In India, there has been a significant growth of women entrepreneurs who are not only heading large firms and organisations but has been heading SMEs also. They have also changed the market with their innovative strategies, ideas, and designs. Women of India are no longer shying away from venturing into new business areas and direction rather they are marching ahead in their chosen field.
Also read: Becoming A Successful Female Entrepreneur
To understand how women are fairing in the field of entrepreneurship here are some statistical figures. Studies have revealed that as of early 2018 there are about 126 million women entrepreneurs in the world, out of which 8 million businesses are run by Indian women entrepreneurs. Globally, 24 per cent of senior corporate management has women while in India 30 per-cent women have their share in the same sector. Furthermore, women own 37 per cent of formal enterprises worldwide as compared to India’s 10 per cent women operating the same.
It is also important to note that most of the women entrepreneurs in India started their businesses between their 20’s and 30’s. The percentage of that group is about 58 and out of that 25 per cent started their business before they were 25 years old. This definitely showcases that age and ‘experience’ has never been a factor for most of these women. Also, the yearly revenue women entrepreneurs garner is quite spectacular. More than 73 percent female entrepreneurs reported that make just under Rs.10,00,000 revenue in a financial year in India. Surveys have also revealed that less almost 71 percent Indian women entrepreneurs employ at least 5 people in their business. These statistics definitely reveal that women entrepreneurs are doing quite well if not thriving in their roles as entrepreneurs.
It is also fascinating to note that while 57 % of female entrepreneurs have started their businesses alone only 35 % had a co-founder and about 8 % of women had 2 co-founders in their business.
So, why has there been a significant rise in women entrepreneurs in India in the last few years? There are several reasons for it:
- There has been a substantial overall change about the perception of entrepreneurship.
- Access to better education results in better understanding and availing of opportunities.
- A significant increase for women entrepreneurs socially.
- A substantial betterment in infrastructure mainly technological advancement has helped in the rise of women entrepreneurs.
- Funding for SMEs and other entrepreneurs have been improved and access to loans and other financing has been made easy.
- Entrepreneurial role models have become visible and have taken the public platform to voice their opinions and share their stories of success and struggle.
With these developments in place, there are certain sectors in the business world that women entrepreneurs are flourishing they are in-
- Professional Services
- IT/ITES services
- Food & Beverages
- Manufacturing/ Heavy Industry
The states in India that have seen a significant rise in women entrepreneurs are-
With the rise of women entrepreneurs in India, one aspect has become certain, i.e. women are no longer the backbenchers. Women are no longer indirect contributors to society and the country’s economy, with their rise as entrepreneurs they are directly boosting the nation’s economy.