DARE - Because Entrepreneurs Do

VentureBean Consulting founder Anjana Vivek says belief in oneself is the key and the biggest challenge for a woman entrepreneur
Do you think being a woman is the key deterrent to the success of women entrepreneurs?
Entrepreneurship itself is about believing in oneself and beating the odds — for both men and women. In some cases, particularly in the initial stages of the business, till the woman shows her capability, society may discount her abilities.
It would help if the woman looks at this differently and focuses on the advantages and unique abilities that she brings to the table. Sometimes, negatives and hurdles in our path can help us find strength in ourselves. It can motivate us to take charge of our lives. Standing up to adversity and deterrents can help build character.

Anjana Vivek Founder, VentureBean Consulting

How has women entrepreneurship evolved over the past decade?
It is amazing to see how this has evolved in India over the past decade. I have been observing this area closely from 2004 to 2010 because of my role as one of the course directors of the Management Programme for Women Entrepreneurs (MPWE) at the Indian Institute of Management, Bangalore (IIMB). There is a significant increase in the number of women starting their own enterprise. Women from different backgrounds and varying ages, with a variety of qualifications and degrees, are turning into entrepreneurs. Some women have a small business running out of their home; others manage businesses worth several crores of rupees with thousands of employees reporting to them. We have also started seeing a larger number of women taking on significant roles and responsibilities in their family businesses.

What specific constraints do women entrepreneurs face in India?
Many people in India tend to discount women entrepreneurs, treating this like a ‘time-pass’ hobby for them... as something that women do when they have time left over from their household duties. It is this mindset that needs to be addressed. While for some women, this could be a hobby, for others, it could a serious commitment and a means of livelihood. If people perceive that a women entrepreneur is serious about her work and respect this, then many of the challenges will fade away. Of course, there are the regular precautions working women need to take, which a women entrepreneur will also have to take.

How can women entrepreneurs manage their family obligations alongside running their own enterprises?
Many women treat their business as another offspring. Just as a mother balances the needs of more than one child, I have heard some women referring to their business as their child!
Jokes aside, a business has different phases of growth. Sometimes, women choose to grow their venture slowly when family responsibilities are a high priority. For example, you can take fewer clients, produce and sell fewer products with a focus on quality in the initial stages of a business, when your children need
your attention. Later, you can diversify and grow based on this foundation, which you have already laid. The key is to balance the family and home lifecycle with the business lifecycle. Having a network of family and friends and a support system that is dependable is also useful. Every woman has to create her
own solution.

Can you throw some light on the financial, marketing and production constraints faced by women entrepreneurs?
Women entrepreneurs face many of the constraints faced by any Small and Medium Enterprise (SME) entrepreneur. Gender may be a handicap in the initial phases till the reputation of the woman and her business is built. Once this reputation is there, most people start focussing on the business and not the gender of the business owner.
Financial capital is a challenge, particularly when starting out on a new or early stage venture. Similarly, marketing can be difficult as buyers may sometimes discount products by women, especially in industries dominated by men. Production can also be difficult as the employees need to believe that the woman can be their leader.

How do you think these constraints can be best overcome?
This is a slow and steady process — it has to be overcome a step at a time. One way for a woman entrepreneur is to work with believers in the initial phases. This could be through connecting with other women entrepreneurs in the supply chain or working with people who know her and have faith in her capability to deliver a quality product or service in a timely manner. She cannot convince persons that she is capable overnight — it will need to be demonstrated with actions rather than words. A reputation can be built steadily over time.

Has there been any change in the sceptical attitudes of financial institutions towards women entrepreneurs in the recent past?
It is starting to happen. In fact, in the last year or two, some early stage funds have actively scouted for women entrepreneurs whom they would like to support.

Technology is crucial to a successful business model, how technologically updated are today’s women entrepreneurs?
It depends on the background and qualifications of the women. In India, many SME entrepreneurs have yet to get familiarised with the advantages of technology, and yes, more women than men need to be updated on this. We have been seeing technology used in a limited way by many companies. So, there is definitely scope for improvement.

What are the areas that have seen women entrepreneurs excel?
In addition to traditional areas, such as clothing, food, jewellery and designing, which come naturally to many women, other areas are information technology, biotech, education and some areas in the manufacturing sector. Many women are getting professionally qualified and trained and they are starting businesses in their areas of work and expertise.

Do you think Indra Nooyi and Kiran Mazumdar Shaw are just exceptional cases or the trailer to a bigger picture in the coming times?
I am sure we will see many women succeed and excel in the coming years. Women have started to realise their potential and are dreaming big. And once they dream... there is no stopping them, particularly if you look at the current, younger generation of women. Of course, society has yet to catch up... and go beyond gender. If you look around, look at contests, conferences and boards of companies... how many women are there judging these contests or as key speakers or invited to be board members? The number of women out there is much less than the number of women competent to be out there. I believe in the capability and strength of the Indian woman of today.

What do you say should be the very first step for any woman who is aspiring to be an entrepreneur?
Belief in oneself is the key. And sometimes, for an entrepreneur ... this is the biggest challenge... The first step starts in the mind. The next is to understand the tools and techniques of running a business smartly. While one cannot always learn from others’ mistakes, one can surely reach out and understand the basics of running a business. If one is hesitant at first, one can start small and learn with baby steps. Networking and talking to other women and entrepreneurs is also really helpful.

Could you tell us about your journey to being an entrepreneur?
I am a chartered accountant. I started my career in the public sector, was a home maker for a while, then worked in two of the big four consulting companies and also worked for a venture capital fund. From 2003 to 2005, I taught as a full-time faculty member at IIMB in the Finance and Control area. I realised at some point that while I loved to teach (I continue to teach regularly at IIMB), I was not fond of academic research. So, being a full-time academic was not for me. I was fortunate to be supported as a freelance entrepreneur-consultant-professor by the Nadathur Group, which funds and supports entrepreneurs. The Nadathur Group was founded by N.S. Raghavan, one of the co-founders of Infosys. In 2007, I moved out from under the Nadathur umbrella and started out on my own. I now work with a network of partners and also teach. I am glad to be an entrepreneur and have created a business model that suits me and is both professionally and personally satisfying. This has taken me a while and has been a voyage of self-discovery. 
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Anjana Vivek is the founder of VentureBean Consulting and a guest faculty at IIM Bangalore.

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