Entrepreneurship and Women - Report Example

Running Head: Entrepreneurship & Women Entrepreneurship & Women [Institute’s Entrepreneurship & Women Mompreneurship is a subject that has been of more and more interest during the last couple of years as mompreneurs in America are approaching the six million mark and two million mark in Canada. Further, mompreneurship within Europe has been also growing, even though the exact figures are rather vague because the childcare gains in a few regions of Europe are still being acknowledged by females who are mompreneurs as well. It appears that women are getting a more controlling existence in today’s wealth management scenario also. Mompreneurship is quite suitable for women and there are key points to support this: almost one-third of the capital within North America is managed by women and it is showing yearly growth of eight percent; and moreover, eight out of every ten businesses within Canada are set up by women. For a few, the identity of mompreneur itself in some way provides as a point without speaking, showing just the type of entrepreneur she is. Self employment can offer many prospects for women of all fields of life, but mainly those with young kids who try hard to make the balance of professional life and who can conveniently assume both roles. Preferably, mompreneurs attempt to achieve contentment as well as excellent functioning on job as well as at home with least level of role conflict. On the other hand, it is the daily balances that may not be as simple to achieve as the original idea of being a mompreneur might propose. Decision making as well as time allocation is not at all convenient when “gendered stereotypes and roles” (Korsgaard, 2007, p. 51) have been controlling all individual choices from childhood. Being capable of operating within and adjust choices consequently within the “work-family-play part of their lives” (Korsgaard, 2007, p. 52). Striking a work-life balance has been ranked as the main motivating factor for turning into a mompreneur. Nonetheless, striking a unified work-life balance can prove to be quite challenge. As stated before, mompreneurs have been shown to misjudge different parts of entrepreneurship responsibility and this area is the same. The most misjudged field was that of financial responsibility, followed by “hours of work, networking and childcare, respectively” (Costin, 2011, p. 19). A large number of studies have gone as far as to declare that operating a business and managing a household at the same time are two extremely mismatched acts. Being capable of working in home and also capable of taking care of household, domestic duties and supervise a business can be a “mixed blessing” (Costin, 2011, p. 21). Lacking the inflexible day to day schedule of a conventional working situation, together with planned meetings, standard lunch breaks as well as trainings, the day is “left open to fill as the mompreneurs would like” (Costin, 2011, p. 21), often leading to work being completed during late evening to compensate for time wasted throughout the day. In addition, the social part of working outside the residence is somewhat eliminated as the each day interaction with individuals outside the home for a business might be quite restricted, particularly when young children are at home. However, productively being able to combine job and life and even incorporate it into the lives of family members together with kids can bring an immense feeling of achievement to anyone who manages both. With the correct balance and support from family the ‘time-style’ of the family unit gradually matches with the ‘time-style’ of the business letting both to go along together without any difficulty (Costin, 2011, p. 25). Eventually, the work-life dichotomy looks for because a balanced life includes realizing fulfilling experiences in every field of life, and to do so needs ‘personal assets’, for instance, liveliness, time and assurances to be well distributed in all aspects. The successive motivating features were that of the mompreneurs wanting to do something about which they were passionate, and also have the capability to make every decision themselves. In addition, the need for a challenge as well as to have something of their own by means of an outlet where they can be imaginative while modifying things can all be taken as bases for becoming a mompreneur by the majority of women. Women combining motherhood and entrepreneurship are forming a balance among childcare and professional life and their common approach is to develop stability among the various fields of the life of the mompreneur. Among the motives for beginning personal business, flexibility is a significant aspect for females, and handling the personal business also gives them time to look after their kids at the same time. There are a number of approaches utilized by the mompreneurs to attain work-family balance. They take account of “role management, where to work, when to work and who to work with” (Richomme et al, 2013, p. 262). There are three key approaches for balancing the double roles. The approaches identified by incorporating “role removal, role reduction and role-sharing” (Richomme et al, 2013, p. 263). Successful, highly developed mompreneurs will use these strategies to balance their various roles). During the process of setting up as well as taking the business towards progress, women use holistic approach to it, and attempt to join it with the other phases of their lives. Women would like to start at small scale and use business ideas with the intention of observing if they will grow more. This is why they generally set up their businesses with personal monetary capital rather than applying for bank loans. Starting with small scale and progressing with small scales makes the female held businesses steady as well as free of risk, which can be advantageous for the financial system. In addition, women usually set up their businesses with the need to chip in the world and to add value to individuals’ lives by means of offering the products and services they provide. As a result, the businesses owned by females have a huge cost. Chipping in to the nation’s financial system as well as to society are aspects that make mompreneurship extremely significant to every nation. Conventionally, the involvement is acknowledged through quantitative processes (Richomme et al, 2013, p. 265). Nonetheless, the recent studies prove that the mompreneurship can as well have a qualitative meaning. This is the proof that the policy makers should give additional thought to the qualitative advantages of the businesses owned by the women, instead of concentrating entirely on economic measures. Having the right focus can encourage the most excellent approach to inspire more females to turn into mompreneurs. References Costin, Y. (2011). ICT as an enabler for small firm growth: The case of the mompreneur. International Journal of E-Politics (IJEP), 2(1), 17-29. Korsgaard, S. (2007). Mompreneurship as a challenge to the growth ideology of entrepreneurship. Kontur–Tidsskrift for Kulturstudier, (16), 42-46. Richomme-Huet, K., Vial, V., & d’Andria, A. (2013). Mumpreneurship: a new concept for an old phenomenon? International Journal of Entrepreneurship and Small Business, 19(2), 251-275. Read More