Women entrepreneurs critical for economic growth
Women entrepreneurship has been recognized as a provider of social upgrading, promoting economic regeneration and growth, and job creation.
By Anika Parashar
Women entrepreneurs can possibly be the greatest power in India’s financial development story. Women’s empowerment has become a talk trend for people all over the world. Women have started taking control over their personal and professional lives and has a significant economic impact on all economies as they make proactive choices about work and independence.
Women entrepreneurs have been seen to initiate business operations, hone in on opportunities and lead ventures successfully. Women entrepreneurs have used creative, practical, and innovative approaches to convert an opportunity into commercial reality. They are also actively involved in the operations of the enterprise as a manager or administrator and generate employment for themselves and others.
Women entrepreneurship has been recognized as a provider of social upgrading, promoting economic regeneration and growth, and job creation. Women’s participation in economic expansion has been also documented as very important for a country, particularly their participation in the area of entrepreneurship. During the pandemic, women entrepreneurs have used the power of digitalisation for social development and helped aid frontline healthcare workers and students to access online education. This new entrepreneurial energy is what can take India to the next level and put women at the forefront.
More importantly, men and women entrepreneurs have to face completely different restrictions including psychological and cultural factors. Female entrepreneurs are often lacking in access to financial support, which affects business growth eventually. Women have different mindsets of constraints over them such as risk-aversion, soft skills, and leadership. In addition, women have culturally-imposed limitations that obstruct their independence, aspiration, and priorities. Thus, the success of female entrepreneur’s hinges on their personal lives and successful entrepreneurial skills, and how supportive stakeholders are to them.
The role of women in the workplace has undertaken a dramatic change in the past 50 years, where just five decades ago, women were limited to homes and operated their own businesses. Over time, change in mindset, external factors and strong women paving the way for others, has brought many more women into the workforce and we are watching women breaking all the traditional barriers and shining in every industry possible. Also, there has been a significant social, political, and economic shift that has created opportunities for women as well as given them greater acceptance and recognition in the corporate world. Slowly women are making their mark as entrepreneurs and leaders of tomorrow.
(Anika Parashar is the founder & CEO of The Woman’s Company).