By Prof. Protus Nathan Uzorma
All over the world, women play a vital role in the economic development of their countries, as their presence is prominent in various fields such as agriculture, industrial organisations, organised and un-organised sectors. Thus, women empowerment and entrepreneurship is a veritable sure-foot for sustainable global development and financial freedom. This certainty is an undoing of the modern day Nigerian society that finds it difficult to empower and support women entrepreneurial careers and endeavours.
Studies on women entrepreneurs show that women have to cope with stereotypical attitudes towards them on daily basis. Business relations- From customers to suppliers and banks, constantly remind the entrepreneur that she is different, sometimes in a positive way such as by praising her for being a successful entrepreneur even though she is a woman. Employees tend to mix the perceptions of the manager with their images of female role models, leading to mixed expectations on the woman manager to be a manager as well as a “mother”.
The workload associated with being a small business manager is also not easily combined with taking care of children and a family. However, even if the revenues are somewhat smaller, women entrepreneurs feel more in control and happier with their situation than if they worked as an employee.
Women entrepreneurship has been recognised as an important source of economic growth. Women entrepreneurs create new jobs for themselves and others and also provide society with different solutions to management, organisation and business problems. However, they still represent a minority of all entrepreneurs. Women entrepreneurs often face gender-based barriers to starting and growing their businesses, like discriminatory property; matrimonial and inheritance laws and/or cultural practices; lack of access to formal finance mechanisms; limited mobility and access to information and networks, etc.
These notwithstanding, women’s entrepreneurship can make a particularly strong contribution to the economic well-being of the family and communities, poverty reduction and women’s empowerment, thus contributing to the Millennium Development Goals (MDGs). Accordingly, governments across the world, Nigeria in particular and specifically our State Imo, as well as various developmental organisations, are thus obliged and challenged to actively undertake the promotion of women entrepreneurs through various schemes, incentives and promotional measures.
The women themselves are therefore called for massive rise and zealous investment. The world star, Beyonce, rightly enthused that, “We need to reshape our own perception of how we view ourselves. We have to step up as women and take the lead.” Women of our modern society need to come out and indicate consistent interest and zeal in entrepreneurial ventures and thus seek grand support from varied sources in the State and country Nigeria. For as Sheryl Sandberg once said, “We need women at all levels, including the top, to change the dynamic, reshape the conversation, to make sure women’s voices are heard and heeded, not overlooked and ignored” and Melinda Gates added, “A woman with a voice is, by definition, a strong woman.”
Before we proceed to the theme of our discussion, which is clear and direct, it will be nice to make some clarifications about the phrases in our topic: Women Entrepreneurship – A Sure way to sustainable global development. This will help in proper reflection on the topic and would go a long way in helping our investigation on how women entrepreneurship can certify sustainable global development and financial freedom for our modern day Nigerian society, and thus help contribute its own quota in fulfilling the Millennium Development Goal and free the nation from its present day economic meltdown.
Women entrepreneurship today is said to encompass approximately 1/3 of entrepreneurship worldwide. The term entrepreneurship is used to describe individuals who have ideas for products and/or services that they turn into working business. It simply means ‘somebody who undertakes or initiates and finances new commercial enterprises; thus, a risk-taking businessperson. And this term in earlier times, was reserved for men, but today, we have numerous women entrepreneurs.
Consequently, according to Prof (Mrs) C. L. Gayathridevi, women entrepreneurship as defined by Manorama vaid “is an adult woman who undertakes to organise, own and run an enterprise.” In this regard, women entrepreneurs are women who have broken away from the beaten track and are exploring new vistas of economic participations. The task of women entrepreneurs as female businesspersons, who have broken off from the bonds of previous non-resourcefulness and economic reliance, has been full of challenges and yet they have steer clear of prejudice opposition, constraint and establish themselves as successful entrepreneurs.
By sure way, it’s meant guaranteed, indubitable, sure-footed, certain and dependable thing, concept or reality; thus a certainty and foregone conclusion. This degree of conviction thus makes women entrepreneurship a sort of panacea for sustainable global development and financial freedom.
The certainty in the concept: Sure Way makes for sustainability. Consequently, the concept of sustainability is closely associated with sure way as a guaranteed proof. And as a guaranteed proof, it portends carriage through time- A continuum with stability, as well as feasibility and durable solutions that bear high degree of credibility, practicality and objectivity.
In this purview, we need to remember that the term sustainable, means being able to last or continue for a long time. This implies being capable of being sustained, and this ‘capability of sustaining’ is one of the principles of sustainability- That is, the quality of meeting human (and thus societal) needs fairly and efficiently, and thus feasibility and the capacity to proffer the desired solution. To this effect, when this guaranteed proof is applied and lived worldwide and its proven socio-economic effects parallel to its application, then it becomes a global phenomenon and that yields global effects- Development.
This means financial liberty and thus signifies economic freedom. The concept financial freedom or better put, ‘economic freedom’ is the condition in which individuals can act with autonomy while in the pursuit of their economic livelihood and greater prosperity. It is the freedom to prosper within a country without intervention from a government.
Everywhere in the world, economic freedom is the key to greater opportunity and an improved quality of life. That is why, it is said to be an engine that drives prosperity in the world, and is the difference between why some societies thrive while others do not. Thus, financial freedom simply means socio-economic development and independence. Financial or economic freedom is the sort of relational independence in commerce, industry, wealth and development in a nation, state, people or even individual; and entails the state of being able to do what one wants to do economically without financial restraints and other pecuniary encumbrances.
According to Friedrich A. Hayek (1994), living in a society with high levels of economic freedom leads to higher incomes, lower poverty, less unemployment, longer life expectancies, and cleaner environments, among a host of other benefits. More economic freedom improves well-being and leads to a higher quality of life.
The idea of economic freedom has raised many debates and theories among social scientists such as Adam Smith, John Stuart Mill, Ludwig Von Mises, Friedrich A. Hayek, Milton Friedman, Murray Rothbard, etc. These thinkers are of the view that there are three fundamental principles of economic freedom. They are: Empowerment of the individual, non-discrimination, and open competition, and according to Professor Robert A. Lawson (2008), in living and ensuring the existence of these principles, the key ingredients of economic freedom are personal choice, voluntary exchange, freedom to compete in markets, and protection of person and property. Obviously, this vision to some extent is rebellious as social stratification does not allow for universal economic freedom.