More than 70% of the businesses in the world are run by men. Even in this age of startups where young entrepreneurs are enthusiastically exploring new avenues, we can see very less female participation among them. The situation is the same for the on-demand taxi industry. I personally think that female entrepreneur can achieve big in the taxi business if they can overcome the obstructions in their path.
Let me now tell some hurdles that stop the female community from taking the on-demand taxi business in their hand. Although there are common impediments for the women to achieve in any business, I will tell you that is specific to the taxi business.
Less confidence and Assertiveness
The taxi industry has always been a male-dominated field. That too men in a particular age group. Less confidence and assertiveness is one of the reasons for it. In a taxi startup, you have to develop a business proposal, negotiating with partners, striking a deal with investors, and many more need a bit of confidence and assertiveness.
Women largely undermine their abilities and remain less confident in times of starting a business.
Fear of Failure
Although it may seem that starting a taxi startup is easy, the path to success may not be smooth. You have to face rejections from investors, problems in marketing and sales, hurdles in expansion, stiff competition from competitors, and many more. Fear of rejection has stopped many women to face these challenges.
This fear of rejection coupled with the failure to come out of comfort zone has made them take bold steps in business. Also, women view failure differently from that of their counterparts. Women, when faced with a failure, feel that entrepreneurship is not their cup of tea. So they back out.
Intimidation by seeing the male-dominated startup market is an unconscious feeling for most women which stops them from entering this field. Women should accept this to eliminate this hurdle.
Problem of funding
This problem is attributed to the general preconceptions about women in the business world. A taxi startup can be more successful if it is funded. While less than 3% of the VC funded startups are run by females.
At the same time, VCs helmed by females are more likely to give funding to female entrepreneurs. Investors will come forward to fund only when a startup has the potential to increase its valuation in the future. At this point, investors feel that women don’t have the knack to do it. Change of perception among the investors and entrepreneurs is the only way to end this problem
Lack of Exposure
Even the bold and assertive women cannot taste success in business because of poor exposure to the business world. When you start an online taxi booking system, as an owner you need to bring the drivers on-board and attach vehicles to the business. This requires good persuasion skills and knowledge about the market.
What should they do to overcome the challenges?
Support from Outside
The government or entrepreneurs group or any women groups can support and encourage female entrepreneurs with a fund or any other incentives. VCs helmed by women can come forward to find talents and help them with capital to start a startup in any exciting fields.
This quality is necessary for any entrepreneur. As a woman, you should practice the art of taking better decisions with limited information. This comes only through religious practice. Sometimes being decisive using less than perfect or improper information can take you places.
Partnership with another woman
Try to join with any experienced woman entrepreneur to get quality mentorship and build a strong partnership. This should be done because like-minded people can add strength to the business and that too from the same gender. The partnership will also foster teamwork which is better than individualism
You can meet like-minded women entrepreneurs in forums, female startup groups, and businesses group dedicated to women. You can also use workshops and meetings conducted to motivate female businesses. Another added advantage of this is networking which may help you get funding and other bits of help.
Launching and running a taxi startup even in a region is not an easy task and requires a good amount of skills. Some examples are persuasion skills, decision-making skills, financial skills, crisis handling skills, and most importantly the attitude of getting up after each obstacle.
Female taxi startup owners can also get benefitted by using an app solution that is customized to suit a woman. SpotnRides is one such solution. Also, we are happy to partner with a female entrepreneur and help them in their journey.
For answers to your doubts and queries, mail to [email protected]. Our business team is available 24/7.