Women as entrepreneurs have always been there in our society either recognized or unrecognized. To be economically independent and able to carry on duties as women that are defined by society in the role of mother, wife and beyond, women from different strata of society are constantly taking up roles and wearing a different hat either as entrepreneurs or owners of their businesses. Womentrepreneurs are multitasking and we are witnessing their growth which is transformational and helping in making an evolved society.
For women entrepreneurs it is expected that they follow and perform in the same standard as per their male counterparts. Entrepreneurship took the shape for women in business starting from small scale, medium and Start-Ups where women, who could afford made the first ever business under MSME sector with homemade pickles, homemade snacks which is often available in our kitchen, too sewing stuff for neighborhood folks and slowly they are taking shape of big fashion house and brands.
Government intervention has also started, and policy makers are noticing a change in the economy of the country where women participation in business have increased drastically in the last decade. Data say that 40% of rural and semi urban India are employed and they are working for organizations backed by women entrepreneurs in various MSME and startups making them financially independent and contributing to their revenue.
Today when we reflect on these businesses we witness the growth in terms of revenue, employees, product offerings etc. that are at par with male oriented mainstream business. Few of theses business are owned by women entrepreneurs who went to make big names at national and international level raising up the standards of their vision and mission.
People dream about success but some work for it day and night. While society was blinded by biases and stereotypical norms about women, our “Bhartiya Naari” continued changing societal norms and revolutionizing the business conforms. Women entrepreneurs plays a vital role in driving economic growth, fostering innovation, and creating employment opportunities.
In the Micro, Small, and Medium Enterprises (MSMEs) sector, womentrepreneurs are making significant contributions, breaking barriers, and paving the way for future generations. in MSMEs and the challenges they face, along with the importance of promoting and supporting women’s entrepreneurship.
Let’s take a look at some of the success stories of Women donning the hat as successful Entrepreneurs in MSME and Start up zone, along with understanding the challenges they faced all the way.
Ritu Dubey
A creative couturier who gave the fashion industry a label with young and fresh designs that the market lacked. Label Ritu Kumar is now one of the most empowering brands that remain unstoppable. Ritu Dubey started this brand in the 1960s and since then, the label is pioneering Indian Fashion Industry.
From discovering a “small colony of hand block printers” to being the owner of “Label Ritu Kumar”, her entrepreneurial journey is inspiring fellow fashion designers. She built a sustainable fashion brand, focusing on ethical sourcing and eco-friendly practices. Ritu leveraged her passion for fashion and sustainable living and created a successful business.
Her collection resonated with conscious consumers. Ritu brand awareness about sustainable fashion practices empowered other women in the industry to make an impact through clothing. Her designs are seen across Indian films, photoshoots, and magazine covers.
Shalini Gupta
A Tech Innovator and her immense passion for cooking gave her a drive, that established a technology startup specializing in developing innovative mobile applications. With her expertise and determination, she built a strong team and secured funding from investors who recognized her potential. Shalini’s success story highlights the importance of breaking stereotypes and excelling in traditionally male-dominated fields.
Shalini is now establishing her company Immersive Explorer which offers a web experience by deeply diving into your systems and provides a seamless experience while changing slides and applications. This is an in-built software that makes your web experience hassle-free.
Along with an enigmatic software company, Shalini also owns “Positive Chocolates” which serves indulgent foods by giving customers different types of chocolates that are finely crafted with hazelnuts and every type of indulgence you wish for.
Meena Patel
Meena Patel is a Social Impact Entrepreneur who founded a social enterprise that provides vocational training and employment opportunities for marginalized women in rural areas. Her initiative has empowered countless women, giving them the skills and confidence to become financially independent. Meena’s story demonstrates the transformative power of women’s entrepreneurship in driving social change.
She has given several women the confidence of dreaming big and work towards their goals irrespective of what the future holds She impacted women in society by giving them opportunities to make them financially independent and pursue the voids of careers like education, jobs, business, or any dream that was withheld by the pressure of societal norms.
Challenges Faced by Womentrepreneurs
Gender Bias and Stereotypes:
Womentrepreneurs often face gender bias and stereotypes that hinder their progress. They may encounter difficulties in accessing funding, obtaining support from networks, or being taken seriously in male-dominated industries. Overcoming these biases requires a shift in societal attitudes and the creation of supportive environments that recognize and value women & contributions.
Access to Finance and Resources:
Access to finance is a significant challenge for womentrepreneurs. Traditional financing institutions may be hesitant to invest in women-led ventures, leading to limited access to capital. Moreover, women entrepreneurs may face difficulties in accessing business networks, mentorship, and industry-specific resources that are crucial for growth and success.
Work-Life Balance:
Balancing entrepreneurial endeavors with family responsibilities and societal expectations can be demanding for womentrepreneurs. Syndicating multiple roles and responsibilities requires effective time management, support systems, and flexible work arrangements. Importance of an efficient ecosystem that promotes work-life integration and supports women in achieving a healthy balance.
Limited Role Models and Networks:
Lack of visible role models, networks, and custom-tailored roles for women entrepreneurs can be challenging. Access to mentors, industry experts, and peer networks that understand the distinctive experiences of women entrepreneurs is crucial for skill development, wisdom, and support. Creating platforms and initiatives that foster networking and mentorship opportunities is vital to address this Challenge.
Importance of Promoting and Supporting Women Entrepreneurship:
Economic Growth and Job Creation: Promoting women’s entrepreneurship contributes to economic growth by unlocking the untapped potential of women-led businesses. It leads to job creation, income generation, and poverty reduction, benefiting communities and societies as a whole.
Innovation and Diversity: Diverse perspectives drive innovation. By encouraging women entrepreneurship, MSMEs can tap into a pool of innovative ideas and approaches, fostering creativity and driving business competitiveness.
Empowerment and Gender Equality: Women entrepreneurship is women empowerment, enabling them to achieve financial independence, develop leadership skills, and challenge societal norms. Promoting gender equality in entrepreneurship leads to a more inclusive and equitable society.
Role Modeling and Inspiration: Successful womentrepreneur serve as role models and sources of inspiration for future generations. Stories of their resilience, determination, and success encourage other women to pursue their entrepreneurial aspirations and break barriers.
Conclusion
Promoting womentrepreneur in MSMEs is essential for economic growth, and social empowerment that fosters a more inclusive business ecosystem. By celebrating the success stories of women entrepreneurs, addressing hardships, and creating an enabling environment, we can unlock the full potential of women entrepreneurial talent. Empowering women entrepreneurs benefit not only the individuals themselves but also their communities, economies, and as a society.
Written by Prasad P. Patkar