Rise of Women Entrepreneurship
The concept of women’s entrepreneurship emerged in the 19th century, but its roots in India trace back to the mid-18th century. Initially, Indian women took steps to augment their income through small-scale endeavors like crafting handmade papads, pottery, and bangles. This entrepreneurial spirit expanded into managing handloom businesses, retail shops, and fabric-related enterprises.
Currently, women contribute approximately 18% of India’s GDP. A 2022 survey highlights a significant increase in the number of women holding positions as CEOs (Chief Executive Officers) and MDs (Managing Directors) – a rise of 55%.
Future of Women Entrepreneurship in India
By 2030, women’s entrepreneurship in India is projected to see rapid growth. It is estimated that women will spearhead the creation of 150 to 170 million jobs by this year.
At the Shakti National Conference 2023, Union Minister for Micro, Small, and Medium Enterprises Shri Narayan Rane emphasized the critical role of women entrepreneurs in India’s economic growth. He noted that businesses owned by women are experiencing significant expansion, underscoring their vital contribution to the nation’s economic development.
Scope of Women Entrepreneurship
There is a diverse range of opportunities for women in entrepreneurship. Women interested in agribusiness can explore roles as food processors and packers. Service-oriented ventures such as beauty spas and cafés require minimal capital investment and offer viable options. Additionally, women with marketing skills can venture into selling insurance policies, household goods, and cosmetics. In the realm of digital business, opportunities abound in e-commerce, blogging, and internet café management.
Empowering through Challenges
Becoming a woman entrepreneur involves overcoming numerous challenges, including gender discrimination, balancing personal and professional life, and securing adequate funding. Despite these obstacles, women entrepreneurs continue to grow, evolve and significantly contribute to job creation and economic growth. Notably, women entrepreneurs often attract more venture capital investments.
How Women Can Successfully Run a Busines
- Ambitious: Set clear, achievable short-term and long-term goals.
- Hard Work: Dedicate necessary time and effort towards your objectives.
- Multitasking: Juggles multiple responsibilities, prioritizes effectively, and addresses urgent matters promptly.
- Motivation: Stay self-motivated, learn from failures, and celebrate successes to inspire others.
- Education: Enroll in entrepreneurship courses, online classes, and seminars to learn about investment, financing, and business operations. Staying educated is crucial for understanding business strategies and keeping up with industry trends.
Choosing the Right Education
Enrolling in EIMR’s PGP in Entrepreneurship and Innovation is an excellent step for aspiring entrepreneurs. This program teaches the intricacies of starting a business, from ideation to funding and launch. It aims to bring your latent ideas to fruition, guiding you to establish profitable ventures. The curriculum covers business scaling, financial literacy, and the product or service development phase. EIMR provides immersive learning experiences with elite mentors and coaches. Participants have the opportunity to pitch their business ideas to EIMR’s funding partners, including Venture Catalysts, Jain Launchpad, and the EIMR Centre for Incubation, for a chance to access a ₹ 21 crore seed fund.
In conclusion, the landscape of women’s entrepreneurship in India is vibrant and full of potential. Through resilience, education, and the right mindset, women entrepreneurs are poised to shape a dynamic future for India’s economy.