India is on the cusp of a revolution – over the years the success of its economic engine is already making waves, while the startup ecosystem now seems to be driving it forward. Several industry reports predict that the country will be home to over 150 unicorns by 2025.
The mantle of entrepreneurship is largely held by men, although a growing number of women are trying to break into the space. It is a known fact that female entrepreneurship is not only a tool for empowerment but at the same time, helps a country to progress in several ways.
There is great potential ahead of us to encourage, qualify and foster the growth of female entrepreneurship. Currently, there is a stark challenge – according to a World Bank study, only seven out of 100 entrepreneurs are women. Furthermore, the report suggests that India can register double-digit growth if more women are involved in the manufacturing of the products.
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, 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 essential for long-term job creation. “When given equal access to inputs, women-owned enterprises produce just as strong economic outcomes as male-led enterprises,” the report finds. Over the past decade, women-owned businesses have seen a 14% to 20% increase, 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 female labor force participation. Additionally, the Boston Consulting Group suggests that startups that have women as founders or co-founders generate a 10% increase in revenue over a five-year period and employ three times as many women as men.
What makes women entrepreneurs so promising? On the one hand, their businesses require less investment, but generate higher revenues. Plus, they’re adept at multitasking – there’s 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 by 61% while men slowed down by 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 Entrepreneurship Day and its importance
Women’s Entrepreneurship Day, celebrated annually on November 19, honors women-led businesses across the world. It was started by Wendy Diamond in 2014 when she was a volunteer with the Adelante Foundation, a company that provided microloans to low-income women in Honduras. After returning to the United States, she was determined to create a platform that would foster female entrepreneurship. The first edition saw the participation of 144 countries.
Every year, several women’s organizations and platforms organize programs to highlight the work done by entrepreneurs in different fields. It is not only women in urban centres, but also those in rural hinterlands 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 found that 48% of Indian housewives wanted to become business owners when they were young.
Whether it’s fueling their bodies or fueling their dreams, Marie Gold launched the integrated MyStartup campaign, using public relations, digital film and TV advertising, to give housewives the initial support they need. they needed to achieve their dreams of entrepreneurship and financial independence and unlock economic potential. they hold.
Giving wings to women entrepreneurs
Britannia Marie Gold launched the MyStartUp competition 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 smash hit, after which seasons 2 and 3 were bigger and better. According to statistics shared by the brand, over 40,000 women have received training through development programs, 30 women have received seed funding from Britannia Marie Gold to bring their entrepreneurial dreams to life.
The fourth edition of the initiative, once again, puts the housewife at the center, projecting her as the beacon of empowerment and is expected to launch soon. Through this, Britannia Marie Gold empowers women to pursue their dreams by providing them with the appropriate resources and development that enable her to start a business.
The five women from Tamil Nadu – J Kalavathi, Narmatha Vasanthan, R Sumathi, Yazhinidevi D and Madhu Nachammai, are all self-made entrepreneurs who have previously won the Britannia Marie Gold MyStartup competition. now need a bigger push to grow these businesses, to unlock the next level of growth!
You can do your part and support their efforts simply by participating in the initiative. Yes, it’s as easy as buying a pack of Britannia Marie Gold, scanning the QR code on the pack and visiting the website, where you can find out more about their empowerment journey and help them grow their activity. So, realize their ambitions by participating in the progress of the country! After all, if more women participate in the economy, the more a country is likely to prosper.
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