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.
Resource 1: Top 5 VC Funds Helping Women Entrepreneurs In India
Resource 2: 7 Indian Government Initiatives To Help Women Entrepreneurs
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.
Read: How India’s Women Entrepreneurs are Breaking Societal Stereotypes
Also Read: How some Women Entrepreneurs are Breaking Stereotypes in Entrepreneurship
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”.
Read: How to attain Work-Life balance as a Woman Entrepreneur
Also Read: Women Entrepreneurs talk about nailing Work-Life Balance
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!
Problems Faced by Mompreneurs / Working Mothers in India
- Time Management: Actively running a business and caring for children can be a significant challenge. Mompreneurs often find themselves struggling to allocate time for both.
- Work-Life Balance: This is an everyday struggle for Mompreneurs. The boundaries between work and personal life may blur, leading to burnout. Mompreneurs may also experience “work-life guilt” or conflicting emotions pressuring them to be fully present to do both tasks.
- Financial Constraints: Running a business requires financial resources, and Mompreneurs may need help accessing funding. They may need to navigate financial aid and find creative ways to fund their ventures.
- Limited Support Systems & Networking Opportunities: Mompreneurs may need access to a strong support system. Due to time constraints, they often need help networking with other entrepreneurs, mentors, or potential clients. (Resource: Best Resources for Mompreneurs)
- Gender Bias & Stereotypes: Mompreneurs may face gender bias and stereotypes in the entrepreneurial ecosystem. They may encounter challenges in securing partnerships, accessing networks, or receiving equal recognition and opportunities compared to male entrepreneurs.
- Scaling & Growth Challenges: Mompreneurs may need to navigate growth strategies, hire employees, and expand their operations while ensuring a stable work-life balance. There is only so much one person can do.
- Self-Care and Well-being: Taking care of their well-being can often be neglected as Mompreneurs prioritise their business and family. Neglecting self-care can lead to increased stress, health issues, and a decline in overall well-being.
- Cultural and Social Expectations: The overwhelming majority of Mompreneurs in India still face cultural & social biases that prioritise men and deter women from prioritising their roles as mothers over their entrepreneurial aspirations.
Tips for Mompreneurs to Balance Motherhood & Entrepreneurship
Here are some best tips by Mompreneurs across India to help balance work and life:
Top 5 Time Management Tips
- Be surrounded by supportive people: Seek help from family, friends, and fellow entrepreneurs who understand your challenges and can offer guidance, support and encouragement.
- Set Realistic Expectations: Avoid perfectionism and set realistic expectations for yourself. It is okay to ask for help or delegate tasks as you may be unable to do everything. Being overly critical will do more harm than good.
- Create a schedule: Include time for work, family, and personal activities and stick to it.
- Use Technology: Use tools and apps to streamline your home activities & business operations.
- Plan Meals: Consider batch cooking or meal delivery services to save time.
Learn a few more valuable Time Management tips from Chhavi Mittal, Founder of Being Woman.
Top 5 Work-Life Balance Tips
- Set Boundaries: Set clear boundaries between work and family time and abide by them.
- Be Present at the moment, whether it’s during work or family time.
- Schedule Quality Time: Get regular quality time with your family. Prioritise this time.
- Take Regular Breaks throughout the day to recharge and refresh.
- Maintain Open Communication with your family, team, and clients about your needs, boundaries, and availability.
Top 5 Tips to Get Financial Aid
- Explore Government Schemes that provide financial support to women entrepreneurs
- Seek Funding from Women-Centric Investors
- Participate in Business Competitions & Grants
- Connect with Women Entrepreneurship Networks
- Develop a Strong Business Plan to attract financial aid
Top 5 Tips to Help with Daily Finances
- Keep your Business and Personal Finances separate.
- Budgeting: Create a detailed budget that accounts for your business and personal expenses
- Monitor Cash Flow: Monitor cash flow by tracking your incoming and outgoing payments.
- Control Debt: Be mindful of taking on excessive debt and manage your existing debts wisely
- Seek Professional Advice: Consult a financial advisor or accountant specialising in small businesses.
Importance of Self-Care for Mompreneurs / Working Mothers
Ultimately, Self-Care and Emotional Health are vital for a Mompreneur, a working mother (doing a job) or any woman entrepreneur. It is essential for a working mother’s overall well-being and happiness. Exercising, eating healthy, and resting can boost energy and reduce stress.
Self-care can help working mothers with the following:
- Improved Productivity, Creativity and Performance
- Better Decision-Making Abilities
- Better Work-Life Balance
- Increased Resilience & Stress Management
- Positive Impact on all Relationships & Work Networks
- Setting a good example for children and family
Resource: Some Self-Care Tips for Busy Moms.
Also Read: Dealing with the psychological well-being of mompreneurs in millennia India:
Inspiring Examples of Successful Mompreneurs in India
Although there is a lack of visible and successful women entrepreneurs, there are many inspirational stories of Mompreneurs who made it in India despite all the roadblocks they faced. New women entrepreneurs can look up to them as role models and aspire to be successful entrepreneurs in their own right.
Falguni Nayar (Founder of Nykaa)
Falguni Nayar’s incredible success story started when she founded Nykaa in 2012. Nykaa is India’s biggest e-commerce platform for beauty and fashion products. A graduate of IIM Ahmedabad, she quit her investment banking journey to start her own company. Her vision is to transform the beauty shopping experience in the country. She created a buzz with her debut on the Forbes India Rich List 2022, ranked 44 and a fortune of over $4 Billion.
Check out this video where Falguni Nayar talks about how women need to be raised with self-belief.
Shradha Sharma (CEO of YourStory Media)
Shradha Sharma started her own media company, YourStory. With her experience as a journalist on CNBC TV18, her Bengaluru-based start-up was started with a minimal capital of Rs. 2 lakh. She was named in the Fortune 40 under 40 list as well. Her legacy is built on her commitment to empowering others and emphasising inspiring stories. YourStory has published over 60,000 stories and conducts workshops, events and conferences to inspire others.
Check out this video where Shradha talks about the challenges she faced while making the start-up.
Swati Bhargava (CEO and Co-founder of CashKaro)
In 2022, Swati’s company witnessed exponential financial growth, from Rs. 100 crores of revenue in 2021 to Rs. 225 crores in 2022. The affiliate marketing platform is India’s leading coupon and cashback platform. Born in the small town of Ambala in Haryana, she had to decline her offer at Oxford University due to a lack of financial aid. She diversified her business during the pandemic to include the educational sector. She was awarded India’s first Digital Women Award issued by SheThePeople. From coming up from a small town to making the most resourceful platform, her journey is an inspiration for one and all.
Check out this video where Swati shares how the app adapted during the pandemic.
Despite a plethora of challenges, Mompreneurs in India showcase resilience, determination, and a drive to create successful businesses while fulfilling their responsibilities as mothers. By accessing supportive networks, seeking mentorship, and advocating for themselves, Mompreneurs can overcome these challenges. Becoming a QNET entrepreneur is a great way for women entrepreneurs in India to achieve a work life balance while realising financial independence.
Read More: Top Reasons Why Women are Choosing Network Marketing
FAQs
How do I manage my time to balance work and family?
Seek help from family, friends, and fellow entrepreneurs who understand your challenges and can offer guidance, support and encouragement. Apart from this, set realistic expectations, create a schedule and plan meals. Use technology to your advantage rather than distraction.
What are the best ways to get financial support?
You can explore the various government schemes that provide aid to women entrepreneurs. You can also seek funding from innumerable women-centric investors, participate in business competitions and grants and develop a strong business plan.
What are some of the major problems faced by women entrepreneurs?
Some of the major problems include inadequate financial aid, limited support systems and networking opportunities, gender bias and stereotypes in society and cultural and social expectations.
Who are some of the other inspiring women entrepreneurs in India?
Some of the other prominent women entrepreneurs are Upasana Taku (founder of MobiKwik), Sneha Choudhry (Founder of Zolo), Divya Gokulnath (Co-founder of Byju’s), Richa Kar (Founder of Zivame), Vandana Luthra (Founder of VLCC healthcare) and Radhika Aggarwal (Founder of ShopClues).
