As customers have migrated to internet shopping, women entrepreneurs are finding it easier to enter into e-commerce businesses with much ease than traditional businesses. Those in traditional businesses are also
finding it necessary to come online. Online stores are becoming a must-have in
present-day markets. It may not require the kind of capital required in a
traditional brick-and-mortar space. But it does require knowledge about the web and
how it functions. A great deal of e-marketing also goes into establishing a physical presence in the virtual space. E-commerce businesses are great
opportunities for women entrepreneurs. However, the flip side is that women
find it hard to match up their online sales with their male competitors for
various reasons. Let us try to understand the other things that women
entrepreneurs require to succeed in business.
Starting a website and selling online cost time and money.
Women generally start small, either single-handedly or with a small team. A
large chunk of the cash in hand gets invested in building a website for
creating a reputable business online. Of course, there are large volumes of “how
to” videos and literature available online to take help from. But not every material
is cut out for each individual woman entrepreneur’s need. It requires a great
deal of time to research which most of the time is difficult for women
entrepreneurs to devote because they have other things to look after as well.
Women entrepreneurs may thus require the help of experts to learn the precise
tricks of the trade. Women
entrepreneurs may benefit from access to strong networks of other
entrepreneurs, mentors, and advisors who can provide guidance, support, and
opportunities for growth. Women like learning more in a setting through
discussions and talks, a natural trait that almost all women possess.
Women
entrepreneurs also may need to learn digital marketing to reach out to their
customers. Other than this, women may need to know the strategic business tools
that other established businesses apply if they want to make their presence felt
in the market. Customer Relationship Management tools are some basic strategic
tools that can take businesses a long way. Accounting tools such as
Freshbooks, Quickbooks, etc. can make accounting quick but most women
entrepreneurs still use traditional accounting practices to run their
businesses. Using tools speeds up the decision-making process and women
entrepreneurs need to leverage these tools in order to grow their businesses.
Women need
resources that go beyond the capital requirements. In the D-2-C market
environment, meeting customer requirements is a real challenge. Women
entrepreneurs require a supportive business community, mentors who can advise
them on marketing and sales generation, etc. Supporting policies and
regulations are other aspects that can create a more level playing field for
women entrepreneurs. Interventions from government and policymakers are
important to create a conducive environment for women entrepreneurs to increase
their participation. Also, women entrepreneurs require a work-life balance more
than anybody else as they juggle responsibilities at home and work. Support,
courage and confidence building, and inclusion at all levels by removing all
forms of stereotyping from society can be a great way to help women
entrepreneurs grow. Overall, it's not only capital that determines women's
entrepreneurial growth but a supportive ecosystem that includes access to
money, education, training, mentoring, availability of strategic tools for
running a business, supporting policies, work-life balance, and culture that
values diversity and inclusion is needed for women entrepreneurs to grow and
flourish.