Common Functions of Women Entrepreneurs
As an entrepreneur, a woman entrepreneur has also to perform all the functions involved in establishing an enterprise. Women entrepreneurs face a series of problems right from the beginning till the enterprise functions. These include idea generation and screening, determination of objectives, project preparation, product analysis, and determination of forms of business organization, completion of promotional formalities, raising funds, procuring men, machine and materials, and operation of business.
Following Functions Are Performed By Women Entrepreneurs
Creating New Venture: Women entrepreneurs identify the opportunities, evaluate them and select the best opportunity. They convert the opportunity into new venture. Organization and management of the enterprise is the main function of a woman entrepreneur. It refers to bring together the various factors of production. She alone decides the lines of business to expand and capita to employ. Women entrepreneurs are imaginative in nature and they can develop ideas about the new venture.
Risk Bearing: Every business includes some portion of risk. The functions of an entrepreneur as risk bearer are specific in nature. But women entrepreneurs have risk taking capacity. They calculate different types of risks such as financial risk, social risk, psychological risk etc. They handle risks by gathering information.
The entrepreneur assumes all possible risks of business which emerges due to the possibility of changes in the tastes of consumers, modern techniques of production and new inventions. Such risks are not insurable and incalculable. In simple terms such risks are known as uncertainty concerning a loss.
Innovation: Innovation is the basis function of woman entrepreneur. This is another major function of women entrepreneurs. She has to introduce new product, creation of new markets, application of new process of production, discovery of new and better sources of raw materials and developing a new and better form of industrial organization. They convert their ideas into innovations to meet market demands by the help of research and development facilities.
Management: Women entrepreneurs believe in hard work. They directly engage in the management. They take part in planning, coordinating and controlling. They motivate and provide leadership to the employees.