What makes Women Entrepreneurship Crucial in Nigeria
In this article, we examine the determinants of women entrepreneurship and how it is very important to us in Nigeria. The third Millennium Development Goal “promote gender equality and empowerment of women” is perceived not just as an objective in itself but as a basic necessity for accomplishing every other objective. Women are priceless and very wonderful creatures and i do not have to tell you that they form the base of every economy or nation. So strengthening women in monetary, social and political terms are the base for accomplishing every other objectives. For a while now, the african culture has limited the activities of women to home keeping and petty trading. This thought is evolving today, because many more women are going into business, and dominating a good percentage of economic activities.
Women have been compelled to rely on their male counterpart for their survival. They have never been dealt with at the same standard with men till the early 90’s. i’m a 90’s kid so i can say yes to that for a fact. The changes in expectation for everyday comforts and higher female education rate, led to women to reduce their dependency on their male counterpart. The women offer surplus home grown grains and vegetables to generate income. Entrepreneurs assume critical part in economic welfare of the nation. They recognize the requirements of their enterprise and mobilize other factors of production and arrange them for some profitable purposes. They are trailblazers and daring component of the organization. The entrepreneurial activities of women can be traced to the period when women offer surplus home grown grains and vegetables to generate income. Education and technologically advancement have led to more sophisticated women enterprises.
They are factors that motivate or propel women to take up entrepreneurial activities. The determinants can broadly be classified into push and pull factors, which reinforces entrepreneurial behavior in women and motivates them to choose entrepreneurship.
It was during the 60’s and 70’s that the term women entrepreneurship was first specified through writing, it refers to the entrepreneurial activities of women, towards the creation and growth of business enterprises. Women entrepreneurship began in Nigeria even before the amalgamation of the Northern and southern protectorate in 1914 by lord Lugard.
Women entrepreneurs are talented, bold, brave, creative, inventive, determined, imaginative and beautiful. And they are ever ready to startup and going towards owing a business endeavor more often than not on a medium and small scale level. Women entrepreneurs are characterized as the individuals who formally by means of business enrollment, contracting office premises and so forth or an individual who utilize their insight and assets to create or make new business openings whether this be casually in a home domain. These women entrepreneurs are the ones who effectively engaged with dealings with their organizations, and are capable of running their businesses, which they have been in taking on tasks for at least longer than 4years. The federal Government of Nigeria has instituted various programmes to support women entrepreneurs in Nigeria. These programmes include better life for rural women, (FEAP) Family Economic Advancement Program and Family Support Programme (FSP) to mention a few. These are targeted at supporting women entrepreneurs. The bank of industry in Nigeria has a gender based lending to assist women entrepreneurs.
Determinant of women Entrepreneurship
The discriminatory limitations are smashed and women are now engaged in every line of business. The involvement of women into business is followed out as an argumentation of their kitchen exercises, basically 3p’s to present day 3E’s (expertise, education and enterprise) The fundamental purposes behind women entrepreneurial development are ; expertise, learning and versatility.
Real-life work conditions and individual attributes are the factors propelling women entrepreneurship. The determinants can be grouped into push and pull factors. Push factors are the inspiration for women to end up entrepreneurial. Push factors incorporate disappointment, work disappointment, joblessness, separation and fatigue in their past work, pull factors incorporate independence, autonomy, education, accomplishment, locust of control, family security among others.
Challenges of women Entrepreneurs
Interestingly, men and women entrepreneurs confront regular difficulties over the span of doing business. Anyway because of traditions, culture, convictions, and religion a few different components women business owners go up against particular imperatives. Maybe because of the socio-cultural position of women, they found it difficult to access advances, organizing and training opportunities. They are most times denied advances since they are seen as unequipped for offering security for the loans.
Some other challenges that women entrepreneurs face which are quite certain are poor location of office outlet, lack of transport facility and tough competition from larger and established firms. While the major challenges confronted by women entrepreneurs include; financial challenges and marketing challenges, personal challenges and social challenges.
It can be concluded that both push and pull factors are the determinants of women entrepreneurship in Nigeria. However, the desire to be independent is the major determinant crucial force driving women entrepreneurship in Nigeria. Therefore women should embrace entrepreneurial activities towards the enhancement of their livelihood.