Deputy President of the Senate, Senator Ovie Omo-Agege, has called on women entrepreneurs to take advantage of the social media to make legitimate wealth.
Delivering a keynote address in Abuja on Tuesday at the inauguration of the executives of the Nigerian Association of Women Entrepreneurs (NAWE), Senator Omo-Agege noted that from their existing roles in traditional economic sectors of agriculture, health, education etc., women are now making inroads in the Fourth Industrial Revolution to drive global and regional knowledge economies of scale.
Women globally, he noted, are gradually emerging as innovators, entrepreneurs, startup founders, teachers, business women, and home-based workers.
He lauded women entrepreneurs for their roles in shaping labour market as well as organising and combining the factors of production for the benefit of society.
The Delta Central lawmaker urged female entrepreneurs to take advantage of the several initiatives of government implemented by the CBN, NIRSAL Bank, Bank of Industry as well as the African Development Bank to address the resource gap challenge hampering the growth of their enterprises.
“Women in entrepreneurship possess dual characteristics (for instance, they are first women and secondly entrepreneurs). Therefore, women entrepreneurs possess characteristics which include adaptability, innovativeness/creativity, strength and internal locus of control, ability to think and reason fast and endure, managerial skill, accountability and credit risk.
“Factors that motivate women entrepreneurs have been identified to include, dissatisfaction with “glass ceiling” or limits on their earnings and advancement, need to improve quality of life, desire to earn more income, growth and innovation, desire for independence, risk-taking propensity, education, freedom, job flexibility and previous experience.
“Generally, women are known to be strong and confident, resourceful and talented, creative and innovative, all these have made them to succeed despite daunting obstacles confronting them as entrepreneurs,” he said.
According to the Deputy President of the Senate, female-owned businesses generally fail at a higher rate, employ fewer people and generate less revenue, in comparison to male-owned businesses.
This, he attributed to cultural and social norms, trouble in accessing funds or capital, family pressures amongst others.
He added: “For a woman entrepreneur to succeed in her business, appropriate decision making is required for her especially in application of funds or credits acquired because misuse of acquired funds will result to business failure and continued payment of interest. Other essential success attributes of entrepreneurs are sound entrepreneurial skills, ability to network (to get finance and information) and strategic planning. Having the right motivation and ambition, self-confidence, high level of energy and being less emotional are other characteristics without which an entrepreneur may not succeed in her entrepreneurial activity”.
He expressed delight that women entrepreneurs in Nigeria are breaking records and winning awards in every facet of our economy, even as he listed some some of those changing the face of business within and outside the country to include: Folorunsho Alakija, Ola Orekunrin, Pedro, Tara Fela-Durotoye, Stella Chinyere Okoli, Linda Ikeji, Mo Abudu, Deola Sagoe, Olajumoke Adenowo, Adenike Ogunlesi, Kofo Akinkugbe and Nkemdilim Begho.
The event witnessed the inauguration of the newly-elected NAWE President, Chief Barr. Vera Ndanusa and her Executives as well as presentation of award to the Deputy President of the Senate for his support for women.