Why Do We Need The Term 'Mompreneurship'
What is Mompreneurship? Mompreneurship is a very up-coming classification in the ideology of Entrepreneurship. This nascent concept classification has received attention in the entrepreneur world of the West, but is almost a not-talked-about term in Indian entrepreneurial set-up.
Clearly Mompreneurship is derived from Mompreneur. In simple terms Mompreneurs = Moms + Entrepreneurs. In most of the cases, a mompreneur is born out of frustration - frustration of not finding a product that is 'perfect' or 'just the right thing' for her baby; frustration of not being able to spend the time with the kids at early age. Mompreneurship usually derives it's motivation from the needs of kids and family; from the priority of maintaining a balance between work and home; from the fact that you can be your own boss; and from the freedom of maintaining flexi work schedules.
So, mompreneurship is different from the conventional definition of entrepreneurship. The conventional ideology of entrepreneurship has a perception which compels you to get an image of a 'company' model with elaborate business plans and growth strategies, generating many jobs and a model which promises a double-digit growth rate.
Does this mean that, as entrepreneurship is growing as an industry, the conventional ideology needs evoloution too? Does it create a scope to classify entrepreneurship based on the functions that it depicts? For example, classification such as Social Entrepreneurship and Political Entrepreneurship. The answer is, "Yes, it does."
Entrepreneurship means to take up a perceived opportunity and turn it into a business generating profit, growth and economic value to the society. Entrepreneurship directly implies growth and contribution towards the GDP of an economy. This gives a clear arguement for mompreneurship to be considered worthy of separate field in the broad gamut of Entrpreneurship. Mompreneurship generates profits, large value to the society and the economy, though more often on a smaller scale. Some make it big too.
For example, Julie Aigner-Clark, founder of Baby Einstein started from the basement of her house and exited successfully after being bought by the Disney. Mindee and Julie formed Boogie Wipes in 2007 and today they sell across 30,000 retail stores across the United States of America. Another example is that of See Kai Run line of shoes for toddlers and kids, which started in 2008 and now sells to retailers all around the USA.
These are just a very few examples of those who have made it big, but there are many such mompreneurs who fall in the small and medium sized business category also. They all generate profit, wealth and value for themselves, contribute towards the GDP of the economy and generate jobs. The difference lies in the rate of growth. These models usually have slower rate of growth which in turn may get decided because of the family parameters, like the age of the children.
With the number of cases of mompreneurship growing, it calls for a better scientific analysis of the strengths and weaknesses of this branch of entrepreneurship. In fact it overlays opportunities to provide a better ecosystem for the Mompreneurship.