Page 73 - DMGT310_ENTREPRENEURSHIP_AND_SMALL_BUSINESS_MANAGEMENT

Entrepreneurship and Small Business Management

Notes 5.3.3 Socio-cultural Barriers

A woman has to perform her family duties irrespective of her career as a working women or an
entrepreneur. Traditionally in our society, more importance was given to educating the male
child as compared to the female child. This has resulted in lack of schooling and vocational
training of women, shortage of technical skills and thereby lack of awareness of opportunities
available.
This adds to the constraints in establishing enterprises by women. Even the male labor force
generally does not prefer to work under a lady boss. Women entrepreneurs are not taken
seriously enough by the labor force. All these hinder women entrepreneurship.

5.3.4 Production Problems

Production in a manufacturing enterprise involves coordination of a number of activities. While
some of these activities are in the control of entrepreneur, there are others over which she has
little control. Improper coordination and delay in execution of any activity cause production
problems in industry. The inability of women entrepreneurs to keep pace with implementing
the latest advances in technology and lack of technical know-how results in high cost of technology
acquisition and machinery utilization. These problems result in increased cost of production
and adversely affect the profitability of the unit.

Task Interview five women entrepreneurs to discuss the barriers faced by them
in running their business venture.

5.3.5 Inefficient Marketing Arrangements

Heavy competition in the market and lack of self-mobility makes the women entrepreneurs
dependent on middlemen. For marketing their products, women entrepreneurs are at the mercy
of middlemen who pocket a major chunk of profit. Further, women entrepreneurs also find it
difficult to capture the market and make their products popular because of the resistance posed
by the society. In addition, women entrepreneurs face difficulty in collection of payments.

Suggestions for Improvement in the Status of Women Entrepreneurs

Hisrich has suggested six ways to help women entrepreneurs to successfully develop and manage
new enterprises.
1. Acquire some experience in dealing with money: By applying for some loan and repaying
it back if not required, filing tax returns, managing the finances for family, obtain booking
keeping experience, etc.
2. Conduct honest self-appraisal: Identify the strength and the weak areas, seek family and
friends help for the same.
3. Gain occupational work experience: Rotate to various job profiles to gain experience of
marketing, finance, planning.
4. Prioritizing responsibilities: Identify and delegate responsibilities at home and in business,
organize and prioritize work.

5. Establish a support system: A strong network of family, friends, clients, business associates
should be established.

68 LOVELY PROFESSIONAL UNIVERSITY