India is at the cusp of a revolution – over the years, the success of its economic engine has already been making waves, while the startup ecosystem today appears to steer it forward. Several industry reports predict the country to be home to over 150 unicorns by 2025.
The mantle of entrepreneurship is largely helmed by men, even though an increasing number of women are trying to break into the space. It is a known fact that women’s entrepreneurship is not just a tool for empowerment, but at the same time, helps a country progress in several ways.
There is great potential that lies ahead, to encourage, skill and foster the growth of women’s entrepreneurship. Currently, there’s a glaring challenge that needs to be addressed – as per a World Bank study, only seven out of every 100 entrepreneurs is a woman. Furthermore, the report suggests that India can register double-digit growth, if more women participate in making products.
On this Women’s Entrepreneurship Day, let’s take a look at the current status of women’s entrepreneurship in India, why this day holds much significance, and the small changes that can make a big difference.
Current status of women’s entrepreneurship
In India, only a minority work outside their homes. According to a report by Bain and Company published in 2019, micro, small, and medium enterprises are key to long-term employment creation. “When provided with equal access to inputs, women-owned enterprises produce equally strong economic outcomes when compared with enterprises led by men,” the report revealed. Over the last decade, women-owned enterprises have witnessed an increase from 14% to 20%, as per government sources.
Of course, the potential to expand is far greater. According to McKinsey Global, India can potentially add US$ 700 billion to global GDP by increasing women’s participation in the labour force. What’s more, the Boston Consulting Group suggests that startups that have women as founders or co-founders generate a 10% increased revenue over a five-year period, and employ three times more women than men.
What is it that makes women such promising entrepreneurs? For one, their businesses require less investment, but generate higher revenue. Moreover, they are adept at multitasking – there’s evidence to prove this! According to a study conducted by psychologists at the University of Hertfordshire, when women and men were assigned two tasks at the same time, women slowed by 61% while men did by 77%.
Last but not the least, women inherently have a higher risk appetite. As per a survey conducted by KPMG, 43% of women are more willing to take more risks.
Women’s Entrepreneurship Day and its significance
The Women’s Entrepreneurship Day, which is observed every year on November 19, spotlights businesses that are run by women across the world. It was started by Wendy Diamond in 2014 when she was a volunteer with the Adelante Foundation, a firm that provided microcredit to low-income women in Honduras. After she returned to the US, she was determined to create a platform that would foster the spirit of entrepreneurship amongst women. The first edition witnessed participation from 144 countries.
Every year, several women’s organisations and platforms hold programmes to highlight the work done by entrepreneurs across different fields. It’s not just women in urban centres, but also in the rural hinterlands who have dreams and ambitions to make it big. With the help of their innovative ideas, they are all set to challenge conventions and create their own paths, inspiring the upcoming generation to step up and take charge of their lives.
In fact, a study conducted by Britannia Marie Gold highlighted that 48% of Indian homemakers wanted to become business owners when they were young.
From fueling their bodies to fueling their dreams, Marie Gold launched the MyStartup integrated campaign, using public relations, digital films, and television advertising, to give homemakers the initial support they needed to fulfil their dreams of entrepreneurship and financial independence and unlock the economic potential they hold.
Give wings to women entrepreneurs
Britannia Marie Gold launched the MyStartUp Contest in 2019, where the top 10 business ideas won INR 10 lakh each to start up. Season 1 had 1.5 million entries and was a roaring success, post which season 2 and season 3 were bigger and better. As per the statistics shared by the brand, 40,000+ women received training via upskilling programmes, 30 women have received the seed funding from Britannia Marie Gold to bring their entrepreneurial dreams to life.
The fourth edition of the initiative, once again, places the homemaker at the centre, projecting her as the beacon of empowerment and is set to launch soon. With this, Britannia Marie Gold empowers women to pursue their dreams by providing appropriate resources and upskilling, that enable her to start a business.
The five women from Tamil Nadu – J Kalavathi, Narmatha Vasanthan, R Sumathi, Yazhinidevi D, and Madhu Nachammai, are all self-made entrepreneurs who were previous winners of Britannia Marie Gold MyStartup Contest, had received an initial push to start their business but now need a greater push to scale up these businesses, to unlock the next level of growth!
You can do your bit and support their endeavours simply by participating in the initiative. Yes, it’s as simple as buying a pack of Britannia Marie Gold, scanning the QR code on the pack and visiting the website, where you can read about their empowerment journey and support them to scale up their business. So, give shape to their ambitions by being a participant in the country’s progress! After all, if more women participate in the economy, the more a country is likely to flourish.
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