The meteoric rise of women entrepreneurs in India has resulted in a significant rise in economic growth in the country. As per government sources, women-owned enterprises increased from 14% to 20%.
In the last 10 years, schemes and initiatives have supported women entrepreneurs by introducing relevant financial incentives. According to a case study by InstaMojo, women entrepreneurs represent 22% of the enterprises in the country. There are 15.7 million women-owned enterprises in India.
As per a survey by Bain&Co, women entrepreneurs provide direct employment to around 22 to 27 Million people. Women being included in the workforce has not only created jobs but helped millions of families escape poverty.
With the superior leadership abilities of women entrepreneurs in India, they can generate 150-170 million jobs by 2030. When provided with equal inputs, women-owned enterprises generate equally strong outcomes when contrasted with enterprises led by men.
Problems Faced by Women Entrepreneurs in India
1. Limited Access to Capital & Networking Opportunities
Challenges faced by women entrepreneurs include accessing adequate capital for their businesses. According to a study by the World Bank, only 27% of women in India have access to formal financial services, making it difficult to get business loans and investments. Many investors don’t take women entrepreneurs as seriously as their male counterparts
Women entrepreneurs in India often need more networking opportunities, as traditional business networks are predominantly male-dominated.
2. Gender Bias & Stereotypes
Gender Bias and Stereotypes are deep-rooted in the Indian business landscape. International Finance Corporation (IFC) report highlighted that women-led businesses regularly face biases and have a much harder time accessing networks, mentorship, and business support. Clients and potential customers in certain industries such as the automobile industry tend to have biases that affect their trust in women entrepreneurs.
3. Balancing Work & Family Responsibilities
Women entrepreneurs in India who are working mothers or “Mompreneurs” have to somehow manage two important yet overwhelming roles – that of an “Entrepreneur” and a “Caregiver”.
Fulfilling family responsibilities alongside business commitments can be overwhelming and you might have to prioritise one or the other. Traditional gender roles and societal expectations often pressure women to prioritise their family over entrepreneurial endeavours.
We write this blog as a guide to all working mothers and “Mompreneurs” to help get insights and motivation to fulfil this dual role.
Who is a “Mompreneur”?
A Mompreneur is a mother who actively manages her own business or start-up (or, let’s say, a job) while also fulfilling her responsibilities as a parent.
It could be for financial freedom, a desire to create a fulfilling career or to follow their passion while simultaneously providing for the family and children.
However, it has always been challenging for Mompreneurs to do what they do!