The study looked at many aspects such as the challenges faced, impact on health, socio-economic security and family wellbeing outcomes of women entrepreneurs, providing a complete overview of women entrepreneurs and the ecosystem within which they thrive.
Where was the study conducted?
The study conducted across 13 states has revealed that around 80% of women, from semi urban and rural India, feel a significant improvement in their socio-economic and cultural status after starting an enterprise.
Women surveyed also reported a greater sense of independence and confidence.
The multi-faceted study has focused on a cross-section of factors ranging from societal, financial, personal to familial factors in order to understand the overall journey of women entrepreneurs and has also looked at the role of government, NGOs and corporates in the ecosystem.
While the study has reported an improvement in socio-cultural aspects for women due to entrepreneurship, it has also revealed that there are still significant gaps in terms of financial knowledge and resources available to women entrepreneurs along with marketing, production, technological and socio-cultural challenges faced by them.
Women Entrepreneurship to Surge 90% in Next 5 Years says Study. But it adds that government schemes are not friendly and have a perception of being too ‘complex’
Despite several government schemes and policies supporting women entrepreneurship, the uptake of such schemes by women entrepreneurs is quite low. Of the women entrepreneurs surveyed, only 1% of women have availed of any government scheme and this is primarily because just about 11% are aware of any schemes.
Perception of Government Schemes
Lack of awareness about financial aids and schemes, non-availability of required documents, perception of the process to use these schemes as ‘complex’ and having no assets to put on mortgage, were some of the inhibiting factors behind this. The study projects that businesses owned by women entrepreneurs are likely to grow up to 90% in 5 years in India, in comparison to similar businesses in the US and UK where expected growth trends range from 50% and 24% respectively, during the same period.
“Women in India are leading a cultural revolution – building their businesses, paving the way for future aspiring women entrepreneurs,” said Vidya Shah, founder of Edelgive Foundation. “Their role is pivotal in enhancing the economic growth of the country, employment generation, and industrialisation. The adoption of policies and implementation of schemes that provide appropriate training, economic and cultural recognition is key to the success of women entrepreneurs in India.”
Recommendations for Women Entrepreneurship
Based on the key findings, the study recommends that states conduct a meta-analysis to identify their specific needs and design and implement relevant programs, promote products from women entrepreneurs under a common brand with tax incentives, impart soft-skills training which is inclusive of accounting, HR management and communication, implement awareness generation and community mobilisation initiatives for moral support and establish mentorship programs at the local level to enable budding entrepreneurs to formalise their enterprise and expand.