#WomenEntrepreneurship: What Holds Us Back And Where Does The Key To Growth Lie?

When you start off as an entrepreneur, you can either succeed or end up growing and learning albeit without tasting success. In the case of women entrepreneurs, there exists a very probable third scenario – a woman can become a path-breaker, a benchmark, for other women to follow suit.   

Much to the exaltation of new entrepreneurs in the country, ‘Startup India’ was launched by our honorable Prime Minister, Mr Narendra Modi early 2016. As an endeavor that encourages entrepreneurs, the master plan promises to propel the Indian entrepreneurial ecosystem to an entirely new level. Owing to these efforts by the government, India is quickly becoming one of the most preferred nations for opening startups. However, when it comes to involvement of women among the top leaders or ease of running a business, we still have a long way to go. One of the stipulations of the Act mentioned by the PM was that each of the 1.25 lakh bank branches will finance at least one Adivasi or Dalit entrepreneur and at least one woman entrepreneur. This move may highlight the fact that positive discrimination can bring focus on an aspect or a group that needs a push to achieve its full potential.

Hindrances Faced By Female Entrepreneurs In India
 

The startup ecosystem is plagued by issues like gender inequality and lack of institutional funding. As a woman, one has to battle against the prevailing social structure & stereotypes while starting a company. Furthermore, women led businesses that have raised funds are mainly restricted to metro cities whereas smaller towns & cities still suffer from a dearth of female centric enterprises. It’s alarming enough that it is tough for women to open bank accounts or secure loans, but even when funds are available, regulatory & legal framework become unavoidable deterrents. Women who do own & run a business have trouble generating employment for other women, which leads to more untapped potential.  

In my opinion, change in this sphere has to start at home – women need unflinching support from their families and husbands in order to successfully own and run businesses. Unless women are able to give enough importance to their work commitments and not just their men, the adage “An unsupportive spouse can kill a business faster than a bad marketing plan!” will continue to be proven right over and over again.

Why Businesswomen Are Indispensable
 

Taking a cue from CEOs like Kiran Mazumdar Shaw, Indra Nooyi, Chanda Kochhar etc. we can rightfully say that women have already proved that they possess the required skills to lead organizations successfully. Across the globe, innumerable women have performed the feat of running incredibly successful companies. While diversity is one of the most basic reasons to embrace women in business, today’s times of pro technology startup culture have put forward various other reasons for supporting business women on their entrepreneurial journeys. Women leaders are more efficacious when it comes to captivating investors and comprehending client’s perspective which gives them an inherent edge over their male counterparts. They outdo men as far as building & maintaining long term relationships with stakeholders is concerned, a quality that leads to long term benefits for business. New ideas and prudent planning become an intrinsic part of a company that is either lead by a woman or involves them in the top ranks.

Looking Ahead Into The Future
 

According to the 2015 Female Entrepreneurship Index, India ranks 70 out of 77 countries surveyed for provisions that encourage women's entrepreneurship, suggesting that improvement is called for. This improvement needs to take various forms including more investment in girls' education, better child-care options, and attention to women's safety in large urban areas. A lack of jobs in Indian cities that affects women disproportionately needs to be checked. Flexible and part-time jobs that are more in-sync with women’s needs should be created - and a big part of the solution is to have more women creating these jobs.
 

While investors in urban parts of the country are already showing keen interest in women led businesses; rural areas can derive their benefits from microfinance. Another growth tactic would be creating a startup network with equal representation for men & women leaders to come together to share experiences and support each other. Also, top B-schools could partner with the government and organize special programs & workshops to impart entrepreneurial education, training, networking & support platforms to women who are looking to start something of their own.
 

Women path-breakers see the world through an unusual perspective and do things in a unique fashion. The key to growth – growth that is faster than the rest of the world – not only demands, but deserves more women leaders to step up and these women leaders need the support of each and every business, education and funding community. With the advent of the Startup Act, women empowerment will take center stage as investment in women led startups grows from strength to strength.
 

Written by Swati Bhargava, Co-founder, CashKaro.com
 

This was originally posted on CashKaro.com