In India, a growing tribe of women entrepreneurs is carving out their niche. Women are taking control of everything from traditional woman-friendly businesses like cottage industries to cutting-edge startups.
The increasing number of female entrepreneurs has changed the business demographics and the country’s economic development. Women-owned businesses are encouraging others and creating jobs across the country.
To encourage balanced growth in the country, Startup India is committed to strengthening the women’s entrepreneurship ecosystem through policies, initiatives, and enabling networks.
Women Entrepreneurs in India
More women are breaking free from traditional, gender-specific roles and entering the business world today. Over the last decade, there has been a significant increase in both the number of female entrepreneurs and the success rate of their initiatives. Ten years ago, women were a minority in the entrepreneurial ecosystem, but now account for 37% of all entrepreneurs worldwide.
According to the most recent Global Entrepreneurship Monitor (GEM), 126 million women are starting or running businesses, with 98 million of those running established (businesses that have been in operation for more than three and a half years). This equates to 224 million women having an impact on the global economy — and this survey only includes 67 of the 188 countries recognized by the World Bank. Today, the vast majority of startups in India are led by women or have a female co-founder.
Crucial factors that play a major role in the rise of Women Entrepreneurship in India: –
- The Growth of Digital Lenders
With the rise of digital lending platforms, getting a business loan for a woman has never been easier. Today, a woman with an entrepreneurial idea does not need to seek financial assistance from her family or traditional banks. She can easily obtain capital from a digital lender and begin her venture with little delay.
- Online Selling
This is another major factor that has contributed to the country’s meteoric rise of female entrepreneurs. Products can now be sold from the comfort of one’s own home. A woman entrepreneur can easily send products across the country and even internationally with online shopping.
All they have to do is set up an e-commerce website or join an online marketplace, and they will have a portal to showcase and demonstrate their products. This digital platform has made it simple for women to start a business from home and expand as it grows.
- The Popularity of social networks
Marketing was once one of the most difficult challenges for all entrepreneurs, not just women. Because of the popularity of social networks such as Instagram, Facebook, and others, it is now possible to easily spread the word about one’s products.
The company can go far with a social media page and the right content. In fact, social media networks are one of the most powerful tools in the arsenal of Indian women entrepreneurs.
Women entrepreneurs are banding together to form groups or confederacies. The motivation for this trend stems from a desire to establish strong women’s business networks in which members can pool resources and expertise. Furthermore, government schemes and numerous women Entrepreneurship associations, such as the Federation of Indian Women Entrepreneurs, have contributed in providing an incentive as well as resources to enter the world of entrepreneurship.
Entrepreneurship is a learning experience, and even the most successful business owners have had to learn new things as their company grew. Entrepreneurship generates growth, prosperity, and solutions to social issues. And current trends indicate that women will be a driving force in future entrepreneurial growth.
At Egniol, we provide comprehensive assistance in leveraging and scaling your existing business or startup.