There is no limit to what we, as women, can accomplish. - Michelle Obama
India's social and economic demographics have been greatly impacted by women entrepreneurs and their growing presence. Women's increased engagement in the workforce has created jobs and helped millions of families escape poverty. According to a report by the National Sample Survey Organization, there are approximately 8 million women-led enterprises in India, accounting for nearly 14% of all business enterprises in the country.
Women-led Business Impact
Women-owned businesses infuse a lot of vitality into the economy. Out of the 432 million women of working age in India, 13.5 to 15.7 million firms are held by women, which employ 22 to 27 million people. According to Boston Consulting Group, over the course of five years, start-ups that were formed or cofounded by women bring in 10% greater overall revenue. These start-ups offer a more welcoming workplace environment and hire three times as many women as males. Other secondary research also stated that over the course of five years, women-led firms typically create 10% higher total revenue and provide a nearly 2-fold greater return on investment.
Challenges Faced By Women Entrepreneurs
Limited Access to Finance
All firms, whether it is a start-up or major corporate house, depend on funding to survive. Nonetheless, most female company owners find it quite difficult to raise money for their companies.
Putting Oneself Down
Since they do not want to draw attention to themselves or advocate for themselves, women are frequently held back. Women frequently don't advocate for themselves. In their pitches, male entrepreneurs are more prone to make audacious assumptions and estimates.
Lack of Support Networks
According to a Google-Bain survey, 45% of urban small firms fail because they lack access to networking opportunities. For any organization, networking is crucial since it enables expansion into new areas and target customers.
Work-life Balance
Worldwide, there is a greater expectation placed on women to manage a home and care for their families. Long hours are a requirement of business ownership and management, making it challenging for women to reconcile work and family.
Advantage
Strength in Emotional Intelligence (EQ)
According to leadership studies, having a high level of emotional intelligence may provide an advantage in the workplace. Studies have shown that, on average, women outperform men when it comes to emotional intelligence, which is a crucial component of leadership.
Collaboration Skills
Many women have a significant aptitude for collaborating with people and developing long-lasting bonds, which might be helpful for a new company's development. By forming new alliances with companies that are similar to your own, you open up a world of possibilities for your company to grow alongside rather than against rivals.
Job Creation
Another crucial aspect of women entrepreneurship in India is its impact on job creation. Women-led enterprises are often more likely to employ women, thereby creating more opportunities for women in the workforce.
Women Entrepreneurs
In recent years, there has been a significant increase in the number of businesses led by women. These women entrepreneurs have broken barriers and defied stereotypes to make their mark in various industries.
Some of the prominent names in this regard include Shradha Sharma, the founder, and CEO of YourStory, Neha Chandra, the founder of Task Tracker, Shreyesi Singh, the co-founder of Herappa, Vani Kola, the founder and managing director of Kalaari Capital, Megha Agarwal, the Head of Brand and Marketing at WeWork India, Indrani Nooyi, the former CEO of PepsiCo, and Sudha Murthy, the chairperson of the Infosys Foundation.
These women have not only inspired other women to pursue their entrepreneurial dreams but have also proven that gender is no barrier to success in business.
Accelerators programs promoting women entrepreneurs in India
There are several accelerators in India that are focused on promoting women entrepreneurs. Some of the notable accelerators include:
SHEROES, provides funding, mentorship, and resources to women-led startups. LEAP Club, provides its members with access to networking events, mentoring, and leadership development programs, as well as resources and support to help them grow their careers, BLISS club, provides a platform for women entrepreneurs to connect with each other, share their experiences, and learn from industry experts and Saha Fund is the first venture capital fund for women entrepreneurs in the world, investing in early-stage businesses that support women's entrepreneurship, employment, diversity, and technology.
Bottom Line
Women entrepreneurs in India have shown immense resilience, innovation, and determination in creating successful businesses and contributing to the Indian economy. By empowering more women to become entrepreneurs, India can not only achieve greater economic growth but also promote gender equality and inclusivity.