By Prof. Nathan Protus 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 said “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.
The first and fundamental take-off of women entrepreneurship and empowerment is women education and the onus to thrive in diversified fields of life. An educated woman is one of the single most powerful forces for change on this planet. Economists have discovered that “The girl effect” is when you empower a young girl with long-term education she gives 80-90% of her greater earning potential back into her family, which elevates her family from poverty and changes her world. Globally, women play a vital role in the economic development of the country, as her presence is prominent in various fields such as agriculture, industrial organisations, organised and unorganised sectors.
The development of women should be given top priority in the pattern of economic development in any country that wants to attain stable economic growth and advance family living standards.
As the world of women today, is no longer confined to periphery of household activities, rather they contribute in the promotion of economic development in different capacities due to awareness in women, effects of women liberation movement, and effect of women development organisations. This has increased the female work participation rate in the early 70s that was very marginal to higher rate for close to three decades now. Although women form a very large proportion of the self-employed group, their work is often not recognised as “work” because the prevailing ‘household strategy’ catalyses the devaluation of women’s productive activities as secondary and subordinate to men’s work. Women’s contributions vary according to the structure, needs, customs and attitudes of society. Women entered entrepreneurial activities because of poor economic conditions, high unemployment rates and divorce catapult.
Even though, in recent years a great many changes occurred in the life of women all over the world influencing their attitudes, values, inspirations, ways of feelings and acting for effective participation in all walks of life, still there occurs few social and economic barriers that prevent women from entering any field of economic activity.
The extent of women empowerment in the National hierarchy is determined largely by three factors namely economic, social, and political identity and their weight age. These factors are deeply intertwined and interlinked with many cross cutting linkages which imply, that if efforts in one dimension remain absent or weak, the other components cannot be sustained as they will not be able to bear any sudden change or upheaval. Therefore, it is only when all these three factors are simultaneously addressed and made compatible with each other. Then only, women can be truly empowered, thus for a holistic empowerment of women- Social, economic and political aspects must converge effectively on women’s life.
All over Africa and precisely in Nigeria, many families rely on women to care for them and to provide basic necessities for survival. As these women receive education and are recognised with a higher legal status, they provide their households with superior nutrition, stronger food security and increased access to healthcare. Despite the crucial investments women make in their families and the contributions they make to their communities, Sub-Saharan African women constitute only 15% of the region’s landholders, and they face disproportionate challenges ranging from sexual exploitation to illiteracy and disease. Regrettably, women suffer silently in the background.
It is evident from daily lives that women play important roles in reviving economies of countries worldwide, and these women can be leaders both in politics and private sectors, and thus heads of entrepreneurs. It nonetheless takes creativity to be an entrepreneur. A female entrepreneur is an inventor. She devises new ways of doing new things. Business-building is an adventure in learning how to do new things, with new customers, new models, new approaches, new solutions, new needs, new niches, and new markets. Thus, women entrepreneur’s experience is awash in new.
Women entrepreneurship is an advanced self-employment strategy, aimed at empowering the grand managers of the world’s families. When women are empowered, the foundations of the human families are empowered too. Thus, when women undertakes to run, organise, and own private businesses set as small and medium scale enterprises, no matter which area of life is involved- Agriculture, trade, petty manufacturing, fashion and modelling, art-world creativity and ingenuity, crafts and stylistic designs, politics , etc, modern families are on route to grand financial freedom.
Consequently, any African (and precisely, Nigerian) family whose women- Mother, wife and daughter, are bereaved of worthwhile self-empowerment and entrepreneurial backgrounds that not only supplements the sole dependent incomes of the male head, who traditional roles have designated as breadwinners of the family, is bound to live within an average of $2 per diem. Desmond Tutu once declared, “If we are going to see real development in the world then our best investment is women.” Thus, empowering women to participate fully in economic life across all sectors is essential to build stronger economies, achieve internationally agreed goals for development and sustainability, and improve the quality of life for women, men, families and communities.
In doing these, the private sector (Petty, small and medium scale enterprises) are key partners in efforts to advance gender equality and empower women. Current research demonstrating that gender diversity helps businesses perform better signals that self-interest and common interest can come together. Yet, ensuring the inclusion of women’s talents, skills and energies- From executive offices to the factory floor and the supply chain, requires intentional actions and deliberate policies.
Women entrepreneurship is certainly a sure way to sustainable global development and financial freedom. It is only entrepreneurship and the entrepreneurial spirit that can tackle global challenges, transform communities, create jobs, spur economic growth and close the opportunity gap that confronts far too many people in Nigeria, Africa and the world at large.
Consequent upon these, and in order to accelerate thriving local and global communities, which are not possible without sustainable societal development and financial freedom of families, women entrepreneurship is a conditio sine qua non for every desiring nation, state and family. This makes it necessary for unflinching support for the development of sustainable, market-driven models to build skills, networks and pathways for desiring women, in order to unlock the potential of first-movers and risk takers everywhere. These too are only possible when more entrepreneurs are deployed across all sectors, starting businesses, running sustainable social enterprises, and bringing fresh ideas to old challenges.
It is only through entrepreneurship, that modern families and the human society of our age can create more vibrant communities, a stronger Nigeria and a more prosperous world, closing the opportunity gap and scaling creative solutions to persistent problems. Thus, for the attainment of sustainable societal development and financial freedom, women entrepreneurship is a necessary condition for sustainable economic development, which like a pandemic, once set and spread, attains great height in alleviating sufferings in modern families and help Nigeria and our State, Imo, to attain the desired sustainable development and therewith gain financial freedom for women, the change-makers of our families and societies. To this effect, a sense of economic opportunity is like fire- When ignited, it spreads quickly. Our women are able and ready, but lack due supports from their families, society and all social constraints around them. To this effect, Eleanor Roosevelt declared, “A woman is like a tea bag- You never know how strong she is until she gets in hot water.” And Margret Thatcher added, “If you want something said, ask a man; if you want something done, ask a woman.” We have all these in abundance around us, in our families, communities, state and country. Let us thus make maximum exploits of our God-given talents lest the Creator returns and chides us useless for throwing away the talents.
There is no saying the fact that women entrepreneurship, which is evidently grand empowerment, is a sure way to sustainable global development and financial freedom. But these are not concepts and realities to be merely discussed and emotional ovations rendered, and after which all retire home to continue from the age-long stereotypes that have kept the Nigerian society and indeed the world in crawling sustainable development and financial freedom for individual families. The US Secretary of State, Hilary Clinton once said “I believe that the right of women and girls is the unfinished business of the 21st century.” It is high time to finish this Millennium unfinished business.
Nigerian and Imo women need to rise and take business adventures, which not only entail creativity but help as well to engage greater number of the unemployed graduates and youths of our society that wander jobless on daily basis, while their prime youthful ages pass unfulfilled. It is only when this is done that we can confidently say like Nancy Pelosi that “Women are leaders everywhere you look, from the CEO who runs a Fortune 500 company to the housewife who raises her children and heads her household. Our country was built by strong women, and we will continue to break down walls and defy stereotypes.”