Entrepreneurship is no longer considered primarily a man’s domain. An increasing number of women, nowadays are stepping beyond their comfort zones and doing tasks that no one could have predicted they could accomplish
Female entrepreneurs are the fastest-growing type of entrepreneurs in the world, and they have attracted the attention of many academics in recent years. In the formal sector, women-owned businesses account for roughly 37% of all businesses. To say the least, it is noteworthy and astounding. In India, any debate on the status of girls, sooner or later, tends to summon up pictures of discrimination, illiteracy, exploitation, and low anticipation. Another reality is driving a brand-new paradigm, which is of a thriving nation powered by female business leaders. But in the overall workforce, India is one of the worst countries in the world — 140th out of 156 — when it comes to the gender gap. According to this logic, empirical evidence suggests that a woman’s decision to start a business is influenced by her socio-cultural background.
“I don’t believe in failure. It is not a failure if you enjoyed the process”Oprah Winfrey
The GEM 2020/2021 Women’s Entrepreneurship Report indicated that women’s entrepreneurship is a fundamental promoting factor of inclusive economic growth in developing economies. In low- and middle-income nations, 17% of women are business owners, and 35% of them want to be. Taken together, this suggests that over half of women in developing nations perceive entrepreneurship as a road to a better future, compared to only 25 percent in high-income countries.
Women are overcoming challenges and overcoming barriers to achieve their full potential. In terms of business, women are still viewed as delving into fields relatively unexplored by their male colleagues. There are cultural and societal conventions that prevent women from participating equally in initiatives undertaken by men. However, things are beginning to change.
According to McKinsey, offering women equal chances might contribute $770 billion to India’s GDP by 2025. According to a joint estimate by Bain & Co., women-owned enterprises would provide 170 million employments by 2030. According to BCG, start-ups (co)founded by women produce 10% more revenue over the course of five years. According to additional research conducted by BCG, if women and men participated equally as entrepreneurs, global GDP might climb by 3 to 6%, or $ 2.5 trillion.
Women Entrepreneur India, an Indian business magazine, takes pleasure in highlighting great women’s businesses and their journeys in traditional and nontraditional industries. In 2021, the country saw the most female-led start-ups become unicorns. BYJU by Divya Gokulnath, NYKAA by Falguni Nayar, Phosphorus BrandCom by Chetna Israni, Mobikwik by Upsana Taku, Zolo by Isha Choudhry, Acko General non-depository financial institution by Ruchi Deepak, Rivigo by Gazal Kalra, and Acko General nondepository financial institution by Ruchi Deepak, Rivigo.
Financial institutions are seeing the value of investing in the initiatives of women entrepreneurs. Women in India control the great majority of household expenditures, which is one of the most obvious reasons to invest in women leaders. Unless you’re in a firm where the majority of your customers are men, women are more likely to better understand the customer perspective. Women are more likely to form long-term partnerships than men. Long-term partnerships are extremely beneficial to a company, as there is only so much that can be accomplished without trust… employees, customers, suppliers, shareholders, government officials, and so on.
startupindia, an initiative by the govt. has listed resources that are accessible to start-ups to display their business and growing connectivity amongst the community. The Ministry of Micro, Small, and Medium Enterprises’ recent policy mandates that ministries, departments, and public sector undertakings must target 25% procurement from the MSME sector, of which 3% must be women-owned. The government has provided loans such as Mudra Loan for Women, Dena Shakti Scheme, Stree Shakti Yojana, and money more for a startup business for women entrepreneurs.
An ecosystem of entrepreneurship should be developed by the government to facilitate equal participation of men and women in entrepreneurship to maximize GDP, but the reality is women receive only a fraction of the funding received by men. Hence, Government policies should be directed toward supporting women as entrepreneurs to boost the global economy by $5 Trillion.
Women are becoming self-aware and command their needs to achieve their highest potential and be recognized, acknowledged rewarded, and respected. Startup India is dedicated to fostering women’s entrepreneurship in India through initiatives, programs, the development of enabling networks and communities, and the activation of partnerships among various stakeholders in the startup ecosystem. This commitment is part of the organization’s vision to support the sustainable development of women entrepreneurs for the nation’s balanced growth.
Utsab Mukherjee, Namita Patil*, Arpit Mathurand Dr. Bindu Singh