Candle Making: A Simple, Low Cost and Profitable Business

The narrative around women entrepreneurship is that women need to be men to become successful. It takes aggression, assertiveness, and risk-taking abilities to run a business which are masculine qualities possessed only by men. Since women lack these qualities, they cannot make up for the cut-throat competitive world of business. Hence, women are often advised not to take up entrepreneurship. The discourse seems to be changing now as more women are embracing entrepreneurship and becoming successful. In both developed and developing countries, women entrepreneuship is celebrated as a powerful force of socio-economic change and growth. Women are breaking the barriers and entering a wide range of industries giving competition to their male counterparts today. Women entrepreneurs are proving to be resilient and innovative, developing new business models and approaches that are changing the face of entrepreneurship. So what all factors are contributing to the success of women ventures? Let us look at the qualities women bring in the arena of entrepreneurship that is helping them build businesses of value.

Leading with emotional intelligence in business dealings:

Men and women entrepreneurs have their own ways of doing business. Their varied lived experiences and values are bound to reflect in their entrepreneurship style. Men and women entrepreneurs may solve a problem differently and may behave emotionally in different ways in their ways of handling everyday activities of businesses. However, as compared to men, women entrepreneurs lead their businesses with emotional intelligence more than their male counterparts. Women have a different way of recognising, understanding, and managing emotions, as well as the emotions of others. They tend to have a greater capacity for empathy, communication, and relationship nurturing. Women are better at using certain soft skills that are crucial for effective leadership and superior business performance. Women entrepreneurs are skilled at conflict management and managing difficult conversations as they are adaptable. This helps to create a cohesive, strong, and motivated team at the workplace that is devoted to a common cause. Women possess greater sensitivity to any situation or circumstance which helps them foster stronger relationships with customers, suppliers, and other stakeholders. Though emotional intelligence is not exclusive to women, and men also exhibit this leadership style. But the important point here is that women recognize the value of emotions more than men, and hence women entrepreneurs lead their businesses with emotional intelligence differently than their men entrepreneurs.

Methodological in dealing with risks:

Generally, it is believed that women do not have a great appetite for risk. Businesses and their survival are built on the risk-taking abilities of entrepreneurs. It is taken for granted that men tend to be more comfortable with taking risks than women. Why not? Society and societal expectations have always favoured men after all. It's easy for men to raise debts and invest. On the other hand, forget society, even family members would think twice before lending money to women for business. Leaving these facts aside! Women are more cautious in nature and their decision-making is also different than males. Women are more detail-oriented and methodological. Before making any decision, women may plan to capture the ‘ifs’ and ‘buts’ of every individual aspect of their businesses. Unlike men who tend to be quick to react, women connect the dots to decide how to react to risk. Women entrepreneurs give weightage to the expertise of their team members as well.

Growth ambition:

Often it is said that women cannot become better entrepreneurs as they are less ambitious. One of the reasons why this myth persists is because there is gender stereotyping in society. Women are said to be less competitive, assertive, and less confident than men. This can lead to a biased perception of women’s ambition levels and may underestimate their actual drive and determination. However, there are various research to suggest that women entrepreneurs have great creativity, motivation, and resilience. They are more likely to be driven by purpose and long-term growth ambitions and aim to make a positive impact in their society. Since their vision is more oriented toward long-term growth, they are more detailed oriented and strive for steady and sustainable approaches in their business dealings. Women entrepreneurs seek the well-being of society as a whole through their businesses and hence take up businesses that are long-term. They are not the quick-entry and quick-exit kind and they don’t completely look at making quick profits. They are driven by the purpose of sustainable profits.

This article was an attempt to look at the discourse of women entrepreneurship from the angle of their strengths and not weaknesses. It looks at the qualities that women possess that are making them successful in the entrepreneurial world.