Value

Sig.

Result

1.

Age Group

23.33

3

7.81

.000

Significant

2.

Marital Status

1.67

1

3.84

.197

Not Significant

3.

Education Qualification

29.00

4

9.49

.000

Significant

4.

Concerned Area of Business

22.50

2

5.99

.000

Significant

5.

Business Category

2.50

2

5.99

.287

Not Significant

FINDINGS:

8.33% of the respondents are belonging to below 25 years age group of the entrepreneurs. 25.00% of the respondents are between the age group of 25 - 35 years, 50% of the respondents are between the age of 35-50 years and 16.67% are above 50 years.

46.67% of the respondents are belonging to graduate level of the entrepreneurs. 26.67% of the respondents are higher secondary and 13.33% of the respondents are secondary level of education. The 5% of the respondents are primary level and rests of the respondent are illiterates.

58.33% of the respondents deal with service related types of business. 33.33% of the respondents are engaged in manufacturing type of business. Only 8.33% of the respondents are doing our business for social work.

58.33% of the respondents are in married category and rests of the respondents are unmarried. Therefore, marital status is important factor to determine the women entrepreneurs.

41.67% of the respondents belong to first generation business category, 33.33% of the respondents belong to in-laws business and rest 25% belonged to parental business.

Motivational factors which encouraged women entrepreneurs through weighted ranking method are : it inferred that the most number of the respondents have given First rank for liking for business & independent occupation; the respondents have given Second rank for personal desire to achieve something different. The third rank was acceptance of this work as a challenge and adventure and followed by to get economic independence, to prove yourself, to get social status, monotony of housework, to get better life than before and because of unemployment.

The chi-square analysis reveals that the factors age, education qualification and concerned business area are significant at 5% level. The remaining factors are not significant at 5% level.

CONCLUSION:

It is apparent from the study that motivation is considered as an vital component of entrepreneurship.

Both motivation and environmental influences play an important role in entrepreneurship. A profoundly understanding on the influence of these variables will be useful to understand the complex phenomenon of entrepreneurship, particularly from the psychologically point of view.

Among the motivational factors age, education qualification and concerned business area is found to be the very important motivational factor in women deciding to become entrepreneurs. The liking for business and independent occupation and personal desire to achieve something different play an important part in influencing women's choice. In the same way, Hisrich and O'Brien (1981) found the desire to make full use of one's talent or skill is one of the reasons for women engaging in entrepreneurship.

LIMITATIONS OF THE STUDY:

The study covers only Jaipur district. Therefore the findings of the study are completely valid to this district only.

The study is based on the perceptions of the women entrepreneurs. Their attitudes may probably amend with the change of times. Therefore the responses reveal their existing views on the prevailing conditions.

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