Women Entrepreneurship in India: The Changing Phase of Entrepreneurship
Over the last decade, we have been discussing women in entrepreneurship more and taking action to empower women in this field. According to the 6th Economic Survey, in India, approximately 16 million women are leading enterprises, creating direct employment opportunities for around 27 million people. Surprisingly, the tobacco industry has a greater number of women entrepreneurs. However, in key industries like health, food, and retail, women’s participation is quite low. Southern Indian states like Tamil Nadu, Kerala, and Andhra Pradesh have a higher number of women entrepreneurs according to the 6th Economic Survey. Despite multiple government initiatives aimed at promoting more women entrepreneurs, the gender division ratio remains low.
To bridge this gap and extend assistance to women entrepreneurs, many business incubators are providing an exclusive platform to women entrepreneurs in terms of fundraising, technical assistance, and market accessibility. There are a few women-centric business incubators functioning in India like WE HUB in Hyderabad, AIC BANASTHALI in Rajasthan, and INCUBA NAARI.
Accelerate Her 2023 is one of the initiatives by AWS and Lightspeed Venture to ensure that women entrepreneurs have access to technology, capital, and networking. IIM Bangalore also has a dedicated incubator to promote women entrepreneurs.
Challenges Faced by Women Entrepreneurs
Although there are many initiatives and programs available to promote women entrepreneurs, they need to overcome various hindrances. The prevailing social stigma is something that women always want to break free from. In order to maintain a balance between business and family, a woman entrepreneur has to put in extra effort. Pitching a business venture is always a challenging process. And if entrepreneurs want to raise additional funds, the process becomes even tougher. When it comes to women entrepreneurs, raising funds is always a difficult task, and proving their dedication and competitive edge in the business is even more challenging. Finding the right support system to work with and connect with will always remain a confusing part for women entrepreneurs.
Despite all the odds, there are many women entrepreneurs who have fought against the system and achieved success in the business sector. Chitra Gurnani Daga, Co-Founder, and CEO of Thrillophilia.com, Khushboo Jain, Co-Founder and COO of ImpactGuru.com, Sayli Karanjkar, Co-Founder and CBO of PaySense, are a few of the new faces of India’s emerging successful entrepreneurs.
Oprah Winfrey once said, “Think like a queen. A queen is not afraid to fail. Failure is another stepping stone to success.” Let’s hope for a better tomorrow for all the women entrepreneurs out there who are struggling to make their presence felt and who have never considered quitting the process.
–Vandana Madhu is a knowledgeable academic and trainer with a focus on management, marketing, and entrepreneurship. Her areas of expertise include the jewelry industry and tourism.
