Any society that fails to harness the energy and creativity of its women is at a huge disadvantage in the modern world. – Tian Wei
Women are an underutilized resource in our economy. Women entrepreneurs play a major role in achieving growth and stability in a country. With their dedication, hard work, intelligence, and business acumen, women entrepreneurs also become role models to other women and promote economic growth, helping close the gender gap in the workforce and create more and more job opportunities for women. Examples for that would be leaders like Indra Nooyi, Falguni Nayar, and popular talk show host Oprah Winfrey, who inspire women to follow their dreams every day.
In India, the number of women entrepreneurs is rising; presently, there are 13.5–15.7 million of them, accounting for 20% of all businesses, up from 14% a decade ago. However, if we stop to compare, we would also find that India has one of the lowest labor force participation rates (LFPW) when compared to other rising nations, and in addition, women in India are 2-3 times more likely to be unemployed across all cohorts.
If we are to go into the reasons why we need more women entrepreneurs and women startups, those can be distilled into a few clear points.
1. Women are not just great leaders, they are also hard workers.
Women in the workforce are generally modest about their skills and achievements. They are usually more nuanced in taking risks, and consider all round aspects before taking any major decision.
2. Women create jobs
Women owned businesses and startups create more job opportunities in the economy, and encourage growth.
3. Women are resourceful
Women constantly face biases and barriers when starting a business, and some of the barriers are in keeping them from generating enough funds or capital. However, women entrepreneurs always find resourceful ways to overcome these financial barriers.
4. Women aren’t afraid to look past their safety webs to network
It is common knowledge that networking is the way to grow a business. Women often tend not to mix previously existing friendships with business, and aren’t afraid to venture out into the world to connect with more people from around the world.
Women’s entrepreneurship is longer considered a “nice to have” phenomena. It generates a balance in the organizational ecology, which is crucial over time. By creating new firms and advancing a number of crucial goals like per capita income, innovation, the standard of living, and community development, women entrepreneurs may therefore significantly contribute to economic progress. Women are therefore crucial to economic growth and progress, and more women startups are imperative. Here’s to a better, brighter future with more women in the business ecosystem!