For a country to advance successfully in all aspects, the socio-economic empowerment of women is said to be essential. In India, today, where the rate of unemployment is increasing day by day along with the increase in population, women's entrepreneurship is considered a blessing. As of today, there are numerous women entrepreneurs in our country with inspiring success stories. And we are proud of it!!
According to a report, it is observed that enterprises that are run and operated by women tend to hire 17 percent more women employees than the enterprises run by men.
Another report on women entrepreneurship in India, published by Bain & Company and Google, as of today in India, there are about 13.7 to 15.7 million businesses owned by women, which covers about 20% of the total entrepreneurship in our country. Quite a number, right?
However, minor adjustments and improvements are required to increase the growth and efficiency of women's entrepreneurship. In doing so, it is predicted that the number of enterprises run by women will increase by up to 30 million in the country. As a result, it will lead to the creation of 150 to 170 million jobs by the year 2030. Wow!!
Our country in the last few decades has seen advancements in so many aspects. However, sadly, the economic growth and contribution of women in the country’s achievement is hugely ignored and has declined substantially. Indeed, most women of working age do not have the opportunity to prove themselves and work to get a valid payment.
Imagine, if all the eligible women could equally get the chance to contribute towards the development of our country, we as a country will rise to a different level of development. Women entrepreneurship is like a power waiting to be unleashed that can boost our country enormously. But why are there so few women in the working community or what is holding them back?
A study was done on women entrepreneurship focusing on the challenges that women in the ASEAN region by the UN discussed factors such as social, cultural, lack of education, lack of proper resources, limited financial support, etc. which are some of the reasons why women entrepreneurs are facing issues.
How to Boost Women Entrepreneurship?
The report by Bain & Company and Google gave four categories that have the potential to boost women's entrepreneurship.
- Provide equal opportunity to the high-impact entrepreneurs who can hire employees
- The ambitious solo-entrepreneurs who can transform into high-impact entrepreneurs
- Find more women who are willing to start with their own business
- Boost the productive rural agripreneurs
In their study, they identified six dominant segments of women entrepreneurship in our country. Studying and understanding these segments will help identify and come up with a promising solution. A feedback survey was also carried out on whether the existing female entrepreneurs of these six segments would recommend entrepreneurship to the women or not.
- Scaler with < 1% women-owned enterprises
- An urban small business owner with approximately 6% of women-owned enterprises
- A rural small business owner with approximately 8% of women-owned enterprises
- Urban solo-entrepreneur with approximately 31% of women-owned enterprises
- Rural solo-entrepreneur with approximately 38% of women-owned enterprises
- Rural agripreneurs with approximately 16% of women-owned enterprises
It is good to know that finally some emphasis on the contribution of women in the entrepreneur sector has been put.
Motivating The Women Entrepreneurship with Support
- The report mentions the creation of a policy to speed up entrepreneurship for all women.
- Funding initiatives that focus on women entrepreneurship, ease the transparent loan application process for equal financial support
- Provide adequate help and mentoring for the aspiring entrepreneurs with several programs
- Proper counseling, set up facilities for exchanges of ideas
- Celebrating the role models or entrepreneurs who have gained a considerable amount of success to motivate others.
As you can see, an extensive study has been done on how to tackle the issues women are facing in this particular sector. Moreover, it is said that by 2030 the number of young people of working age will increase by a lot. We all know how the current situation of job availability is both in the private and public sectors. To overcome the unemployment issue as well as help the women of our country is necessary and urgent. Because empowering women will take our country forward in every way possible. Just like the song, I am Woman by Helen Maxine Reddy; women are strong, wise, and invincible! Also, hats off to Vanya Goel, the founder of The Voice Of Woman who is one of the budding women entrepreneurs on her way to success and creating a difference for young women♥
Godspeed to women♥