India is a male-dominated country. However, over the last couple of years, India has witnessed the continued rise of women entrepreneurs, which has played an enormous role in boosting the country’s overall economic growth. As a result of this, one question pops in everybody’s mind; how is this country accomplishing this incredible achievement?
This article at Baazi King provides a detailed review of the various factors playing a vital part in India's rise of businesswomen. Consequently, you’ll better understand how the women in this country have embraced entrepreneurship on a small and medium scale, thereby becoming integral players in the economy’s growth.
Better Access to Education
For any society to succeed, its citizens need to be well educated. The Indian government realized this necessity and went ahead to put a government program focused on ensuring girls were educated. As a result of this investment, women got the opportunity to explore the domains of mathematics, science, engineering, and technology. Furthermore, women managed to learn about other fields, including entrepreneurship, international business, textiles, logistics, supply chain, to mention a few. The access to better education has consequently enabled them and to go after their entrepreneurial ambitions.
Social Dynamics
The social fabric in India has become more relaxed, which has led to a change in gender-defined expectations and responsibilities that are more individualistic and dynamic. It can be seen in the recent policies that have become more supportive of maternity and shared roles within the family setup. Thanks to these changes, women are now better placed to chase after their professional dreams and ambitions.
Women empowerment has also compelled the increased opportunities for businesswomen to pursue careers towards improving the welfare of other women. The women entrepreneurs are taking it upon themselves to form startups looking to address the issues affecting women. This movement covers broader issues such as women’s health, hygiene, maternity, and mental health.
Better Branding by Women Entrepreneur
Women boast innate marketing skills that allow them to better promote their products and services to prospective clients. They also have better skills in bringing out the positive aspects of their products, which helps them make more sales. All these tasks are possible because women are very passionate about anything, they set their hearts to do.
Increased Access to Loans
One of the significant challenges to the growth of women entrepreneurs in India was the lack of capital. This situation prevailed for a long time since a big part of India’s productive population has mostly been men. However, the trend is gradually changing, and it’s now easier for women to get credit to finance their entrepreneurial goals.
It has been made possible by non-banking financial companies and banks in India to provide women access to different types of specialized loans plus other finance opportunities. Some of the advantages these financial institutions offer women include making terms of payment more liberal and flexible to favor women, not requiring collateral, and low-interest rate.
Ability to Meet the Customer’s Needs
The success of businesswomen in India is also attributed to women’s need always to make the customer experience more appealing. Women can achieve the heights of success as now they’re more conscious than men about the needs of their customers. This simple, albeit important detail, allows women entrepreneurs to improve their client’s shopping experience. Because of this, they get to enjoy customer loyalty, which promotes the growth of their startups.
Access to Mentorship
Women in India nowadays have access to professional mentors who offer them guidance and nurturing as they pursue their career goals. All this is possible, thanks to the work environment nowadays being more supportive and increased international exposure. Moreover, there are networking and trade platforms where businesswomen interact with peers and other entrepreneurs to better their financial, social, and knowledge. From these dynamic international platforms, trade groups, and networking seminars, women entrepreneurs get to form a robust collaborative network that supersedes sectors and gender biases.
Women Are Multitask Oriented
Men usually struggle to handle more than one task at a time, and thereby miss some viable business opportunities due to this weakness. Nonetheless, it’s not something women need to worry about as they’re well capable of performing different tasks simultaneously and still deliver incredible results. This trait has played a vital role in especially allowing Indian women to even venture into business without fully compromising on their duty as parents.
Women Are Resourceful
In traditional Indian society, women were required to focus on raising the children while the men got involved in economic activities. However, the trends have changed in today’s society as women can still raise their kids while partaking in some form of business to improve their economic wellbeing. It’s possible due to the innate resourceful nature of women that enables them to utilize the available opportunities that can be capitalized to empower themselves financially and economically while in their homes.
Increased Opportunities for Women
The 21st century has seen more women in India easier access to the corporate world, thereby helping them advance their business and career goals. With these increased opportunities, qualified women can now work within the local or national level and at the international level. Subsequently, they get to specialize in their niche and opening up more doors. The combination of increased specialization in the area of interest and increased international exposure has been essential in guaranteeing women entrepreneurs’ success in India.
Financial Independence
Women in India are now enjoying a period of improved financial independence as they’re now making equal and, in some cases, more salaries than men. It has been made possible because a higher percentage of women nowadays have access to education and corporate opportunities. As a result, more women, especially the younger generation, enjoy financial freedom like never before and are in full control of their earnings, long term savings, purchases, and investment decisions. It has played a vital role in allowing them to succeed when they start their entrepreneurial journey.
Conclusion
Unlike in the past, women in India are now enjoying greater success as entrepreneurs, thanks to the aforementioned factors. Furthermore, their involvement in the country’s financial and economic welfare has been one of the reasons why India is one of the nations that has been recording high economic growth rates. India serves as a model for other countries, especially the developing ones, could learn from in a bid to push for greater economic prosperity.