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WHAT THE FEMALE ENTREPRENEURIAL MINDSET BRINGS INTO THE STARTUP ECOSYSTEM
While many Indian women have entrepreneurial ambitions, it is often more difficult for them to succeed.
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The Indian economy has grown steadily over the last decade, and there has been a parallel surge in the number of startups and new businesses in the country, the majority of which are started by men. India has a total of 58.5 Million entrepreneurs and 8.05 million of those are women entrepreneurs, which adds only 14% of women entrepreneurs in the Indian business setting. While many Indian women have entrepreneurial ambitions, it is often more difficult for them to succeed. Compared to the global number of 126 Million women owning a business, the stats for India seem nominal which was around 8 Million women have started their own business in the year 2018. Despite this, it is inspiring to see Indian women increasingly overcome the deeply entrenched patriarchal norms and mindsets, and carve a niche for themselves in the male-dominated world of business. Moreover, these new-age businesswomen are self-made, with very few of them belonging to any established business families. There are many industries that are booming amazingly while being led by women entrepreneurs like the Cosmetic Industry, Wellness Industry, Influencer marketing, Fashion clothing, and a few others.
There is a pressing need for more and more female entrepreneurs in the market to create a balance of leadership. Female leadership creates an avenue for diverse ideologies and a variable perspective with fresh viewpoints.
It is a universally acknowledged truth that women, in comparison to their male counterparts have to scale more mountains in their professional journeys. Women are sometimes unaware of the potential they harbor within themselves and the immense pressure from the family & society brings them down. The Indian startup ecosystem for female entrepreneurs is currently thriving; It is one of the best times to be a women entrepreneur in India as not only is there support from the government but also various private accelerators like empoWer, Shakti, and funds like SheCapital, Kalaari Capital that are exclusively for women entrepreneurs, more than that the time to unleash the passion is now as women have become more self-aware, and also there are ample opportunities lined up in the market. A recent survey conducted by technology major Dell and consultancy firm IHS ranked only two cities- Bengaluru & Delhi in 40th & 49th position in the 50 most favorable global places for females to work. Here is a list of few things that I believe the female entrepreneurial spirit brings into the startup ecosystem:
● Clarity of thought and firm drive
For every woman entrepreneur, it is vital to be a person of mettle as well as metal. Women must be of strong intent and be conclusive of the purpose of establishing her business- from the underlying goals to the execution layout, to the ultimate objective. It is important to cut out a definite roadmap- whether it is a purely passion-driven pet project or with a business viewpoint to it; whether to maintain it as a small-scale boutique business or likely arrangements of development and expansion. All these elements need to be tended with crystal clarity, which would then shape the establishment for the structure for their business
● Believes in Multi-tasking
58% of the female entrepreneur’s strengths are their multi-tasking skills. In 2013, a study by a UK based psychologist revealed that women were faster and more organized at switching rapidly between tasks and under pressure. Women can multitask, have a calmer approach to problems, are more committed to a cause, and by and large, have lesser distractions and higher attention spans. The women are forever juggling work, family, relationships, and everything in between with finite time and resources, yet she manages to do it all with aplomb
● Masters in the art of communication skills
There’s no denying that women ace the art of communication. The fact that 67% of the women founders recall communication skills as their key to success when building rapport with employees or setting the company’s vision or delivering a business pitch to the investor is the moment when communication skills need to be at their peak. Your success as an entrepreneur is determined in large part by your ability to communicate. You can be the best at what you do, but if you are not communicating effectively with clients, employees, and the ecosystem, then you’re missing the opportunities
● Women bring creativity to the business
Companies today operate in a highly competitive, global environment, making creativity crucial. Creativity is what fuels big ideas, challenges employees’ way of thinking, and opens the door to new business opportunities. A survey by IBM of more than CEOs shows consensus, creativity was ranked as the number one factor for future business success- above management discipline, integrity, and even vision. Women entrepreneurs can turn big ideas into business by constant adaption of business to the current environment and future possibilities. They are more adept than their male counterparts at seeing gaps in the market and seizing opportunities
● Intuition and Sensitivity
Women have the power to interpret unspoken cues and non-verbal communication, in contrast to men. When the power of intuition is balanced with passionate knowledge, women have the power of empathy to uphold a balanced work-force. The ability to deliver a helpful labor force and to decipher feelings before any conflict crops up among associates creates the primary structure blocks for any startup. Women make the best team leaders, bosses, and co-founders. This is because they are intrinsic to success since they promote stability, commitment, and bring an abundance of involvement at all levels of the organization.
It’s the time when we finally break new ground in terms of closing the gender gap that exists between female and male entrepreneurs. By giving chance to female entrepreneurs and investing in them, the Indian startup ecosystem can fuel the level of impact and can get an unprecedented bang with the economy. An everyday increasing number of female entrepreneurs is setting a good example for other women who are looking to make a move in the startup industry.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.