On the occasion of Women’s Entrepreneurship Day, the global not-for-profit, Wadhwani Foundation, celebrates the indomitable spirit of women entrepreneurs by emphasizing the social and economic importance of more and more women realizing their potential by starting up new ventures by leveraging a vibrant entrepreneurial ecosystem in India.
· A McKinsey Global Institute (MGI) report states that India could add $770 billion to its GDP by 2025 simply by advancing gender equality
· A Google and Bain & Company report concludes that 13.5 to 15.7 million women-owned enterprises make up only 20 percent of all the enterprises in the country
· An International Monetary Fund (IMF) research paper postulates that improving the gender imbalance in favour of woman entrepreneurs could lead to a gain of 6.8 percent in India’s GDP
Making a strong case to tap into the largely untapped entrepreneurial spirit of women, Sanjay Shah, Chief Operating Officer, Wadhwani Foundation – India/SE Asia, says, “Women entrepreneurs in India are breaking glass ceilings and creating waves across sectors. However, they are few and far between. Empowering and encouraging women entrepreneurship at scale will not only enhance their contribution to India’s GDP from the current 18% and fuel economic growth but also accelerate their socio-economic independence. Aspiring women entrepreneurs need to take inspiration from many role models around them and keep a few basic tenets in mind to give shape to their entrepreneurial dreams and follow their passion, like finding a mentor or business coach to navigate through the crucial initial period, actively networking in the right business forums and upskilling through sector-specific programs. Even If you don’t want to take the leap into entrepreneurship, you can still celebrate Women’s Entrepreneurship Day by showing support for local, regional and national women-owned businesses!”
Here are some tips for aspiring woman entrepreneurs to startup on the right footing:
1. Get access to the right mentor who can decisively provide purpose to the startup journey – from idea to execution.
2. Get access to the right networks that provide peer-to-peer learning, business-enhancing connects and experience-sharing.
3. Get a trusted partner who can keep a hawk’s eye on business operations to ensure against any slip-ups.
4. Invest in learning and upskilling: Learning the ropes of the trade, keeping abreast of current trends and best practices, and upskilling as per domain/sector requirements will go a long way in establishing strong business fundamentals.
5. Build a support system: Entrepreneurship can be a lonely journey, which applies to both men and women. Therefore, co-operation and encouragement at both home and beyond can be critical for women to effectively manage their businesses.
It is time to fast-forward women entrepreneurship in India, and aspiring women entrepreneurs should seize the opportunity by leveraging the evolved inclusive environment and conducive business ecosystem.