Women in India have consistently demonstrated exceptional leadership and managerial acumen, serving as inspiration across various sectors. Yet only 20% of businesses in India are owned by women. This underrepresentation is often attributed to entrenched social structures, gender roles, biases, and expectations, which can hinder women from realising their full entrepreneurial potential. Here are some key insights and strategies for all aspiring women entrepreneurs. These insights and strategies can be useful in navigating the entrepreneurial landscape.
Leverage Government Schemes for Women
India has witnessed a significant surge in women-led enterprises, largely supported by various governmental initiatives designed to empower female entrepreneurs. These programs offer financial security, improve family welfare, and enable the realisation of personal financial aspirations. Some of the prominent schemes include:
– Stree Shakti: Provides personal loans up to ₹50 lakhs for women who own at least 50% of their business, facilitating business expansion and increased income.
– Pradhan Mantri Mudra Yojana: Offers funding to small-scale entrepreneurs without traditional banking access, promoting economic growth and job creation.
– TREAD Scheme: Aids economically disadvantaged women by enhancing their technical and entrepreneurial skills through credit provided via NGOs, coupled with training and counselling.
– Mahila Shakti Kendra: Launched in 2017, this initiative empowers women through skill development, digital literacy, and employment support, providing training at various levels.
– Stand-Up India Scheme: Focuses on fostering entrepreneurship among women and marginalised communities by offering loans ranging from ₹10 lakhs to ₹1 crore, ensuring substantial ownership stakes for women or SC/ST entrepreneurs.
Build and Utilise Support Networks
Forming connections with fellow women entrepreneurs and joining professional networks can significantly accelerate your entrepreneurial journey. These networks offer mentorship programs, resources, and guidance through interactions with successful business leaders and industry experts. They also provide crucial training in areas such as business planning, marketing, finance, and technology, creating a support system for growth and development. Some commonly well-known government-initiated networking groups include Women Entrepreneurship Platform [WEP] by NITI Aayog, Stand Up India, National Skill Development Corporation (NSDC), Udyam Sakhi Portal and Pradhan Mantri Kaushal Vikas Yojana (PMKVY) to name a few.
Prioritise Skill Development
In today’s dynamic market, it is imperative to continually hone your skills or acquire new ones in line with emerging trends. This might entail pursuing further education, obtaining relevant certifications, or gaining practical experience in fields such as digital marketing, data analytics, artificial intelligence, sustainability, or remote work technologies. Staying informed, adaptive, and open to the technological advancements, innovations, and market shifts can help navigate the contemporary business landscape.
Familiarise Yourself with Legal and Financial Structures
Entrepreneurs must actively seek out support and financing through various investment and startup programs. It is equally important to familiarise yourself with the legal requirements through legal workshops, and financial incentives tailored specifically for women entrepreneurs in India. Initiatives like the “Stand-Up India” scheme and “Mudra Yojana” provide financial support in the form of loans. Equally essential is maintaining financial discipline by closely monitoring cash flow. Efficient cash flow management is pivotal for ensuring the stability and growth of your business.
Cultivate Resilience and Perseverance
The entrepreneurial path is often fraught with challenges and setbacks. Developing resilience and persistence is key to overcoming these obstacles. Embrace a growth mindset that emphasises adaptability, a thirst for learning, and an openness to challenges. View setbacks as opportunities for growth and celebrate small victories along the way. By learning from failures and continuously moving forward, you strengthen your capacity to succeed. Above all, trust the process and the skills you’ve worked so hard to cultivate.
By staying focused on your goals and embracing these guiding principles, you can forge your path to becoming a successful entrepreneur, making a meaningful and lasting impact in your chosen field.
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