Choose Women Entrepreneurs For Better ROI And Economic Growth
It has been 75 years since India got its independence and it’s for the world to witness how much the country has evolved over time in terms of economic development as well as gender equality. Those days are history when a job used to come with gender biased or working women was considered taboo. Today, the gender ratio at working places has improved considerably. Women have proved that they are equally efficient in every job especially running their own businesses. The increasing presence of women as entrepreneurs has led to significant business and economic growth globally. It has played an important role in generating more employment opportunities and also inspiring other women to muster the courage of starting their own businesses.
Looking at this rapidly changing corporate culture and to encourage more women to take up entrepreneurship, Women entrepreneurship Day is celebrated every year to celebrate the achievements of women leaders across the globe. The day is described as a global movement to celebrate and support female founders and also throw some light on the challenges faced by working women across the world. So, on the occasion of Women Entrepreneurship Day, I would like to throw some light on the latest trend which has given a massive boost to Women’s Entrepreneurship.
Increase in freelancing and work-from-home opportunities
Due to the pandemic, corporates across the world had to adopt WFH culture. It also increased freelancing opportunities big time. This rise in remote working opportunities have proved very beneficial, especially for women who run small businesses and don’t have enough budget to hire too many full-time employees for a longer period of time. Today, they can hire people on freelance basis according to the work pressure and financial status.
Better Networking and funding opportunities.
The pandemic has brought a massive transformation in the entrepreneurial world. The biggest transformation was the birth of remote working which has gone beyond geographical barriers. This has created several new opportunities for women entrepreneurs who used to face a lot of difficulties in developing networks and generating fund. Due to the rise in remote working culture, women are no longer restricted to geographical barriers and can easily reach out to probable investors through various online modes and present their ideas to them. Investors are also becoming keener in funding women led businesses as it generates better revenue. According to data, women-led businesses have showcased 35% more ROI.
Rise in Women entrepreneurship
India has been witnessing a massive transformation in women entrepreneurship in last two decades. The country saw an increase in the number of women entrepreneurs significantly which also influenced the social and economic demographics. Also, several government schemes like the Entrepreneurship Development Programs and Prime Minister Rojgar Yojana which were introduced in early 21st century have helped over 1.50 lakhs women so far.
According to the Sixth Economic survey, only 14% of businesses in India are run by women which amounts to around 8 million out of the total 58.5 million entrepreneurs in the country. This number is rising rapidly, especially in the last couple of years. Government and not-for-profit organizations are also addressing the disparity through various initiatives such as Mudra Yojana Scheme, initiated by the Government of India, which provides business loans to women, so they can be financially independent and self-reliant. Due to these initiatives and increasing awareness among the people, today India has around 15.7 million women-owned enterprises and they are also leading the start-up ecosystem.
The Women Entrepreneurship Day 2022 is being celebrated with the theme #ChooseWomen which looking at the scenario is quite apt. This theme has been chosen to ensure that women entrepreneurs receive the spotlight and support they deserve because an average women entrepreneur receives less than the half funding her male counterpart does whereas the women-led companies generate more ROI. India witnessed the highest number of startups turning unicorn in 2021, however only 10% of them were owned by women, which was infact still the highest ever. This shows, that we as a society still have a lot to do to achieve gender equality in the corporate sector and that is why, #ChooseWomen is the perfect theme for Women Entrepreneurship Day 2022.
To counter the gender equality problem, We need to take a better look at various problems faced by women at the grass root level, nevertheless the rising trend in women entrepreneurship is promising and I am sure that looking at the rising trends, the scenario will definitely witness a monumental change in the coming years.
According to surveys, women are expected to shape and enhance the future of the country by adding over 30 million more women-owned businesses which will provide approximately 150-170 million jobs by 2030. So, the data shows that Female entrepreneurship is steadily increasing, and while the pandemic has caused major disruptions, it has also created numerous opportunities for women-led businesses to grow. All in all, 2022 is likely to be the year where female entrepreneurship will thrive.
Ayesha Malhotra, Co-Founder, Tangelo
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