Empowerment has to be regarded and comprehended as a critical process that includes social, psychological, economic and political empowerment. Though the term empowerment has no fixed definition, yet it is frequently used to describe a process wherein the powerless or the disempowered gain greater share of control over resources and decision making and since women are generally the most disempowered members of the oppressed classes, it is high time that they adopt entrepreneurship or self-employment.
Also read: Women Entrepreneurs Are In The Rise In India
We will now see how women entrepreneurship has enabled women empowerment and also why women should take to entrepreneurship as an approach towards their empowerment.
• Empowerment of women leads to economic independence, the opportunity to have self-reliance and self-determination for their lives.
• Empowerment through entrepreneurship is also related to women’s ability to gain control over economic resources and to participate more fully in the process of building wealth.
• Entrepreneurship allows a profuse scope to women entrepreneurs to utilize their hidden personal and psychological abilities to secure personal ambitions thus enabling them to feel psychologically empowered.
• Collective entrepreneurial activities as in an SME lead women to secure personal and financial empowerment in developing economies. As a result, they have been able to witness good business, as well as personal and social life.
• Launching a business helps women entrepreneurs to feel economically and psychologically independent which also leads to their empowerment.
• Women gain self-confidence even if they start an SME.
• The most important changes come through an increase in income, which not only upgrades the woman’s life but also increases her standard of living, bringing economics solvency within the family. The increase in her income is also an increase in the family income and as such it provides family members to a better lifestyle, including education for the children and improvement of family health.
• Women’s economic success enables them to expand their business, procure new machinery, tools, accessories, and relevant necessities. Modernization of the work-place, introduction of new technology for increase in production, increase of labourers, along with the increase in purchasing power, upgrades their status both socially and economically.
• Some aspects of household decision making are reported to have changed as a result of women’s contribution to family income. Most of the men now consult with their wives in important family matters. Their power of decision making has increased because they have money. Since women retain control over earnings, women can easily lend small and big amounts to business and others without asking for their husband permission. Since women perceive that their bargaining power within the family has increased as an indirect outcome of participating in the business, their status has changed in the family and society gradually.
For the uplift of women, women entrepreneurship is the best way to empower women socially, economically and politically and it not only empowers the women but gives them equal opportunity to stand side by side with men in every field of life. Along with building up their family status and self-confidence, they contribute to the development of the nation as well.