Women have always been the major contributors of human capital in most nations of the world. Traditionally, women were confined to household activities, but time is changing very fast. The world of today is a global market and increasing awareness has motivated women to start their own business and contribute to family income.
The desire for economic independence among women all over has led to the emergence of large number of women entrepreneurs on the map of entrepreneurship. Women business owners are an important and growing force in any local economy; both in terms of number of participants and the gross revenues and employment they present.
In the wake of economic liberalization and globalization, women entrepreneurship
is gaining importance in India, Tanzania, Somalia, North East Sri Ianka etc. For proper conceptualization of women entrepreneurship, this study attempts to do the following:
- To define and trace the etymological meaning of the word entrepreneurship.
- Attempt a definition of the term “women entrepreneurship”.
- Trace the historical development of women entrepreneurship.
Definition and Origin of Entreprenuership
Entrepreneurship is a process undertaking by an entrepreneur to augment his business interest. It is an exercise involving innovation and creativity that tends towards establishing an enterprise. It is the propensity of mind to take risks with confidence to achieve set out business objectives. (Edvinranj, 2005).
The word “Entrepreneurship” appeared in French. In the early 16th century, men who were engaged in leading military expenditions were referred to as entrepreneurs. Around 17th century, the term was used for architects and contractors of public works. Later Casson (1991) used the word entrepreneur to describe a person who specializes in taking judgmental decision about the decision about the coordination of scarce resources.
The above definition indicates that “Entrepreneur” is an innovative agent, that is; someone who introduces something new into the economy, a new method of production or a new product, a new source of material or new market.
Schumper (1971), Summarized the function of an entrepreneur as one who “revoluturize the pattern by exploiting an invention or introducing an untried technological possibility for producing a new commodity”.
What Is Womenn Entrepreneurship
“Women Entrepreneurship” is an act of business ownership and business creation that empowers women economically, increases their economic strength as well as positioned them in the society.
This definition connotes the idea of a business enterprise owned and established by women empowerment in the society.
Singh (2012) in his definition of a woman entrepreneur brings out the qualities and
ingenuity of an individual woman who in a bid t9o achieve economic independence generates employment opportunities for others.
According to Singh, a woman entrepreneur is a confident innovative and creative woman capable of achieving economic independence individuals or in collaboration generates employment opportunities for others through initiating, establishing and running an enterprise by keeping pace with her personal, family and social life.
Impact of Women Entrepreneurs in the Global Market
Impact of women entrepreneurs in the global market is enormous and they’re considered to have largest force in terms of numbers.
- Women entrepreneurs provide more of human daily essential needs.
- With their large force in the global market, they tend to contribute massively to the economy.
- They inspire other gender to do business too