The complex processes of digitization have not been completely homogeneous in terms of their impact on working professionals and aspiring entrepreneurs. While technical know-how of the modern age has helped propel certain sections of leaders towards greater success, it may also have hampered the progress of some others. With the rise wave of digitization, it is imperative to think about the ways in which the process of technological development has enhanced opportunities as well as challenges for female entrepreneurs and business leaders. It is thus, seminal to assess the role of this coveted technical onslaught on the lives, careers, and aspirations of daring business women.
Why do We Need to Assess the Impact on Female Entrepreneurship?
According to the most recent statistical data procured by reputed organizations like the UN, female entrepreneurship is on a meteoric rise all across the world. Women are embracing more leadership positions in various industrial segments. This trend stands equally true for the world of business.
This implies that women in business is now an expanding category that is extending beyond the horizon. This necessitates an evaluation of the altered landscape of the market. To effectively understand the steady rise of female entrepreneurs we need to assess the circumstances that have aided this process. We have to locate the causal factors that have contributed towards making the operational domain of business more conducive for women.
The Role of Technology
Business growth is made accessible by leveraging the boons of technology. This is a well-established doctrine in all industrial domains. According to a study conducted by the Harvard University, technology will be the formidable force in bringing about greater gender parity in the world of business. This is exemplified by women-owned businesses using technical tools to grow and expand in the digital market space. Various technical channels like cloud-based services, AI-empowered tools, etc. are helping these business attain novel feats of success in a competitive market segment.
According to a study conducted by the World Bank, there are more than 445 million small businesses around the world. The majority of these businesses are owned and operated by women. Moreover, data from other research studies also suggests that more women are now able to move up the corporate hierarchy and attain top executive positions in leading companies of the world. Similarly, as of today, more women are establishing their own startups and enterprises than during any other historical epoch.
Keeping these factors in mind, we have to understand that the social dimensions of women’s lives also remain intact. The patriarchal character of the social order still endures and continues to enforce gendered division of labour within the household. This implies that the age old debate about the work-family conflict- a debate which is absent for male leaders- still persists. This is where technology has revolutionized the world for female entrepreneurs and leaders. Smart technology, like tablets, mobile phones, etc. have made it easier to strike a conducive balance between the two worlds. They have made it possible to minimize the work-family conflict while simultaneously growing your business. Home-based entrepreneurs who are just venturing out into the market can do so easily through the virtual space created by internet technologies.
Access to Knowledge
Similarly, ideating a business requires vision and passion, but running it on a daily basis also requires astute knowledge about the field and its operations. The information revolution has made this possible for women leaders. The availability of easily learning opportunities and courses through online portals have converted the pursuit of a woman’s entrepreneurial dreams a tangible reality.
With digital learning initiative and support groups on the virtual platform, women can learn new skills and embark on their plans of crafting a formidable enterprise. One such development in the recent times has been Alice- an AI-empowered virtual digital assistance provider that is designed to help connect business women with the resources they may require.
Mobile Technologies are Creating New Markets
While the e-commerce market has been quite significant over the past two decades, mobile technologies have made the platform much more important, especially for women entrepreneurs. These mobile technologies are providing them with multi-lingual training, connecting them to markets, and facilitating collection action.
Similarly, the augmenting use of smart phones and tablets has made smart payments possible. Oftentimes women entrepreneurs may find it difficult to access the bank facilities in-person because of their myriad responsibilities within the domestic space –owing to the gendered division of work. However, digital payments help overcome this barrier quite effectively. With digital payments, women do not need to travel to banks to withdraw money or deposit funds. Moreover, this mode of payment is also preferred by the clients.
It is important to understand that the technological revolution has not annihilated all barriers to women’s claim to leadership roles within the world of business. However, it has helped mitigate some of the roadblocks for women aspiring to be entrepreneurs in a world that still emphasizes on their role as mothers and emotional caregivers. We can hope that with further technical advances, the cultural script will also change to help women pursue their dreams in a more favourable landscape.
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