You can tell the condition of a nation by looking at the status of its women
These are words from the first PM of our independent India which expresses the importance of women upliftment to the society. The India in the 21st century not only believes in women empowerment but also beholding the development of women community at a faster pace. The grasp of the women community in entrepreneurship is a notable step towards women empowerment in India.
Even though we are moving forward to be more inclusive, cultural thinking frequently inhibits women’s inclusion. There is a level of implicit bias that we as a society have men and women included, and we need to try to go against that trend. The efforts for women’s development and inclusion that are there in intention, don’t necessarily translate because of the implicit bias we have grown up with.
Karishma Kewalramani, Founder of vegan beauty brand FAE beauty.
According to Google and Bain & Company report, 13.5 to 15.7 million women-owned enterprises make up 20% of all the enterprises in the country. This is a rise from 14% to the current 20% over the last decade. Despite the growth, there are several restrictions for women entrepreneurs from reaching their full potential.
Women Entrepreneurship in India
The road towards entrepreneurial success was never easy for a woman of India. There are a bunch of challenges to defeat to get success in business. Here are some of those challenges-
Fund Arrangement
Arranging the funds is one of the top issues for entrepreneurs of all sizes i.e. large or medium or small scale enterprises. Till a few years back, the women business loan applicants were deemed as less creditworthy for a business loan. But the scenario has changed in recent years, the administration has also extended helping hands towards aspiring women entrepreneurs by providing financial support and enhancing skills.
The Competition with Male Counterparts and the Established Business
The female entrepreneurs always had to face stiff opposition with their male equivalents. Involving in the business development area or promotion or carrying out marketing of products sometimes turn to be more difficult for the women entrepreneurs as compared to men.
Limited Mobility
Many a time, whether it may be the viewpoint of the Indian community towards the women or because of being physically lower than the males, the mobility of females in India is limited. In many occasions, frequent travels or business tours especially if the places are far from the mainstream, it becomes a summons for women to take frequent tours.
Family Responsibilities
Most of the Indian’s have a mindset that taking care of the family and taking up the children is the superior duty of women and the society demands them to fulfil those duties before rushing into anything else. But never to neglect the fact that expectations exist. In general, most of the women are compelled to make a fine balance between work and family which is quite challenging.
The increasing appearance of women as entrepreneurs will lead to the change in the demographic characteristics of the business and economic growth of the country. Women-owned businesses enterprises are performing a prominent role in society encouraging others and generating more vocation opportunities in the country.
There is a need for sustainable growth of women entrepreneurs, to promote balanced growth in the country, by strengthening the women entrepreneurship ecosystem, through policies and initiatives, and creation of enabling networks.