Once neglected, awareness and education are ideally transforming the image of women entrepreneurship in India. Female entrepreneurs are making waves in the business arena with their efforts, creativity, and willpower. The millennial women are taking business opportunities positively by owning small and medium enterprises that turns them into inspirational entrepreneurs.
Let's shed some light on the state of women entrepreneurs in India's economy.
How are women entrepreneurs playing an important role in the economic growth of the country?
Entrepreneurship plays a significant role in economic development, which is incomplete without women entrepreneurship. Female business founders have become a vital catalyst for the growth of India. Their dedication, coupled with government support and initiatives, is definitely creating an impact on our economy.
A confident and innovative business woman leads to economic growth by directly and indirectly opening employment opportunities in the country. Their entrepreneurial activities improve the per capita income of India by turning idle resources into goods and services.
Moreover, these self-empowered women offer different solutions to management and business issues. As an innovator, women CEOs are coming up with various innovations in the existing and new products and services. The products launched at an affordable rate in their small scale businesses eliminate the shortage of essential commodities while enhancing the country's standard of living.
Successful female entrepreneurs are further strongly contributing to the economic stability of the family and poverty reduction in a country as a whole. Women who commence their enterprises from the underdeveloped and rural parts balance the regional development of the country. Thus, governments and investors are also taking crucial steps to promote and support women entrepreneurs through various promotional measures and schemes. Eventually, the economy will see more boost to its growth chart.
How are they changing and paving the way for more women to take entrepreneurship?
Indeed we are noticing a shift in India’s women entrepreneurship domain, but there’s still a long way to go. Nevertheless, the women who have made their mark in this sector are actively looking forward to inspiring other potential females in the country.
The development of women entrepreneurship is low in both rural and urban areas of the country. Hence, “the pay-it-forward" mentality of already successful wonder women isn't merely about driving their enterprises but also to help each other. Successful female CEOs and founders make sure to do positive image-building for other women in society.
It is a reality that the whole society benefits when women are self-sufficient alongside motivating the larger section. There is a fear of failure and risk in several Indian women when it comes to starting their own venture. They lack confidence in their strength and proficiency. Women should come out of their comfort zone. Hence, the focus of existing and prominent entrepreneurs nowadays is women-empowerment so that every lady out there sees herself as capable achievers.
To assist them, female CEOs create awareness among other struggling women about available government business policies and financial schemes. The apt role modelling done through the hands of established business women can enable them to break through traditional beliefs on entrepreneurship.
The challenges of women entrepreneurs in 2021
The journey to be a successful female entrepreneur in India isn't a walk in the park yet. Women entrepreneurship covers only 14% of the businesses in India, as per the National Sample Survey. There are yet myriad obstacles lingering around the upliftment of women entrepreneurship in our country. Low literacy rate, patriarchy system at homes, and workplace safety concerns are the major shackles that women have to break through.
Inadequate finance is another significant impediment to the growth of women's business set up. Even though India is experiencing economic growth at a rapid pace, they still face inequality and discrimination in the male-dominated entrepreneurial ecosystem. Financial institutions deem them as less creditworthy, considering that they will fail to run the company in the long run. Secondly, the gender gap makes it worse. Several women still don't have any property under their names, especially in rural areas. As a result, they can't acquire funds from external sources.
The lack of various skill sets among budding Indian woman entrepreneurs like managerial, leadership, and communication skills also demands urgent attention through training programs. There is a necessity of moulding Indian women with entrepreneurial skills and attributes. It ultimately prepares them for the domestic and global markets to sustain.
Final Words...
Over the last decades, there has been a dramatic shift in the mindsets of Indian women. No doubt, the transaction and making a balance between a homemaker and an entrepreneurship life isn't that simple. Women go through a plethora of obstacles right from the beginning to the company's operational stage that needs to be restricted.
India's economic development will slow down if women entrepreneurship is neglected. We must strive towards unleashing the hidden potential of many more women in India, which can lead to an invariable growth trajectory.
