In recent years, India has witnessed a gigantic surge in the number of women entering the entrepreneurial wave. With positive steps, walking shoulder-to-shoulder with their male counterparts, women’s sheer confidence brings fresh wind. It has been a significant evolution, but it has not been one without a fair share of struggles and challenges. It is the stubbornness and willpower with which these women have faced the problems that have made them winners.
According to the National Sample Survey Organization, only 15% of India’s business establishments are owned and run by women entrepreneurs. The data also shows that most of these women-owned organizations are small-scale, and about 80% of them are self-financed. This specifies that despite the several initiatives taken by women to endeavor beyond their homes and enter the entrepreneurial world, there seem to be several encounters that do not let them blossom.
Why women entrepreneurs require a new perspective:
Women are unaware of the potential they hold within themselves. With the right guidance, encouragement, and cheer, they can shine as confident, smart, and successful women entrepreneurs, who have the strength and capability to establish themselves in the business world.
Essential ingredients for women entrepreneurs to establish their business successfully
Clarity of thought and a solid drive: Women must be strongly determined and decisive to develop her business – from the preliminary stage to the implementation layout, and achieve the target. It is essential to sculpt a final roadmap for a company, whether it is purely passion-driven pet project or with a commercial perspective, or whether to drive an enterprise as a small-scale boutique business or plans of growth and expansion in the future. All these aspects need to be addressed with crystal clarity, which would form your business structure base.
Continuous investment in learning: Acquiring knowledge is a constant process, and women must be aware of the contemporary trends and surveys to apply newer practices into their business.
Learn the art of knowledge-based networking: Women are natural networkers who are indeed expressive, excellent conversationalists, and a pleasure to interact with. The definition of specialized networking for women should not be limited only to “business-oriented” benefits, but also to expand the horizons of personal growth. At the end of the day, your organization rests on your shoulders, and you are the one steering it. Networking should be with the perspective of knowledge and learning factor.
The challenges faced by women entrepreneurs:
Fierce competition against male counterparts:
For a long time, the field of entrepreneurship has been ruled by men. Although the scenario is changing, there is still a long way to go. India is considered the 3rd largest start-up base in the entire world, yet the ratio of women-owned start-ups in India is just 12%.
Funding is crucial in order to start a business. However, a large number of Indian women do not have property or assets to their names, which is why they have to encounter a lot of problems while applying for loans or grants because of the lack of collateral security. A recent survey by the Bloomberg group shows that men receive a lot of funding compared to the women who own and run the business.
Women in India are expected to play a more substantial part in handling a household. Taking care of their family, owning and running a business means long hours, so women’s work-life balance can be a significant problem.
Men, on the other hand, usually play a secondary role when it is about household responsibilities. Although, the condition seems to be changing now as men are also contributing to the household responsibilities.
Lack of education:
Women entrepreneurs without formal education can face several consequences when it comes to issues such as business development, maintaining accounts, understanding money matters, or even day-to-day running of the company. Lack of skill, information, and the necessary resources to run a business can condense their chances of spinning their business into a success.
Lastly, our country harbors many successful women entrepreneurs who have shaped successful business brands across the world today. However, their journeys have not been easy. Women entrepreneurs managed to bloom in the corporate world because society made mindful efforts to bring down the gender walls. Their constant hard work, passion, and belief also made them successful.