World Entrepreneurs Day: Lauding rise of women entrepreneurs

Women are a huge talent pool and it is a fact many of us are waking to now. The change is evident as more women can be seen joining the workforce. Shattering the glass ceiling, women are climbing up the ladder to top management positions as well. Entrepreneurship, which is creating an organisation or enterprise for wealth creation and also owning the risks associated with it, has eluded women for long. As an increased number of women are now seeking financial independence, more women entrepreneurs can be seen entering the fray.

Kalpana Saroj may not be a household name, but she has the distinction of being India’s first self-made female entrepreneur. Born in a remote village in Maharashtra and married as a teenager, Saroj suffered extreme abuse in her marital house before she was rescued. However, this left a deep impact on her. She started working in a garment factory in Mumbai and there has been no looking back for her since then.

Initially, Saroj took a loan to start her own boutique business. Later, she kept on foraying into different businesses and honed her entrepreneurial skills. Her ‘big’ moment arrived when she revived Kamani Tubes, a company manufacturing and supplying copper tubes, rods and LED lights. She not only resurrected the company but made it very profitable in the next few years creating huge ripple in the industry. Saroj’s story is a testimony to the fact that entrepreneurship needs an unflinching determination to succeed inspite of obstacles arising in the journey.

Today, the number of women business owners is steadily rising. From small enterprises to medium-sized organisations, women are accepting the challenge wholeheartedly to be entrepreneurs. That said, the skill of being an entrepreneur is developed or acquired irrespective of gender. However men still outnumber women by 3 to 1 in business ownership. Women face more challenges in terms of receptivity, funding, trust and developing a support system. But the old saying ‘Where there is a will, there is a way,’ goes perfectly for women aspiring to be business owners.

On World Entrepreneurs Day, Soulveda examines the rise of women entrepreneurs in a global society.

World Entrepreneurs Day

To salute the spirit of entrepreneurship, World Entrepreneurs Day is celebrated on August 21st. For establishing a successful business, countless obstacles are faced by business owners. But an indomitable spirit and a will power to succeed sees many of them through. In fact, it would not be an exaggeration to say that entrepreneurs are made of steel as they remain undeterred while establishing their enterprise amidst umpteen challenges.

Interestingly, to be able to create wealth and even job opportunities for others is one of the most rewarding experiences that such entrepreneurs crave for.

Women and the will to succeed

Women are known for their steely resolve. They are unstoppable when they set their heart and minds on a goal. Once women start chasing a dream, with their strong determination, they leave no stone unturned to turn their dreams into reality. Having a staunch belief in themselves and this steely resolve is what makes women truly fit to be business owners.

“Think like a queen. A queen is not afraid to fail. Failure is another stepping stone to greatness,” said Oprah Winfrey, the famous TV host and author, who rose from an extremely impoverished and turbulent childhood to establish herself as one of the most successful entrepreneurs in the world.

Here are some encouraging facts – women started 49% of the new businesses in the US in 2021, up from 28% in 2019, according to a new study by the World Economic Forum. According to a World Bank report, between 8 to 10 million small and medium-sized enterprises have at least 1 woman entrepreneur heading them across the developing world. So we can see that not just developed countries, developing nations are also seeing a rise in women business ownership.

Challenges faced by women entrepreneurs

This upward graph however comes with many challenges faced by women business owners. As per the Google-Bain report, only 20% of businesses in India are women-owned.

To establish any business, funding is a pre-requisite and many angel investors hesitate to invest in women-led enterprises. On a similar note, banks give loans on the basis of credit-worthiness and women struggle here because most properties or assets are not registered in the name of women. Financial institutions thus find it a handicap to give loans to women entrepreneurs seeking funding.

Another challenge that women face is the general outlook and perception of society towards them when they are setting up their businesses. Women taking the lead of an organisation is still beyond the comprehension of many, creating frequent conflicts in the social life of such budding entrepreneurs – they find it hard to garner support in terms of mentorship as people take them less seriously.

It is important to address these gaps so that women led businesses can be easily established.

Sisterhood is essential

Well aware of the challenges they face, women have learnt to support each other in all possible ways to progress in their journey of entrepreneurship. Sisterhood helps women in encouraging one another so that they benefit of each other’s network and know when to lend a helping hand.

It is tremendous mental support as well – understanding the exact issues that they deal with help in creating women leaders who are bold and fearless, unafraid of any upcoming challenges.

Empowering women entrepreneurs

Women are touted as the largest untapped reservoir of talent in the world. Empowering women is essential in entrepreneurship as well, since it leads to gender equality and economic progression. Apart from creating jobs, a woman sets an example for her future generation and the entire society as a result.

Women are the real agents of change in a society no matter which arena we talk about – professionally, they contribute to a more inclusive workplace, one that has a positive impact on the society.