Women entrepreneurs and their strong influence has significantly impacted India’s social and cultural demographics. With the help of the women in the labour force, many families were lifted out of poverty, resulting in job creation. Women are well known for their leadership abilities. As a result, they dominate in new-age industries such as electronic manufacturing Women make up more than half of the workforce because of their high-precision work and higher productivity levels. This work ethic and commendable business skills have also highlighted the importance of women in the modern workforce.
During the COVID-19 crisis, we have seen women perform admirably, steering not only their homes, but also corporations and nations through the crisis brilliantly. Man and women were managing a lot of responsibilities.
Role of Women in India’s Economy
In India, 20.37% of MSME owners are women, accounting for 23.3% of the labour force. They are regarded as the economy’s backbone. The Senior Manager of Knowledge Management and Partnerships Population Foundation of India- Sanghamitra Singh, is said to promote economic independence and entrepreneurship in India among women. There is an urgent need to invest in programmes carrying “ These programmes will help women and girls gain access to formal and non-formal education, skill and business development programmes, market access, and the transition to paid work”.
Because of the increasing number of women participating in labour, it is found that the percentage of women working in the manufacturing sector is higher than that of men. To better the women, investing in extending essential social protection to informal workers and scaling up innovative approaches and partnerships for women’s economic empowerment should be prioritised.
Impact of Women in Businesses
Women-led companies supply a significant boost to the economy. India has 432 million working-age women and 13.5–15.7 million women-owned businesses, which directly employ 22–27 million people. In addition,fseveral companies are run by women. Indian women are self-sufficient and driven to start their own businesses. According to the Boston Consulting Group, female-founded or co-founded start-ups generate 10% more cumulative revenue over five years. These start-ups have a more inclusive work culture and employ three times as many women as men. Furthermore, women-led businesses are expected to grow by 90% over the next five years.
The Businesses run by Women use efficiently
Businesses with women at the helm are thought to run very efficiently, and some of the compelling reasons to invest in one are:
Possibility of higher return
Businesses led by women require less investment but generate higher return value. Women-led start-ups return 78 cents on every dollar invested, while men-led start-ups return 31 cents.
According to a survey conducted by psychologists at the University of Hertfordshire, people were given two tasks simultaneously, women slowed by 61%, while men slowed by 77%.Women are excellent multitaskers because most of them juggle multiple jobs at once. These women could be highly beneficial in generating multiple income streams and fostering start-ups.
Considerable risk appetite
It is found that women as entrepreneurs are intended to take more risks in businesses than men. Moreover, it is also found that women are better than men at visualising opportunities.
Higher EQ with great adaptability
A survey conducted by Bain and Company found that women have the dynamic ability to adapt to every situation. Google and the AWE Foundation conducted a study of 350 women solopreneurs and small business owners in urban India. They discovered that companies led by women were resilient and quick to adapt. The findings also revealed that women had a higher emotional quotient (EQ).
As a woman, it is a moral obligation to pay it forward by creating organisations that give equal opportunity to all talent, regardless of gender. We must create safe spaces for women to call out discrimination and raise awareness to collectively #BreaktheBias. As women professionals who have made it this far, we should stand up and share our stories to help #BreaktheBias. Women are structuring the co-working spaces by making the field inclusive to encourage women to lead to the change.
It is expected that over 30 million women-owned businesses are expected to supply 150-170 million jobs by the end of 2030. It could be a tremendous game-changer for firms to make the economic outlook look brighter than ever.
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