In the dynamic realm of entrepreneurship, women are breaking long-standing barriers and redefining traditional norms. From technology and finance to healthcare and beyond, they are leaving an indelible mark. Their inspirational success stories not only motivate but also hold the power to catalyse broader change. This transformation is especially evident in the burgeoning surge of women entrepreneurs in India, indeed a proud moment for the nation. However, their journey is far from effortless.
Even in India, the world’s third-largest entrepreneurial ecosystem with increased government support and initiatives, only 20% of enterprises are owned by women. It is essential to acknowledge that women entrepreneurs confront challenges that extend beyond individual-level factors, such as limited access to education, mobility constraints, and deficiencies in technical and soft skills. Thus, it shouldn’t be limited to just glorifying ‘women breaking glass ceilings’, but to actually implement proactive strategies that can empower them to drive enduring transformation within businesses. From my years of experience, the following strategies have helped me in my career and I would like to share some with fellow women entrepreneurs.
1. Nurture growth and development through mentorship
Structured Mentorship Programs:
Establish structured mentorship programs that pair experienced mentors with newcomers, providing guidance and support to navigate challenges and develop essential skills.
Diverse Mentorship:
Encourage diversity in mentorship by connecting women entrepreneurs with mentors from various backgrounds, ensuring a rich learning experience for all.
Feedback Mechanisms:
Implement feedback mechanisms within mentorship programs to continually improve and adapt to the evolving needs of women entrepreneurs.
2. Cultivate a culture of support and inclusivity
Support:
Adopting a gender-sensitive perspective is required at institutional and individual levels. This includes gender-inclusive investment decisions, policy-making, and infrastructure to cater to the unique needs of women entrepreneurs.
Balancing Work and Life:
Achieving work-life balance is crucial, especially for women entrepreneurs. Tips include setting boundaries, delegating tasks, and prioritizing self-care. Strategies like time blocking and creating a support network can help maintain equilibrium.
Set Clear Goals:
Establish SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals. Break them into smaller milestones to stay motivated and track progress. Like, one can set up a vision board. Avoid comparing your journey with others’ success. Celebrate small successes.
Measuring Success:
To gauge the impact of their ventures, women entrepreneurs should track key performance indicators (KPIs) like revenue growth, customer acquisition, and social impact metrics. These metrics provide a clear picture of progress and help in making informed decisions.
3. Become a supporter of equality and social change
Access to opportunities:
To empower women entrepreneurs, we must involve diverse stakeholders, such as government bodies, academia, the private sector, investors, and family support. Collaboratively, they can create a conducive environment, ensuring equal access to opportunities.
Financial resources:
Bridge the funding gap by involving more investors and creating networks for women entrepreneurs to connect with investors. Initiatives like NITI Aayog’s Women Entrepreneurship Platform and partnerships with organizations can facilitate funding opportunities.
Another persistent obstacle for women entrepreneurs is unequal access to financial resources, exacerbated by the underrepresentation of women in senior investment positions. In India, fewer than 1% of active angel investors are women and only 7% of investing partners at the top 100 venture firms are women. This disparity, combined with stereotypes suggests that women-founded startups are riskier investments, and impede women entrepreneurs’ ability to secure funding. In the 2021-22 period, less than 1% of all institutional investments in India went to businesses run by women.
Leveraging Technology:
Women entrepreneurs must harness technology for growth. Utilize e-commerce platforms, and social media for digital marketing and automation tools to streamline operations, saving time and resources. It doesn’t take an army to make your business a success but a smart strategy to simplify it.
Future Trends and Opportunities:
Stay informed about emerging trends in the respective industry, seek inspiration through networking or other’s success stories and explore new opportunities. Always focus on consistent upskilling. Diversifying and staying ahead of the curve can position one for continued success in a changing landscape.
In conclusion
The conventional image of an entrepreneur remains predominantly male. Many women often internalize the belief that they are ill-suited for entrepreneurial roles, primarily due to societal expectations, lower self-confidence levels, and a fear of failure. If transforming cultural mindsets is important, it is also worthwhile to showcase successful women entrepreneurs as role models. As we celebrate the achievements of women entrepreneurs, let us also recognize the importance of their continued efforts to make a lasting difference in the ecosystem for generations to come.
Shared by: Runam Mehta HealthCube
