Know How Women Entrepreneurship Is Changing the Indian Economy
Entrepreneurs in general face several challenges to set up a company and nurture it into a successful business. It multiplies if the entrepreneur is a woman due to the existing societal mindset, and its apprehension in considering women to be able professionals, let alone business-oriented. Ironically though, a woman’s management skills can be seen easily while efficiently managing the household. And (thankfully), women are beginning to get their due.
Times are changing, and increasingly women are becoming entrepreneurs and entering the corporate world. The government is also helping by providing schemes for women, thus empowering them to lead a financially independent life and create their own identity and destiny.
According to National Sample Survey Organisation (NSSO), out of the total establishments in India, only 14% are run by women, most which are small scale and funded from their own savings. Out of sheer determination and grit, some women entrepreneurs have not only made their mark, and contributed to the growth of the economy but also served as an inspiration to millions of other like-minded women. We mention some of them below.
Vandana Luthra – Her name features among the most powerful businesswoman in India list year after year. She is the founder of beauty and wellness giant VLCC. Founded in 1989, it is now present in 11 countries. She is also the recipient of India’s fourth highest civilian honour, the Padma Shri, awarded for her contribution to trade and industry in 2013.
Kiran Mazumdar Shaw – She is the well-deserved recipient of the prestigious Othmer Gold Medal in 2014, awarded for outstanding contributions towards progress of science and humanity. She is the founder, chairperson and managing director of Biocon, India’s largest biopharmaceutical company, which she started in the garage of her rented house in 1978.
Meena Bindra – Founder of the Indian fashion brand BIBA. She started the company in 1988, by designing clothes from her house in Mumbai. The company has now morphed into a market leader in women’s ethnic wear and has more than 150 brand outlets with revenue in excess of Rs. 600 crore.
These women faced enormous challenges and overcame them to achieve their goal. Some of the main challenges faced are:
- Time Management: A working woman is always hard pressed for time. This because they not only have to manage the business aspect of the company, but also look after their domestic responsibilities (in a traditional context). They also have to constantly learn new things, attend meetings and seminars to stay on top of their business best practices. All of this requires time. So, efficient time management is crucial for success.
- Obtaining Resources: Women are at a disadvantage when it comes to access to funds. Laws regarding inheritance and land are not tilted in the favour of women, which gives them limited choices when it comes to securing collateral for financing purposes. Further, unawareness of schemes for women and a lack of strong support system hamper development of women entrepreneurs.
Essential Qualities for Success
- Firm Resolve:A women entrepreneur must have a will of steel. She must have a clear path on how to lead her company and what steps to take. Everything from ideation to execution to management must be thought of with a definitive roadmap for future actions. A strong intent and decisive nature is then needed to drive through your objectives.
- Learning-Based Networking: Networking is done better by most women than men. Women entrepreneurs need to network, not just for getting business results, but also with a view to improve their personal knowledge and grow as a person. Interacting with like-minded peers provides a unique platform for learning things, which ultimately will benefit their business.
These are just some of the things that are required for becoming a successful women entrepreneur. Once the business is up and running, business expansion loans are required for further growing your business. Reliance Money offers loans that suit a variety of purposes, with no financials required for equipment loans of up to Rs. 60 lakh, and no secondary collateral for loans of up to Rs. 2 crore. You can also benefit from our competitive interest rates and flexible loan tenure. Head on to our EMI calculator to know more.