India is on the cusp of a revolution: Over the years, the success of its economic engine has already been making waves, while today’s startup ecosystem seems to be driving it. Various industry reports predict that the country will be home to more than 150 unicorns by 2025.
The mantle of entrepreneurship is largely borne by men, even though increasing numbers of women are trying to break into the space. It is a known fact that women’s entrepreneurship is not only an empowerment tool, but at the same time it helps a country progress in various ways.
There is great potential ahead to encourage, train and foster the growth of women’s entrepreneurship. Currently, there is an obvious challenge that needs to be addressed: according to a World Bank study, only seven out of 100 entrepreneurs are women. Furthermore, the report suggests that India can record double-digit growth if more women are involved in product manufacturing.
On this Women’s Entrepreneurship Day, let’s take a look at the current state of women’s entrepreneurship in India, why this day matters so much, and the small changes that can make a big difference.
Current situation of female entrepreneurship
In India, only a minority work outside their homes. According to a Bain and Company report published in 2019, micro, small and medium-sized enterprises are key to long-term job creation. “When given equal access to inputs, women-owned businesses produce equally strong economic results compared to businesses run by men,” the report revealed. Over the past decade, women-owned businesses have seen an increase from 14% to 20%, according to government sources.
Of course, the potential for expansion is much greater. According to McKinsey Global, India can potentially add $700 billion to global GDP by increasing women’s labor force participation. Additionally, the Boston Consulting Group suggests that start-ups that have women as founders or co-founders generate 10% more revenue over a five-year period and employ three times as many women as men.
What is it that makes women such promising entrepreneurs? On the one hand, their businesses require less investment, but generate more income. In addition, they are experts in multitasking, there is evidence to prove it! According to a study by psychologists at the University of Hertfordshire, when women and men were given two tasks at the same time, women slowed down 61% while men slowed down 77%.
Last but not least, women inherently have a higher appetite for risk. According to a survey conducted by KPMG, 43% of women are more willing to take more risks.
Women’s Entrepreneur Day and its meaning
Women’s Entrepreneurship Day, celebrated every year on November 19, highlights women-led businesses around the world. It was started by Wendy Diamond in 2014 when she was a volunteer at Fundación Adelante, a company that provided microloans to low-income women in Honduras. After returning to the US, she was determined to create a platform that fostered entrepreneurship among women. The first edition had the participation of 144 countries.
Every year, various women’s organizations and platforms hold programs to highlight the work done by female entrepreneurs in different fields. It is not only the women in the urban centers, but also those in the rural interior who have dreams and ambitions to succeed. With the help of their innovative ideas, they are all ready to defy convention and create their own paths, inspiring the next generation to step up and take charge of their lives.
In fact, a study conducted by Britannia Marie Gold highlighted that 48% of Indian housewives wanted to become business owners when they were young.
From feeding their bodies to feeding their dreams, Marie Gold launched the integrated campaign MyStartupusing public relations, digital film and television advertising, to provide stay at home moms with the initial support they needed to fulfill their dreams of entrepreneurship and financial independence and unlock the economic potential they possess.
Give wings to women entrepreneurs
Britannia Marie Gold launched the MyStartUp Contest in 2019 where the top 10 business ideas won INR 10 lakh each to get started. Season 1 had 1.5 million admissions and was a huge success, as Season 2 and Season 3 were bigger and better. According to statistics shared by the brand, more than 40,000 women received training through skills enhancement programs, 30 women received seed funding from Britannia Marie Gold to make your entrepreneurial dreams come true.
The fourth edition of the initiative once again places the housewife at the center, projecting her as the beacon of empowerment and its launch is scheduled to take place soon. With this, Britannia Marie Gold empowers women to pursue their dreams by providing the right resources and upskilling to start a business.
The five women from Tamil Nadu – J Kalavathi, Narmatha Vasanthan, R Sumathi, Yazhinidevi D and Madhu Nachammai – are self-made entrepreneurs and past winners of Britannia Marie Gold MyStartup Contest, you had received an initial boost to start your business, but now you need a bigger boost to scale these businesses, to unlock the next level of growth!
You can do your bit and support their efforts simply by participating in the initiative. Yes, it’s as simple as buying a pack of Britannia Marie Gold, by scanning the QR code on the package and visiting the website, where you can read about their empowerment journey and support them to grow their business. So shape her ambitions by being a part of the country’s progress! After all, the more women are involved in the economy, the more likely a country will prosper..
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