In 2021, when Nykaa IPO created hype with over subscriptions by 81 times, no one believed a women solopreneurs can make such a phenomenal share market debut. But women’s participation in the Indian economy was not new. Last month I visited one coastal village in Goa. I was surprised that most of the Mapsa fish market was managed by women only. Ironically, several women have been working on various projects for ages, unaware of the fact that they own 20.37% of MSMEs in India.
Women-led Business Impact
Women-owned businesses are providing direct employment to 22–27 million people. As per Boston Consulting Group, women-founded or co-founder startups generate 10% more cumulative revenue over five years. Moreover, these start-ups enjoy a more inclusive work culture and employ 3x more women than men. Not only this, McKinsey Global states that India can potentially add US$ 700 billion to global GDP by increasing women’s participation in the labor force.
Now, let’s focus on those drivers that contribute Women toward Women’s Entrepreneurial Roles.
Factors Driving More Women toward Women Entrepreneurial roles
● Recognition: Social recognition or admiration motivates women entrepreneurs. It boosts their esteem and makes them socially secure.
● Results: Women owned start-ups provide 35% higher ROI compared to those owned by men.
● Better Livelihood: Women play a major role in making the family’s purchasing decisions. They like to strive for a better livelihood, therefore, the need motivates women to establish a small business for themselves.
● Education: As per the latest stats, the female literacy rate is close to 70% in India.
Suggestions for Aspiring Women Entrepreneurs
On Funding:
There are several government-supported funding initiatives encouraging women’s participation in business. Schemes like Bharatiya Mahila Bank Business Loan, Dena Shakti Scheme, and Udyogini Scheme are there to make funding possible for business women.
Women Entrepreneurship Platform:
Niti Aayog promoted women entrepreneurship platforms that arrange various workshop programs for women. Apart from this, CII’s IWN (Indian women network) groups are there that provide a common platform for women entrepreneurs to form close licensing groups.
Business Bio Websites:
Business women can not ignore digital platforms, they need to focus early to establish their digital identity. There are specialized business bio website platforms like meripehchan.me where women entrepreneurs or social-prenures can make their business bio.
Business Bio is an online low-cost budget bio website that helps women solopreneurs simplify their marketing message and connect with customers to grow their business by engaging in meaningful conversations. It’s a website for solopreneurs who don’t have time to write about themselves or their businesses. They can feature their unique products and services in a classic and elegant way.
Early financial Planning:
Women in business need to start focusing on financial planning early. This can help them to get a pool of capital ready for the future and at the same time help her to provide financial stability.
The Big Lesson We Draw at the End
Women are the backbone of the Indian economy, they have been supporting the Indian economy for many decades. They just need to plan their business in a more structured way, so that no one has to write such blogs to showcase the importance of Women Solopreneurs in the Indian economy.
Recommended readings:
10 Social Media Tips for Solo Women Entrepreneurs
How Branding Helps Small Businesses to Grow
Roadmap for Women Entrepreneurs To a Successful Digital Transformation