“What defines you is not what you achieve but the road that you take to survive and thrive through the ordeal to reach your goal” is the inspiring words of a successful woman who made it to the top of the economic pyramid through her zeal to be the best, Sheryl Sandberg.
India is a country of brimming potential, with advancements occurring in every industry. In 75 yrs of its independence, India has conquered the skies and left its mark everywhere. The journey so far would not have been possible without the constant participation and zeal of the feminine brigade.
Impact of Women Entrepreneurs on India’s Economy
The change in the growth scenario of the country can be dedicated equally to women who have proven themselves to be excellent leaders, managers, and successful entrepreneurs. From the Amul Co-operative movement where women played a key role in transforming India from a milk deficit to a milk-surplus country to Lijjat Papad where seven women built an empire on India’s most loved snack; women-centric business models have never failed to create buzzworthy impact.
They not only paved the way for female entrepreneurs but their contribution towards boosting the economy of the nation is also equally impressive.
Reforms in Guardianship and Custody Laws in India in May 2015 was one of the most iconic moments in giving women the well-deserved identity they had built for themselves. According to the law, the father’s or the husband’s signature and name in educational documents and government id was no more a mandate.
Making room to establish their identities for their contribution and hard work, the new law motivated many women to come out of their bindings and start building on their ideas, transforming them into realities.
The Chains Holding Women Back
While social stigmas like women are meant to run the households and not earn for whatever reason still surrounds our society, what leaves us thinking is how our habitual repetition of turning a blind eye to things that may not concern us directly, but at-large. Women themselves are often the shackle holding themselves back, and the norms and guidelines of unconscious gender bias can never change if we do not.
While this is a grave concern in itself, the other chains and shackles include..
- Lack of knowledge and understanding of the business administration can help them excel in developing the plan and the network.
- Absence of financial assistance to help them establish their business idea due to a lack of information about loans, schemes and incentives. The issue of collateral for loans also has been a massive detriment to the process.
- A deficit of resources due to the unavailability of training and experienced mentors often stops many from progressing further with their dreams.
- Unawareness of the market – The market is constantly changing, and the middlemen are often too late or unaware of the turning wheels. The result is a continued loss of hard work and time.
Factors Driving Women to Start Businesses Today
Despite all the barriers and shackles, there is no doubt the 21st century is the era of women standing up for themselves and creating a niche identity. In the last decade alone, thousands of women have changed the world’s outlook by forcing them to recognise the brilliant gender they are. The driving factors include :
- The need for recognition from the world around.
- The ability to be the support system to the family.
- The zeal to make a difference for the ones who are lost.
- The ambition to showcase the skills that’s different and has potential to be a breakthrough.
- The drive to be an equal in a hierarchy, gender bias, and class differentiation.
Few Lesser-known Tales of Women’s Entrepreneurship in India
Some of the most inspiring tales of the rise of the women from unknown parts of the country are worth being told about, not because they are successful but because they are the inspiration for others.
- Anita Devi
The mushroom lady of Bihar helped hundreds of villages across Nalanda to become independent by successfully growing and harvesting mushrooms.
- Ananya and Anushree Malloo
A market dominated by big brand names, men hygienecare is not an easy venture to work on. Yet, a young female duo’s startup Nuutjob showed that even women can create a premium line-up of intimate products for men without worrying about backlash or prejudice.
- Chetna Gala Simha
The inspiring activist who created the Mahila Seva Sahakari Bank, the first-ever bank for rural women exclusively has been able to overturn decades of preconceptions by providing over 50 million dollars of financial support to rural women entrepreneurs.
- Prema Gopalan
Post the heartbreaking trauma of the 1993 earthquake, one lady took it upon herself to help rebuild the villages through help from the local women. This was the beginning of a new change that laid the foundation of Swayam Shikshan Prayog, a community venture that helped women grow through skill training and learning.
Government Initiatives to Promote Women Entrepreneurship in India
- Bharatiya Mahila Bank Business Loan
The scheme provides loans of over Rs. 20 crores for women entrepreneurs. As a collateral-free loan can also be availed of for loans worth less than Rs. 1 crore.
- Udyogini Scheme
For women with an annual income of Rs. 1.5 lakh to Rs. 3 lakh for women wanting to start a business but have no capital.
- Dena Shakti Scheme
It was designed for women entrepreneurs looking to start their business in certain sectors such as agriculture, retail and manufacturing. The interest rate is 0.25% below the base rate for upto Rs. 20 lakhs.
- Women Entrepreneurship Platform
Started by NITI Aayog to motivate women to start their own businesses.
A New Beginning of Hope
Changes can be witnessed in every sphere, no matter how big or small in magnitude. Women-based startups and networking platforms support entrepreneurship by giving women the platform to identify their potential and work from anywhere. This new ideology of all women’s workspaces and organizations is paving the way for many hidden talents and aspiring ladies to come forward and pursue their passion without much hesitation.
With hopes for many more such unique propositions in the future, we look forward to witnessing many more women-led business empires to rule the world.
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