How women entrepreneurs are making a name for themselves in the startup world.

Brief examines the barriers to greater participation of female founders in the Indian economy. Factors that contribute to low female entrepreneurship rates include unconscious biases and lack of confidence in business skills. Women's entrepreneurship is becoming increasingly important for creating new jobs and contributing to societies' social and economic growth.

How women entrepreneurs are making a name for themselves in the startup world.

Entrepreneurial Women

India is obviously witnessing a shift in terms of women entrepreneurs in this golden age of globalization, digitalization, and start-up booms. Women entrepreneurs today come from all walks of life and all corners of the country, not just from established business families or the higher-income sectors of the community.

Women are dabbling in industries that have traditionally been dominated by men, such as sports media organizations, construction enterprises, and security and detective agencies.

Women's roles in our society have shifted dramatically in recent decades, and for the better. Women are now filling traditionally masculine corporate positions and, in some cases, surpassing their male counterparts. Gender prejudices that were widespread in society decades ago are progressively dismantling.

Women provide a unique set of viewpoints to problem-solving that can improve the solution's quality. Women bring a distinct set of challenges and experiences to the table that can aid in decision-making and improve the decision's quality. During the last decade, women entrepreneurs have been recognized as a key untapped source of economic growth. Women entrepreneurs create new jobs for themselves and others by offering unique management solutions. In today's Indian context, as India is transforming into an economic powerhouse, the recent global financial crisis has had an impact on women's thinking, as they have realized the necessity to earn more.

In the Indian context, women confront numerous challenges when it comes to carrying out economic activities or conducting entrepreneurial tasks. As entrepreneurs, women confront a variety of socioeconomic and other issues because they are not treated equally to males owing to societal and cultural conventions.

As a result of the drastic changes in the modern world, there has been an increasing trend in the number of women-owned businesses in recent India. In today's economic environment, women make up a sizable portion of the workforce.

The Importance of Women Entrepreneurs in India

It's a continuation of the kitchen's activity. In several industries, women entrepreneurs are outperforming and even outperforming their male counterparts. Women are succeeding not only in law, research, medicine, aeronautics, and space exploration, as well as in law enforcement and the military, but women are also demonstrating their strength in business and industry. They have demonstrated that they are no less efficient, hardworking, or intelligent than males when given adequate scope.

Women entrepreneurs have a high internal locus of control and achievement, as well as being highly motivated and self-directed. According to research, women company entrepreneurs have particular attributes that help them be more creative and come up with new ideas and methods of doing things.

Obstacles Faced by Women Entrepreneurs

  • Fewer sectors are Women friendly
  • Lack of Social and Institutional Support
  • Poor Funding Prospects
  • Lack of Access to Professional Networks
  • Pressure to Stick to Traditional Gender Roles
  • Lack of an Entrepreneurial Environment
  • Limited Mobility
  • Lack of Education
  • Low Risk-Bearing Ability
  • Balancing Responsibilities between Family & Business
  • Stiff Competition
  • Limited Industry Knowledge
  • Missing Role Models
  • Social Construct
  • Safety Concerns

Obstacles Can Be Overcome by Women Entrepreneurs

1. Consider yourself a businesswoman– To succeed in business, you must be able to devise effective business plans, make quick and well-informed decisions, and detect business-appropriate lies. Ask yourself questions about your potential to generate revenue, such as, "How can I locate new customers?" What is the best way for me to find new partners? Who am I going up against? How can I establish my product's distinct selling position? What should I do to grow my company?

The answers to these questions will not come easily to you, but once you have them, they will assist you in better strategizing and dealing with difficult circumstances.

2. Encourage other female entrepreneurs– It is stated that knowledge multiplies when it is shared. You contribute to your personal progress by gaining alternative perspectives, business ideas, and useful inputs when you create a support system where women mentor and partner with one another. Like-minded acquaintances give you a boost of enthusiasm and assist you in gathering high-quality knowledge while also providing excellent networking chances. You must learn and preach that it is acceptable to not know everything and that failure is not the antithesis of success, but rather a necessary part of it. Simultaneously, it is critical to understand and teach how to ask questions, avoid making mistakes, and collaborate with other stakeholders.

3. Establish a Market Position- Innovative and driven people are recognized and valued by their peers, which helps them succeed in the long run. With your personal involvement in all business matters, you may cultivate a unique position in the market. You are more likely to face more professional challenges as a woman, and your thought processes may differ from those of your male counterparts. To establish trust, learn to communicate effectively, pay attention to the smallest details, eliminate any room for error, and work well ahead of your deadlines.

4. Learn to Delegate Jobs– Successful businesswomen understand which duties demand personal supervision and management and which tasks can be transferred to others. They are also conscious that their time is valuable and must be used wisely, therefore they are open to receiving aid. However, when delegating responsibilities, make sure you assign them to someone who is a high achiever, eager to learn, and who gains confidence from your encouragement.

5. Maintain a Positive Attitude– In the male-dominated corporate sector, you must sound twice as persuasive in your transactions and demeanor. Be disciplined yourself, and strive to instill it in your employees, contacts, and associates. No matter how arduous the task, never lose sight of your objectives. Also, remember that endurance and determination are essential for success in the entrepreneur world!

A look at the statistics for women entrepreneurs in India

Some women have strong entrepreneurial ambitions on a personal level. Interestingly, several interview participants stated that male role models such as Bill Gates or Steve Jobs inspired them, or that their male friends who are entrepreneurs introduced them to the startup world. On a more institutional level, the government has launched a number of programs to boost women's entrepreneurial motivations, and there is a stronger political will to empower them. However, a closer examination of the statistics on how many women actually own businesses reveals a rather skewed picture.

In the financial year 2021, women-owned just over 20% of all micro, small, and medium businesses in India, compared to nearly 80% for men. In addition, women had the highest proportion of micro-businesses among all business sizes, with more micro-businesses in rural areas than in urban areas during the study period.

Why does India require more female entrepreneurs?

Women entrepreneurs have a distinct proclivity for establishing and maintaining long-term relationships. They outperform their male counterparts in terms of communication, organization, and networking.

Furthermore, their fiscally conservative strategy decreases the danger of their businesses failing. Women entrepreneurs contribute to a country's economic progress and stability. Women entrepreneurs serve as role models for other women who want to establish their own enterprises. As a result, more jobs are created for women, which helps to close the gender gap in the workforce. When women achieve success in a field, their daughters are more likely to follow in their footsteps.

According to statistics, women are excellent entrepreneurs because they are able to maintain a work-life balance. These elements may differ from one location to the next and from one firm to the next, but women's entrepreneurship is critical for the success of every economy, large or small. Women entrepreneurs have demonstrated to be a powerful driving force in today's corporate world. They are capable of balancing the demands of motherhood and entrepreneurship, but they own nearly half of all firms today. A woman can get a job at any time, but if she becomes an entrepreneur, she can provide a living for at least ten more women...!!

Rather than being hired at any outlet, highly educated, technically sound, and professionally trained women should be encouraged to start their own businesses. Young women's untapped skills can be found, taught, and exploited in a variety of industries to boost industrial productivity and the nation's overall productivity. Even after overcoming numerous challenges, Indian women are now increasingly educated and economically self-sufficient.