Women leaders are redefining business

To ensure the success of women and girls is to ensure that they attain literacy and self-confidence in financial matters big and small. And it’s happening! The International Day Of The Girl was celebrated in early October; Canadians are celebrating Financial Literacy this November.

Each of these events is an opportunity for women and girls to learn how to confidently thrive in today’s world. The increased support and confidence around financial literacy means women are better equipped to take on new challenges, and that includes becoming successful and financially independent women business owners.

This is definitely reason for applause, but there’s still much work to be done. In a political environment of unrest, many business women are questioning if the accepted norm will be continued misogynistic ‘locker talk’ that directly affects their balance sheets. They’d hoped that this would be an issue of the past. The Wider Opportunities for Women Study reported that over 41% of the female population struggles financially. They are either poor, at the brink of being poor, or living from pay check to pay check.

Yet despite the difficulties, progress is being made.

During the past couple of decades, more and more women have attained financial independence by embracing roles as entrepreneurs, moving out of traditional workplaces they find stultifying to create their own dynamic workplaces.

5 schemes for women in business in india

Women Entrepreneurs can be seen everywhere in the startup-up ecosystem of India. Women too are seen leaving their high-profile jobs as well as some stepping out of the four walls of their homes and joining the pool of Entrepreneurship in India. The major factor to jumpstart the entrepreneurial journey is capital and various banks offer specialized loans for women entrepreneurs that have slightly different and more flexible set of terms and conditions pertaining to collateral security, interest rates, etc. 
Here is a list of various schemes and loans exclusively for women that aim at promoting and easing out the process for them –

1. Annapurna Scheme
This scheme is offered by the State Bank of Mysore for those women entrepreneurs who are setting up food catering industry in order to sell packed meals, snacks, etc. The amount granted as a loan under this scheme can be used to fulfill the working capital needs of the business like buying utensils and other kitchen tools and equipment. 

Under this loan, a guarantor is required along with the assets of the business being pledged as collateral security. Further, the maximum amount of money that is granted is ₹50,000 which has to re-paid in monthly installments for 36 months, however, after the loan is sanctioned, the lender doesn’t have to pay the EMI for the first month. The interest rate is determined depending upon the market rate. 

2. Stree Shakti Package For Women Entrepreneurs
This scheme is offered by most of the SBI branches to women who have 50% share in the ownership of a firm or business and have taken part in the state agencies run Entrepreneurship Development Programmes (EDP). 
The scheme also offers a discounted rate of interest by 0.50% in case the amount of loan is more than ₹2 lakhs. 

3. Bharatiya Mahila Bank Business Loan
This loan is a support system for budding women entrepreneurs looking to start new ventures in the fields of the retail sector, loan against property, MICRO loans, and SME loans.
The maximum loan amount under this loan goes up to ₹20 crores in case of manufacturing industries and also a concession is available to the extent of 0.25% on the interest rate and interest rates usually range from 10.15% and higher.
Additionally, under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), there is no requirement of collateral security for a loan of up to ₹1 crore.

4. Dena Shakti Scheme
This scheme is provided by Dena bank to those women entrepreneurs in the fields of agriculture, manufacturing, micro-credit, retail stores, or small enterprises; who are in need of financial assistance. The interest rate is also decreased by 0.25% along with the maximum loan amount being ₹20 lakhs for retail trade; education and housing whereas ₹50,000 under the microcredit. 

5. Udyogini Scheme
This scheme is offered by Punjab and Sind Bank so as to provide women entrepreneurs involved in Agriculture, retail and small business enterprises to get loans for business at flexible terms and concessional interest rates. The maximum amount of loan under this scheme for women between the age bracket of 18-45 years is ₹1 lakhs but your family income is also taken into consideration and is set at ₹45,000 per annum for SC/ST women. 

Women as leaders in business

Women in leadership roles in business continue to be a topic of much discussion around the boardrooms and water coolers of companies large and small. Smart companies know that women leaders bring a lot to the table. Yet a study conducted by UC Davis in 2011 reveals that women occupy only 9.7% of the board seats and top executive positions in California companies.

Women leaders in business sometimes feel compelled to duplicate the male leadership model. Big mistake. If you do that, you are sacrificing your own strengths and personal power. If you’re feeling that kind of pressure to conform, remind yourself to read situations and rely on your own emotional intelligence rather than fitting into some template others have created for you.

Here are three ways you can lead from your strengths and stay true to who you are at the same time.

• Speak up
• Stand out
• Shine your light

1. Speak up. A key mistake many women make is to sit back and let others do the talking. This is particularly easy to do when you’re surrounded by strong personalities, male or female. If you keep your head down in meetings and speak only when spoken to—that’s got to change. Plan ahead for important encounters, whether it’s a staff meeting, a client presentation or a one-on-one with your boss. Jot down talking points in advance. Anticipate topics of discussion that might come up and be prepared to offer a suggestion or idea. Volunteer to participate in presentations. Raise your hand and ask questions at company meetings.

2. Stand out. Before you can move up, you have to get noticed. Women often play it safe, try to blend in and not make waves. A better strategy is to model the behavior of people who have already arrived at the place you want to go. If your company has a formal mentoring program, get involved. If it doesn’t, take steps to find a mentor, someone whose accomplishments and behavior you admire. Hire an executive leadership coach and use the tools he or she provides to create the kind of image that will get you and your accomplishments noticed.

3. Shine your light. It’s a mistake to think that just because you’re doing your job, and doing it well, someone is going to notice. You have to be responsible for launching your own public relations campaign. This does not involve obnoxious bragging about every job completed or milestone reached. It does involve letting your boss and others in the company know when you’ve made an important contribution. Copy your boss (and even her boss) on important memos and progress reports. If others consistently take credit for your ideas or your work, make it a point to let people know what role you’ve played. For example, if Joe takes credit for a successful client presentation and fails to mention that you did most of the groundwork, follow up with an email to your boss: “I really enjoyed collaborating with Joe on the XYZ account. I’d like to work on more projects like this in the future.”

Women have certain innate strengths, such as creativity, collaboration, and communication that make them highly effective in their approach to work. Women in leadership roles tend to come from a more interactive, cooperative mind set, which creates a stronger spirit of teamwork among their peers and subordinates. Identify your unique talents, understand what you bring to the table, and then make sure your voice is heard. Leadership is yours for the asking.

Motivating points for women in business

SOURCE: https://3.imimg.com/data3/IG/LH/MY-1868091/free-computer-courses-500x500.jpg

On being a female ‘trep

My most important piece of advice to any woman is don’t think about yourself just as a woman- you are not just a woman, you are a startup entrepreneur. That supersedes any other identity that you have… The minute you put another identity above that it becomes a limitation for yourself: limitation in your own mindset, and in your own perception of your abilities. If [entrepreneurship] is what you want to do, think of yourself first and foremost as an entrepreneur; not as your nationality, not your gender, nothing… Be brave. Go out there. Talk to people. Reach out to people on LinkedIn. Find mentors for yourself. Where I am today is a result of just being really audacious and very stubborn. For my early internships, I was sending companies 20 faxes in a week, and they would get so annoyed that they would contact me and say, ‘Why are you sending us so many faxes?’ I would say, ‘Because I want to do an internship with you guys,’ and they would be like ‘Alright, come over for an interview; we’re so fed up with all these faxes.’ So if you want something- go for it. Don’t be shy. Don’t be embarrassed. You are totally entitled to it.

On pitching for funds

I find a lot of girls somehow feel a bit intimidated, especially in front of investors. There is a lack of confidence, because it is such a male-dominated ecosystem and a lot of younger females are intimidated by the VCs. For their first round of funding, they go ‘How do I talk to this guy? This guy has 50 years of experience behind him, he sold his business, and he’s made a lot of money… Now, how do I do this?’ Everybody knows that you’re 26, you don’t have to be 45. If you’re 26, be 26- you’ve got a great idea.

On scaling up your business

Hire freelancers… outsource. A lot of business owners try to do everything themselves- it doesn’t work. It’s not going to scale. The only way to scale is if you hire experts in specific fields and you get them to help you. By hiring freelancers it helps you get great people on a relatively affordable rate versus employing people, getting an office, getting visas and all that stuff. So hire freelancers and outsource.

On motivating oneself

Keep focused on what it is you’re trying to do. Your worst enemy is going to be yourself throughout this journey. Be original… Don’t think of yourself as an extension of anything; whether it’s a culture, a place, an environment or industry... Have the guts, have the courage and the belief in what you do. Think bigger, think within a planet where you only exist. That’s where the interesting stuff happens.

On perseverance

“Don’t be afraid to knock on doors. If someone says, ‘No,’- no means next… Trust your intuition. If you’ve done your homework, trust your intuition. It is when I don’t trust my instincts that I get in trouble.”

Confidence gap: women's fault?

The Confidence Gap. A phrase that assumes a personal lack of conviction or assuredness, used to describe personality flaws of women in business. A catch-all for meek, voiceless women who hold back their opinions and talents because they’ve never learned to step up and speak up.

And it’s all women’s fault.

Is it?

how many of us women have grown up in a society where we have been systematically kept at a disadvantage and it can shape how we view ourselves and move through the world. He laughed and refused to believe that systemic sexism exists.

4 Challenges Women Entrepreneurs Face

1. Defying social expectations

Most female business owners who have attended networking events can relate to this scenario: You walk into a crowded seminar and can count the number of women there on one hand. When women entrepreneurs talk business with primarily male executives, it can be unnerving.

2. Limited access to funding

Not all startup founders look for investors to help get their businesses off the ground, but those who do know how difficult the pitching process can be.

3. Playing with the boys

Most would consider any given field to be male-dominated. It's even more of a challenge when you're coming in as a female having to give direction to males that may not want any direction.

4. Owning your accomplishments

The communal, consensus-building qualities encouraged in young girls can leave women unintentionally downplaying their own worth.

How to Be a Successful Business Woman

photo source: GACCpit.com

All over the world, women are shattering glass ceilings and proving that they have what it takes to be successful business leaders. Here is some practical advice for becoming a successful business woman.

Read about successful women. There are many successful career women out there - in business and in other fields. Researching and learning about their background and career paths will help to motivate and inspire you. Reading their stories will give an idea of what the path to success looks like and what obstacles you might encounter along the way.

Research women in your field. No matter what field you're in, there are sure to be successful women who've paved the way for others. Finding out about successful women in your particular field will give you a better idea of what a typical career path might look like and highlight some practical steps you can take to become successful

Determine how to balance work and family. Perhaps the greatest concern for women in the workforce is how to balance work and family life. Women are usually in their key childbearing years while simultaneously trying to advance their career and climb the corporate ladder.