In this age in India, we can proclaim proudly that women entrepreneurs in our country is not an uncertain phenomenon. While Indra Nooyi, Kiran Mazumdar Shaw, and the likes paved path for women to step forward and conformed their spots in the boardrooms, a couple of decades ago, women in our country have adopted entrepreneurship in small and medium scale from ancient times though most of it began with a compulsion to manage their families and homes.
The contemporary Indian woman is no more in a want-based environment significantly. Taking the forefront in entrepreneurship is now a matter of preference and women are no more restricting themselves to specific sectors but their ingenuity and skill span across sectors – starting from traditional sectors such as handicrafts and textiles, agro-products, food processing, women entrepreneurs are currently venturing across sectors such as agro-products, hospitality, BFSI, real estate development, ITES, Pharmaceuticals, tourism, etc.
Women Contribution in Indian Ecosystem
India has originated as one of the fastest developing start-up ecosystems in the world. 11% of the adult population of India is directly involved in early phase entrepreneurship. The part of women entrepreneurs in the contemporary start-up ecosystem is also rising steadily. As per the Sixth Economic Census issued by the Ministry of Statistics and Programme Implementation, around 14% of the overall entrepreneurship i.e. 8.05 million out of 58.5 million entrepreneurs in our country, was constituted by women. Moreover, the role of women in non-agriculture sector counts about 65% of all women entrepreneurs, adding up to 5.29 million women!
Still some main challenges confronted by them include:
• Talent: Finding women talent with needed training and experience to scale and run a business.
• Technology: Female entrepreneurs’ worldwide connectivity by means of social media and internet.
• Culture: The prevalence of pertinent mentors, role models and networks.
• Capital: The recurrence and value of funding acquired by women-led businesses.
In spite of these challenges, numerous government policies – from loans to taxation and funding requirements along with the development of professional networking platforms, has aided to generate a supportive ecosystem.
There are 4 motivating factors that influence a female entrepreneur:
A female entrepreneur is motivated by recognition with regard to esteem, admiration, celebrity and regard. It is communication that implements rewards and reinforces the most significant outcomes entrepreneurs generate for the business.
It is the chief factor that motivates businesswomen. The internal factors are very much necessary for motivation. It includes creativity, respect, and happiness of other people.
It is the power or capacity of a person to be a captivating force on or generate effects on the behaviour, opinions, actions, etc., of others.
It is not true motivation that effects an entrepreneur. Benefits of the workers, paying tax to the government, are indirectly upgrading the living conditions of entrepreneurs. Thus the actual motivation for Apple to produce and sell products such as iPad, iPod and iPhone is possibly not money, but interest.
Improving trends in the social, corporate and higher education sector are entitling women to understand their entrepreneurial capability.
Factors Influencing Entrepreneurial Potentials of Women
Increasing attention on diversity at the workplace has certified that more women can enter the corporate world. While the modern corporate world is moving to expand into a worldwide marketplace, females with worthy credentials are in a position to work not just at a local or national landscape but are also in a position to access international work traditions, permitting them an equal chance to learn and add to their expertise in the area of preference. Consequently this has empowered them with appropriate international exposure as well as with domain proficiency when they choose to begin their entrepreneurial venture.
With the expansion of corporate chances, many women are trying out STEM that is Science, Technology, Engineering and Mathematics related sectors of education, earlier regarded a male domain. Excepting STEM, there has been a constant rise even in women exploring specialised management education over fields such as finance, logistics and supply chain, textiles, international business, etc., further adding to an empowered set of female entrepreneurs.
3. Access to Mentorship
With a global exposure and a more encouraging work environment, females have improved access to professional advisers who can nurture and guide their professional skills. Moreover, with enhanced financial, social and knowledge support, more female entrepreneurs are entitled to seek and get connected with fellow entrepreneurs and peers at trade and networking forums, providing them the chance to acquire knowledge of and address challenges in a more guided and informed manner. From women only trade and networking groups to active international platforms for networking and business, female entrepreneurs are not just gaining access to skilled professional mentors and solution givers, but are also constructing a strong cooperative network, beyond sectors and gender biases.
4. Financial Freedom
With access to corporate education and opportunity, more females, mainly the millennial generation, is undergoing a financial self-sufficiency like never before. While females in India have always been dynamic earning organs and contributors to family income, the current generation of ‘working’ women are not just earning equal or more than the men of the house, and contributing or even running the household, but also making their own investment and purchase decisions, devising long term savings and have absolute control of their income.
5. Social Dynamics
From mutual responsibilities at home and encouraging maternity schemes at work, more women have now empowered to follow their professional ambitions and goals. Excepting a more moderate social fabric, there has been an alteration even in the gender defined expectations and roles, making it more individualistic and dynamic. Further, the empowerment has provided an opportunity and voice to female entrepreneurs to work in the fields associated with the welfare of other females. There are start-ups addressing matters ranging from mental health and women hygiene to maternity and women’s health. Thanks to current age women entrepreneurs.
Even as many women entrepreneurs are emerging and gaining attention, thanks to the factors mentioned above, even now there is a long way to go. From being just 14% to a complete 50% of entrepreneurship ecosystem and Indian start-up. From finance to technology, and from retail to art, females as owners of start-up, are expanding their presence by making the most of each opportunity. As a country with youth population being the largest and entrepreneurial ecosystem growing at a very fast rate, females are strongly ready to drive the growth and mark their ground, in perfect collaboration with the male counterparts.
– Mamta Sharma