Barriers to Success: Interesting Facts About Women Entrepreneurs
Some five decades back, thinking about a woman entrepreneur was very rare. Today, the rate at which women-led businesses are coming to fruition is truly commendable.
Indian women-led businesses have also shown that women in business can match the success of their male counterparts. From April 2018 to April 2022, there has been a 915% increase in DPIIT recognised startups with at least 1 woman director. (3050 in 2018 to 30.97K in 2022)
Women-led Businesses Help Boost Economy
Approximately 20.37% of Indian women are MSME owners and contribute to over 23.3% of the labour force, according to a report by IBEF. Indian businesses can further add US$ 700 billion to the global GDP by increasing women’s participation in the labour force. It is interesting to note that women entrepreneurs provide direct employment to around 22 to 27 million people, according to a survey conducted by Bain & Co. Indian women entrepreneurs can further generate 150-170 million jobs by 2030. As of 7th November 2022, DPIIT recognised startups with at least 1 woman director have provided employment to 3,90,000 personnel.
Equally Skilled as Male Counterparts
According to a study, businesses that have women leaders at the helm are considered to run more efficiently and produce equally strong outcomes when compared to those led by the status quo. Over a period of years, the number of schemes and initiatives introduced by the Government of India has increased multifold to support women entrepreneurship in India.
The Majority of Women are Solopreneurs
According to a recent study by Bain & Co, women-owned businesses are majorly managed by sole entrepreneurs. Around 19% of all women enterprises provide employment to a large number of people. The study also revealed that women entrepreneurs are more resilient and adapt to change faster. Women entrepreneurs also have a higher Emotional Quotient, according to the study.
Youth are more into Business
According to data released by Instamojo, about 58% of female entrepreneurs were in the age range of 20-30 when they first started their businesses. Also, about 35% of the Indian women entrepreneurs had a co-founder.
More Women Entrepreneurs are Signing up for Online Businesses
Even before the global pandemic, without naming the women-led startups, India saw a leap jump of online businesses compared to offline modes of businesses. Women-led startups are also not far behind. India since the pandemic has seen a multitude of online women-led startups, which have made India’s global position a bit higher. 30.32% of the total women led startups registered with DPIIT work in IT industry forming the largest sector group.
Outlook
The winds of change have begun to blow clearly in the Indian economy. Women entrepreneurs are continuing to make great strides in the world of business in the days to come. It is time to celebrate the women entrepreneurs in India who broke all the barriers and have established a pedestal for themselves in the fields of entrepreneurship, which was previously not forayed by women.
If you are a woman entrepreneur wanting to bring change to the Indian startup ecosystem, explore the various benefits offered by Startup India here.
Get your startup DPIIT recognised and explore the various growth opportunities the platform has in store for you.
