Factors that drive the development of women entrepreneurs across sectors

Women are expected to dominate the workforce in India over the next few decades, helping to shape and improve the nation's future.

Factors that drive the development of women entrepreneurs across sectors

Thursday March 23, 2023,

4 min Read

India's social and economic demographics have been greatly impacted by women entrepreneurs and their growing presence in the nation. Women entrepreneurs are increasingly branching out into fields like real estate development, ITES, BFSI, pharmaceuticals, hotels, and tourism, among others, after working in traditional industries like food processing, agro-products, handicrafts, and textiles. Women own 20.37% of MSME businesses in India, which employ 23.3% of the population.

Almost 15.7 million businesses in India are presently held by women, and women dominate the startup environment. The Indian economy is said to be supported by them. Increased female labour force participation, according to McKinsey Global, has the potential to boost India's GDP by $700 billion.

The proportion of women employed in industry and agriculture is higher than the proportion of males. These industries are frequently credited with lifting families out of poverty and boosting household income. Also highlighting the nation's promising future is the 8.8% increase in literacy rates among women in FY21.

Below are some of the factors that drive the development of women entrepreneurs across sectors in India:

Greater opportunities

More women now have access to opportunities in the business sphere because to an increased focus on diversity at work. Women with meritorious credentials can work at local, national, and worldwide workplaces, giving them an equal opportunity to study and advance their knowledge in their chosen field even as the corporate world of the 21st century progresses towards expanding into a global marketplace. As a result, they now have the necessary exposure to other countries and subject-matter knowledge to start their own business.

Change in policies

Many women are now empowered to pursue their professional goals and objectives thanks to shared duties at home and accommodating maternity policies at work. Along with a relaxed social fabric, there has also been a change in gender-specific roles and expectations, which has made them more dynamic and autonomous. Women entrepreneurs now have a voice and a chance to engage in fields connected to the well-being of other women as a result of this empowerment. Thanks to modern female entrepreneurs, a growing number of start-ups are currently being created to address concerns such as women's health, maternity, women's cleanliness, and mental wellness.

Developmental initiatives

In order to be qualified to work for themselves in a trade, career, vocation, or company, women have been pursuing various types of technical, vocational, industrial, commercial, and specialised education. Women are also given access to facilities in places where they can develop into fully-fledged individuals. Also, there has been a constant increase in the number of women enrolling in specialised management programmes in fields such as logistics and supply chain management, finance, international business, textiles, etc., which has helped to empower a group of women entrepreneurs.

Mentoring possibility

Women have better access to professional mentors who can direct and nurture their professional competence because of their increased exposure to the world and a more tolerant workplace. Also, with improved social, financial, and informational support, more women entrepreneurs are emboldened to seek out and interact with peers and fellow businesspeople through trade and networking venues, giving them the chance to learn and tackle problems in a more educated and guided way. Women entrepreneurs are gaining access to knowledgeable mentors and solution providers through everything from Women Only networking and trade groups to dynamic international platforms for business and networking. They are also developing a strong collaborative network that transcends gender biases and industries.

Financial independence

More women, particularly those in the millennial age, are achieving financial independence unlike ever before thanks to access to business opportunities and education. Although women have always been active earners and contributors to the family income in India, the new generation of "working" women is not only earning equal to or higher salaries than their male counterparts, contributing to or even managing the household, but also making their own decisions regarding purchases and investments, long-term savings plans, and having full control over their income. This is a key enabling element while becoming an entrepreneur.

The potential and tenacity of Indian women are amplified by this dramatic transition. Women are expected to dominate the workforce in India over the next few decades, helping to shape and improve the nation's future. By 2030, it is predicted that 150–170 million employment would be generated by an additional over 30 million women-owned companies. This may transform everything and make the economy's future more promising than ever.

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)