In this nation of a million possibilities and huge talent, the focus is slightly shifting to start-ups and job creation from grabbing jobs. But entrepreneurship is often seen as a male preserve, with women given the cold shoulder. Though the government has launched schemes to promote women entrepreneurs, the needle is not moving enough. India is among the worst performers, standing 52nd out of 58 countries in the Mastercard index of women entrepreneurs, 2019.
Among the most common reasons for women to show less inclination towards setting up start-ups, the first is social and cultural hurdles. When a woman becomes assertive, she is asked to stay within her limits, not to be ambitious, not to raise her voice. When a woman says she wants to do business, the public, relatives and even parents say it’s not her field. If she wants to do something, she can take up a job but business is considered inappropriate for women to do.
Arranging finance
The second lamentable difficulty is in raising finance and its management, because in most cases, women are not considered credit-worthy. Venture capitalists, angel investors and bankers do not usually trust them to repay their loans. Even if they get finance, a women from a middle-class background find few avenues to turn to for its management, though they have been doing it so well on their own for years without knowing it. When it comes to managing finances for their businesses, they seem to be less confident and most of the time they rely on others.
The third and most serious battle that they encounter in their entrepreneurial journey is lack of skills — managerial, administrative or technological. This is because of the low enrolment of women in professional and skill-based courses. In this age of globalisation and digitisation, it becomes crucial for women to be competent and enriched with skills.
Women constitute around 49% of India’s population, but they have been invisible in business. Times have changed, and the ball is in their court to come out of their shell. It’s time for society, financial institutions, angel investors and government to understand that the country cannot foster sustainable progress without the participation of women, who can catalyse economic growth.
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