Breaking Barriers: Women Entrepreneurs in India

In recent years, there has been a significant rise in the number of women entrepreneurs in India, marking a pivotal shift in the country's entrepreneurial landscape. Women entrepreneurs are not just contributing to economic growth but also challenging societal norms and breaking barriers that have long hindered their progress. Names like Ghazal Alagh, Falguni Nayar, Vineeta Singh and Indra Nooyi have become household names in Indian houses. Today, because of such examples, Indian families support their daughters to pursue entrepreneurship, husbands leave their jobs to help their wives in their entrepreneurial journey and governments have launched schemes to support women entrepreneurs in India so that women empowerment is in sync with the changing dynamics of the modern world.

However, these favourable conditions for women entrepreneurs are only limited to a few, as it has been observed that even as India boasts a staggering number of over 6 million MSMEs, only 20% belong to women entrepreneurs. Furthermore, the condition of women entrepreneurs in rural and urban-poor India is still not at par with their urban counterparts, as issues like digital illiteracy, lack of business management skills and poor financial support often become a challenge for the underserved women entrepreneurs to upscale their businesses.

Difficulties Faced by Women Entrepreneurs in India

Women entrepreneurs in India encounter a myriad of challenges that can hinder their entrepreneurial journey. These challenges include:

Societal Norms and Gender Bias

Deep-rooted societal norms often place women in traditional caregiving roles, making it challenging for them to balance entrepreneurship with family responsibilities. Gender bias in business dealings and decision-making processes further complicates their path.

2. Access to Finance

As mentioned earlier, access to finance remains a significant hurdle. Women entrepreneurs often struggle to secure loans and investment capital due to perceived higher risk or lack of collateral, despite having viable business ideas.

3. Networking and Mentorship

Limited access to networks and mentorship opportunities can hinder women entrepreneurs' ability to expand their business contacts, gain valuable insights, and navigate challenges effectively.

4. Work-Life Balance

Balancing work and personal life responsibilities poses a constant challenge for women entrepreneurs, particularly those managing households or caregiving duties alongside their businesses.

In addition to these socio-economic challenges, women entrepreneurs are often viewed from a lens of specific assumptions of society, which often become a prevalent factor for a woman entrepreneur to remember during her entrepreneurial journey. Some of the myths about women entrepreneurs that need to be debunked are-

Myth 1: Women are Risk-Averse

For decades, women have been identified as nurturers and the more sensitive ones. Though there is no shame in being sensitive and nurturing, that should not become her only identity as well as capability. Contrary to popular belief, many women entrepreneurs demonstrate resilience and willingness to take calculated risks in pursuing their entrepreneurial ventures.

Myth 2: Limited Ambition

Women entrepreneurs are often perceived as having limited ambition compared to their male counterparts. Being regarded as someone who is responsible for managing home and work, women entrepreneurs are not taken seriously unless they really carve out a platform for themselves in the entrepreneurial world, and even then, many women entrepreneurs are considered to be less driven than their male counterparts. But, In reality, women possess ambitious goals and aspirations for their businesses, driven by a desire to innovate and create impact.

Myth 3: Inability to Lead

There is a misconception that women lack the leadership qualities necessary for running successful businesses. In practice, women entrepreneurs exhibit strong leadership skills, adaptability, and vision to steer their ventures towards growth and sustainability.

Women Entrepreneurs in India: A Growing Force

Despite such challenges and preconceived orthodox notions, many rural women of India are trying their best to break free and establish themselves as financially independent and diligent women entrepreneurs of India.

With constant efforts to educate themselves and learn the tricks of the entrepreneurial world, many women of India including women from underserved communities and tribal communities are emerging in the Indian entrepreneurial ecosystem.

Therefore, to support the zeal of emerging women entrepreneurs in India, social stakeholders have come together to support the government initiatives for women entrepreneurs so that they get the platform and support required for them to expand their business, develop themselves and contribute towards the community and enhance national welfare.

Government schemes for women entrepreneurs in India

To encourage the spirit of women entrepreneurs in India, especially the rural women entrepreneurs in India, the Indian government has introduced several initiatives for women that can help them in establishing their entrepreneurial journey.

1. Mahila Samridhi Yojana

Mahila Samridhi Yojana is a government initiative focused on enhancing economic empowerment among women. Through financial inclusion and skill development programs, it aims to provide women with opportunities to improve their livelihoods and contribute actively to the economy, thereby promoting gender equality and sustainable development.

2. Mahila Shakti Kendra

Mahila Shakti Kendra is dedicated to empowering women by strengthening their leadership roles in society. It supports various initiatives like gender sensitization, skill enhancement, and awareness campaigns to address social issues. By fostering a supportive environment, it aims to empower women and ensure their holistic development and participation in decision-making processes.

3. Nai Roshni

Nai Roshni focuses on empowering women from marginalised communities through education and skill development. It offers training in areas like literacy, health, and financial literacy, equipping women with the knowledge and confidence to lead independent lives. This initiative aims to break barriers and empower women to contribute actively to societal progress.

4. Mudra Yojana for Women

Mudra Yojana provides financial support to women entrepreneurs, enabling them to start or expand their businesses. It offers loans at affordable interest rates through various financial institutions. By facilitating access to credit and fostering entrepreneurship, Mudra Yojana empowers women economically, fostering their financial independence and growth.

As many underserved women of India need empowerment, it is also important to understand that the magnitude in which the work has to be done, it requires all social stakeholders, the community and the government to collaborate together to achieve holistic and inclusive women empowerment.

Swabhiman- Leading Women towards Inclusive Entrepreneurship

Launched in 2005, Swabhiman aims to empower marginalised and socially excluded women across India by providing access to quality healthcare interventions, vocational skill development, and support for entrepreneurship. Guided by industry experts and a team of over 1000 Swabhiman trainers, the program trains women and young girls in business and financial management, marketing, and brand communication.

To foster gender equality, the program has implemented specific strategies, including:

- Providing Entrepreneurship Development to enhance women's technical and entrepreneurial skills through support for business idea generation and regular workshops on E-commerce and Digital Financial Literacy.

- Offering education on banking, investment, and financial security to enable women to make informed decisions.

- Engaging men in promoting behavioural changes that create a supportive environment for women, thereby building sustainable communities.

- Assisting in the establishment of Model Micro Enterprises.The program's holistic approach aims to empower women economically and socially, contributing towards a more inclusive and equitable society.

The Swabhiman Program has established a robust presence across various regions of the nation. It has impacted over 150,000 women and young girls, empowering them as well as over 1,000 women and adolescent girls who have become catalysts for change. This initiative has sparked a transformative movement at the grassroots level.

Moreover, the program has facilitated the launch of 54 women-led businesses and supported numerous small entrepreneurs. Through comprehensive training and education, women have gained valuable financial acumen, enabling them to secure a more secure and prosperous future for themselves and their families.

The Way Ahead

To foster a more inclusive and supportive environment for women entrepreneurs in India, Smile Foundation suggests that as a community we must adopt certain behaviour and practices such as-

Policy Support

Continued government initiatives and policies that promote women's entrepreneurship, including financial incentives, skill development programs, and mentorship opportunities.

Access to Finance

Enhancing access to formal finance through tailored financial products, microfinance options, and support for venture capital funding focused on women-led enterprises.

Capacity Building

Providing training, workshops, and networking platforms specifically designed to enhance the entrepreneurial skills and business acumen of women entrepreneurs.

Changing Mindsets

Addressing societal attitudes and stereotypes through awareness campaigns, education, and advocacy to promote gender equality in entrepreneurship.

Building Networks

Creating robust networks and alliances that facilitate collaboration, mentorship, and knowledge-sharing among women entrepreneurs, industry experts, and stakeholders.

While women entrepreneurs in India face numerous challenges, their resilience, innovation, and determination continue to drive positive change. By addressing barriers, debunking myths, and fostering an enabling ecosystem, Smile believes that as a community, India can unlock the full potential of women entrepreneurs, contributing significantly to economic growth, innovation, and societal progress.

The journey towards empowering women entrepreneurs is not just about achieving economic parity but also about creating a more inclusive and equitable society for all.

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