Women Entrepreneurship in India – Success Stories of Women Entrepreneurship in India
In the past few decades, the Indian economy has been steadily growing. There has been a parallel surge in the number of businesses and startups mostly curated by men. Women entrepreneurship in India has been on a steady rise in the last few years. But still, a woman has to face more ups and downs to become an entrepreneur as compared to men. In this blog, we will discuss the current scenario of women entrepreneurship in India, challenges faced by women, support from the government, success stories of women entrepreneurship in India, and some possible solutions to the major issues faced by women entrepreneurs in India. So let’s get started.
Current Scenario of Women Entrepreneurship in India
Women have been in entrepreneurship for ages but mostly to support their families and to make both ends meet. But in the current scenario, women are now creating their startups and businesses, but the participation is still considerably low.
Going by the statistics, according to the data from the sixth economic census between January 2013 and April 2014. Out of 58.5 million businesses, 8.05 million were owned by women, which account for a mere 13.76 percent of female participation among total entrepreneurs. 98 percent of businesses owned by women are micro-enterprises, out of which almost 90 percent of them operate in the Informal sector.
More recent data and surveys report a steady rise in women entrepreneurship in India. But still, Herculean effort is needed to make the scenario better, as it’s evident from the data, which shows that in the Index of Women Entrepreneurs, India ranked 52nd among 57 surveyed countries. A recent study reveals that advancing women’s equality in India could boost the GDP by as much as 16%, as compared to the usual Scenario.
Now, let us have a look at the challenges women faced in the entrepreneur world and the success stories of women entrepreneurship in India.
Challenges to Women Entrepreneurship in India
We live in a country that is quite diverse. Whether it be in the terms of culture, history, religion, language, or challenges. Entrepreneurship itself is quite a challenging task, and being a woman adds oil to the fire. Some of the challenges which are mostly faced by the women entrepreneurs in India and also which require our attention are given below.
1. Family Support
Family support is a major issue for women in almost every field. Whether it be acting, modelling, researchers, entrepreneurs, or even studies. Almost all the successful women entrepreneurs have mentioned that they were lucky to have supportive parents. So, having a supportive family is still considered lucky.
2. Women Safety Issues
A feeling of insecurity at workplaces and other fields in entrepreneurship that require a lot of mobility hinders the growth of women entrepreneurs. The cities with thriving entrepreneurship opportunities also have alarming rates of crime related to women.
3. Maternity Issues
Entrepreneurship is not a job, so female entrepreneurs are not entitled to maternity benefits. They are left behind in the cutthroat competition of the market. And after becoming a mother, their life always hangs between their family and corporate responsibilities.
4. Financial Support
Accessing funds for their ventures is always a tough task for female entrepreneurs in India as they are perceived differently from men and are considered unfit for risk-taking tasks. It’s also tough for women to get support from the family or raise funds through loans.
5. Confidence and Network issues in Business
Women often face the problem of having lesser belief in their skills. They tend to doubt their capabilities more often and underestimate their performance. Also, In a male-dominated sector, It becomes tough for women to build a network and get access to the market.
Steps to Enhance Women Entrepreneurship in India
1. Women need to be supported as an entrepreneur by their families. Support is as important as the investment itself, for women to succeed as an entrepreneur.
2. We need to ensure a non-discriminating, safe, and healthy working environment for women not only for them to thrive but also for the reason that it is our moral duty and responsibility to do so.
3. We need to fill the broader gender gap that deprives women of economic knowledge, opportunities, and participation.
4. Women should be granted maternity benefits, their responsibilities in the households should be shared, and they should be socially accepted by the male members of the society.
5. Government should take steps to support women entrepreneurs to ensure greater participation and increased opportunities for women in fields of entrepreneurship.
Success Stories of Women Entrepreneurship in India
1. Indra Nooyi
For 12 years, Indra served various positions at PepsiCo, before donning the role of CEO in 2006 and thus, making her stint with the brand for 24 long years. Under Indra’s leadership, PepsiCo’s revenues grew at 5.5% annually.
2. Kiran Mazumdar Shaw
The Chairperson and Managing Director of Biocon India – a Bangalore-based biotechnology company, Kiran Mazumdar Shaw’s entrepreneur journey began on a bumpy road. Kiran was named in World’s 100 Most Powerful Women, by Forbes and also in the List of World’s Self-made Women Billionaires. On to of that she was also included among Fortune’s Top 25 Most Powerful Women in Asia-Pacific.
3. Indu Jain
The 84-year-old, Indu Jain, is the chairperson and CEO of Bennett Coleman & Co. Limited, which owns a widely recognized share on the Times Group.
4. Arundhati Bhattacharya
Her story is one of the best among Success Stories of Women Entrepreneurship in India. Arundhati Bhattacharya was the first woman to serve as the Chairperson of India’s oldest and largest commercial bank, I.e., the State Bank of India.
5. Vandana Luthra
Chairperson and founder of VLCC Health Care, beauty, and wellness service centres – Vandana Luthra, operate in countries from Asia, The GCC, and Africa.
6. Shraddha Sharma
Shradha Sharma is the name behind the beginning of YourStory, a digital platform to publish the stories of Indian startups.
7. Suchi Mukherjee
Suchi Mukherjee is the founder of LimeRoad.com, an online eCommerce portal, initially started for women to offer a wide variety of products from dresses, shoes, accessories, and so on.
8. Falguni Nayar
At the age when people tend to retire. Falguni Nayar began her entrepreneur journey with Nykaa, an online beauty, and wellness retail business. In 2012, at the age of 50, Falguni started Nykaa to fill the gap in the Indian beauty retail segment.
9. Aditi Gupta
The founder of Menstupedia, Aditi Gupta, is a social entrepreneur who turned a taboo topic of discussion into prime subject education for everyone. With digital platforms and printed comics, Menstrupedia is creating awareness about menstruation and hygiene for girls.
10. Upasana Taku
Last one among the Success Stories of Women Entrepreneurship in India. Upasana Taku, along with her husband, Bipin Preet Singh found MobiKwik in 2009. It is a digital financial service platform and was one of the first in the digital payment segment.
Conclusion
Indian society has not been so generous towards women in the last century, but the same per-conception can’t be imposed upon our generation and the ones to come. Women entrepreneurship in India has been on a surge in all forms, be it domestic entrepreneurs or large-scale corporate players. The business fraternity is now recognizing the potential of women, and with our efforts, we can be assured of a gender-impartial platform for women entrepreneurship in India.
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Nice😍
Very inspiring post.