It is more difficult for Indian females with entrepreneurial ambitions to succeed.
There has been quite a parallel rise in the number of startups and new businesses that are started by men, as the Indian Economy grows simultaneously over the last decade. India has a total amount of 58.5 million entrepreneurs out of which 8.05 million are women entrepreneurs. This adds about only 14% of women entrepreneurs in the Indian business setting.
Road to Entrepreneurship is less Travelled
It is often very difficult for many women entrepreneurs to succeed that have many ambitions. To the 126 million women globally owning a business, the Indian stats seem dwarfed containing around 8 million women that have started their own business in the year 2018.
Breaking the Glass Ceiling
It is still very remarkable to see that women are rising above the patriarchal stereotypes in society and making a name for themselves in the cliché male-dominating business world. Additionally, very few of these women belong to any established business families and are all self-made. As a result, there are multiple industries in which women entrepreneurs are reigning at the top like the wellness industry, fashion clothing, cosmetic industry, influencer marketing, and many more.
There is an increase in demand for female entrepreneurs nowadays in the market to balance the leadership. Female leadership carves new roads and opportunities for people with diverse ideologies and a variety of perspectives containing unique viewpoints.
Road to Success is Tough
This is a universally accepted fact that women, relative to their male counterparts, need to hustle more in their professional journeys to succeed. Due to the never-ending pressure from their family and society, women become unaware of their beaming potential and hence are brought down.
Support from Government and Private Sector
However, in the industry of women entrepreneurship, the women startup industry is rising and it can be considered a great time to be a female entrepreneur in India. This is because not only the government is encouraging women to rise but also the private sectors like Shakti, empoWer, and also funds like Kalaari Capital, SheCapital that are dedicated exclusively to the women. Hence, this is the time women can unleash their passion as they have become more self-aware and independent and also there are numerous opportunities for them in the market. According to the survey conducted by major Dell and firm IHS has ranked two cities of India – Delhi, and Bengaluru- at 40th and 49th position in the 50 most comforting places for females to work around globally.
Below are some things that female entrepreneurs bring into the startup ecosystem.
1. Clarity of thought and firm drive
Every woman entrepreneur needs to be a person of mettle. Women must be strong enough to establish the purpose of their business and be conclusive enough to support it. This includes from the far-fetched goals to the execution structure, regardless of a passion-driven idea or a business viewpoint. Even if it is to maintain it like a small boutique or develop and expand your arrangements. All these elements can shape the structure of the business hence need to be handled with crystal clarity.
2. Belief in multi-tasking
The multitasking skills of female entrepreneurs are the main strengths of 58% of women. According to a 2013 study by a UK-based psychologist, women are quicker and more organized at switching between tasks under high pressure. Apart from multitasking, women are calmer and more determined to a purpose, have higher attention spans and lesser distractions. A woman can switch rapidly among work, relationships, family, and everything between limited time and resources and nails their tasks.
3. Expertise in the art of communication skills
This is also a fact that women are maestros of conversations. According to a study, 67% of the women founders believe that their key to success while building a reputation with the company’s vision or employees or performing a business pitch to their investor is due to their communication skills. Communication plays a huge role in your success as an entrepreneur. You could do your job perfectly but if there are no good conversational skills in you, then you will be missing major opportunities.
4. Creativity to the business
Creativity is very crucial today as companies operate in a highly competitive, global environment. Creativity is what unleashes big ideas, challenges employees’ mindset, and paves new paths for new business opportunities. According to a survey done by IBM, creativity was ranked as the first key for future business success, integrity, vision, and above management discipline. Women entrepreneurs can convert great ideas into business by consistent adaptation of business including the future possibilities and current environment. They are more natural than their male counterparts at viewing holes in the market and claiming opportunities.
5. Intuition and sensitivity
Relative to men, women can interpret unspoken cues and non-verbal communication. The power of intuition being balanced with inquisitive knowledge creates the power of empathy in women to maintain a balanced work-force. The primary structural blocks for any startup is the ability to provide a helping labor force and interpret the situation before any conflict rises among the associates. Women make the best co-founders and team leaders. It’s due to their intrinsic nature towards success as they promote commitment, stability, and huge involvement in all the organization levels.
No doubt women entrepreneurs are better team leaders, visionaries, and more creative in their way. It is just the opportunity and support that the society and business ecosystem offers that all matters to them.