Women entrepreneurs essential to economic growth

Women’s entrepreneurship has been recognized as a vehicle for social progress, promoting economic regeneration and growth, and job creation.

By Anika Parashar

Women entrepreneurs may be the greatest power in India’s financial development history. Female empowerment has become a trending conversation for people all over the world. Women have begun to take control of their personal and professional lives and have a significant economic impact on all economies as they make proactive choices about work and independence.

Women entrepreneurs have been seen initiating business operations, seizing opportunities and running businesses successfully. Women entrepreneurs used creative, practical and innovative approaches to turn opportunity into business reality. They also actively participate in the operations of the company as managers or administrators and generate employment for themselves and for others.

Women’s entrepreneurship has been recognized as a vehicle for social progress, promoting economic regeneration and growth, and job creation. The participation of women in economic expansion has also been documented as very important for a country, especially their participation in the field of entrepreneurship. During the pandemic, female entrepreneurs have harnessed the power of digitalization for social development and helped frontline healthcare workers and students access online education. This new entrepreneurial energy is what can take India to the next level and put women at the forefront.

More importantly, male and female entrepreneurs face completely different restrictions, including psychological and cultural factors. Women entrepreneurs often do not have access to financial support, which ultimately affects business growth. Women have different mindsets on constraints such as risk aversion, soft skills and leadership. Additionally, women have culturally imposed limitations that interfere with their independence, aspirations and priorities. Thus, the success of female entrepreneurs depends on their successful personal life and entrepreneurial skills, and how stakeholders support them.

The role of women in the workplace has seen a drastic change over the past 50 years, when just five decades ago women were confined to their homes and ran their own businesses. Over time, the change in mentality, external factors and strong women paving the way for others have brought many more women into the labor market and we see women breaking all traditional barriers and shining in all possible sectors . Additionally, there has been significant social, political and economic change that has created opportunities for women and given them greater acceptance and recognition in the corporate world. Slowly, women are emerging as entrepreneurs and leaders of tomorrow.

(Anika Parashar is the founder and CEO of The Woman’s Company).

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