Is Entrepreneurship Different from Mompreneurship?
Both Entrepreneurs and Mompreneurs start a venture to fulfil their vision of generating value for the society, being your own boss, create jobs and contribute positively towards the GDP of the country.
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Two of the most challenging but rewarding endeavours a person can undertake are raising a family and starting a business. There has been a significant rise in women owned businesses over past few years. The old school thought that your career growth becomes stagnant once you become a mom does not stand true anymore. Mompreneurship has enabled women to find her place and establish an identity.
Both Entrepreneurs and Mompreneurs start a venture to fulfil their vision of generating value for the society, being your own boss, create jobs and contribute positively towards the GDP of the country. However, that’s where the similarity ends.
Here are few things that differentiate Mompreneurship from Entrepreneurship:
Primary Reason for starting your own venture - The reasons are endless. For some, it’s to bring in money. Others want to have something stimulating to do in addition to motherhood. For many, they have a huge desire to see a social change in the world. It’s interesting to note that while some mompreneurs experience significant financial success, most don’t go into business expecting huge money returns. This is a VERY different mindset from traditional entrepreneurs
Flexibility - Mompreneurship offers a whole new level of work-life balance. I love that I can set my own schedule, even though it's a crazy one. I operate on a 24-hour clock where I fit in all facets of my life. Some days look more traditional, 9-to-5-ish, and others flip-flop all day between work and personal responsibilities. The flexibility of being a mompreneur helps me to be both a better professional and a better mom.
On the other hand, Entrepreneurs put in around 16 or more hours of work daily to turn their idea into a profitable model with double digit growth.
Chart your own career path - Getting back to a job and climbing the corporate ladder can become difficult post having a child. Gender stereotyping and gaps in salary at the workplace are not uncommon even to this day. Moms would like to stay home with their babies but after a while, women experience frustration, dissatisfaction and feeling of missing out that can come from having a job.
Women have taken to entrepreneurship as an alternative career option post pregnancy. Mompreneurship is thus a suitable alternative.
Absence of External funding - Most Mompreneurs venture are bootstrapped and also their ability to attract external funding is limited. Mompreneurs have a disadvantage – they are often thought of by investors and lenders as less committed and less likely to stick to their business plan because of the pull of family.
This is one of the reasons why mom ventures have a slower growth trajectory than the traditional entrepreneurs.
Rate of Growth - Mompreneurs give more priority towards the child's development thus sacrificing the growth potential of their venture. They don't expand their businesses rapidly, don't hire many employees nor do they massively scale or increase their revenues.
Their venture is a hybrid of motherhood and business and as such probably would not follow the expected life cycle of an entrepreneurship business.
Traditionally defined, entrepreneur ventures are those which grow and scale up rapidly as they have a very small-time window to capitalize on their offering before competition moves in.
To sum it up, Entrepreneurship and Mompreneurship are very different as the thought behind starting is different. The challenges and route too are different and will evolve in diverse ways going ahead.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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