A steadily growing tribe of woman entrepreneurs in India have been marking their identity, across domains and industries. From conventional woman-friendly enterprises like cottage industries to new-age startups, women have started holding the reins everywhere.
From woman entrepreneurs who are in the limelight like Kiran Mazumdar Shaw, Ekta Kapoor, Indra Nooyi, Suchi Mukherjee, Richa Kar, Aditi Gupta to several others who carry out their business ventures quietly — India is home to a diverse set of woman entrepreneurs.
According to a recent report*, there are around 8 million women entrepreneurs in India, and 10% of all formal enterprises are owned by women.
But, then achieving this wasn’t always easy. Let’s take a look at how woman entrepreneurship has changed over the years and the factors that helped in putting women in the driver’s seat of businesses.
Woman Doing Business In India Is Nothing New
From the neighbourhood aunty who runs a beauty parlour to a teacher who conducts a tuition centre from home — we’ve all seen women spearheading businesses. But, then for years, women had to contend with these small, informal, work-from-home businesses.
The challenges of breaking into the formal business sector are aplenty. Here are a few of the most common problems women face in India while setting up an entrepreneurial project:
● Family ties, homemaking, child-rearing responsibilities.
● Lack of support from family members, who want women to choose “secure and safe” jobs.
● Old school lending institutions that question the credibility of women, even though the loan repayment rate of women is higher than that of men.
● The red tape and tangles of bureaucracy.
● And, a patriarchal society that makes it difficult for women to compete with their male counterparts.
But, then in the last few years, with digitization, liberalization, growth of e-commerce and social networks, plenty has changed. Today, a vast majority of startups in India are either run by a team of women or has a female co-founder.
What’s the Reason for this Silent Revolution?
3 Crucial Factors That Play A Major Role In The Rise Of Women Entrepreneurship In India:
● The Growth Of Digital Lenders
One of the biggest hurdles women had to face while setting up a business was the lack of capital. Old school lenders were stringent in lending business capital to women– they demanded collateral, a guarantor and put forth many other conditions.
With the increase of digital lending platforms like Indifi, today availing business loan to women has become far simpler. Today, a woman who has an entrepreneurial idea need not look for financial support from her family members or conventional banks.
She can easily get the capital from a digital lender and kick-start her venture, with minimal waiting time.
● Online Selling
This is another major factor that has helped the meteoric rise of women entrepreneurs in the country. Today, one can sell products right from home. With online shopping, a woman entrepreneur can easily send products to anywhere across the country and even worldwide.
All they need to do is — set up an e-commerce website, or sign up for an online marketplace, and they get a portal to showcase and demonstrate products. This digital platform has made it easy for women to set up a business right from home and expand as the business grows.
● The Popularity Of Social Networks
Just a few years back, marketing was one of the major hurdles faced by all entrepreneurs and not just women. Thanks to the popularity of social networks like Instagram, Facebook, and others, today one can easily spread the word about their products.
With a social media page and the right content, the business can go places. In fact, social media networks are one of the biggest tools in the arsenal of women entrepreneurs.
Don’t Hold Back, Soar Ahead
If you’re a woman, starting out the entrepreneurial journey, don’t let any financial roadblocks stop you. Go ahead, get business loans for women from a digital lending platform like Indifi and transform your idea into a reality.