Three times as many women work in women-led enterprises, which also have a more inclusive workplace culture, greater work-life balance, high levels of precision, and higher production. Women are excellent leaders, highly risk-taking, multitaskers, more adaptable, and have a considerably greater emotional quotient than men (EQ).
The long-term effects of female executives on the mental and emotional health of the average worker can be challenging to calculate, but they are enormous. This contrasts with the clear economic impact. Women are still making progress in the economic sphere despite a workplace that is mostly unsupportive and unwelcoming to them. Let’s examine the motivation behind this change, which ranges from access to better schooling to progressive political policies.
Support from the Government of India
Government programs, including the Pradhan Mantri Mudra Yojana, Udyogini Scheme, Dena Shakti Scheme, and Bharatiya Mahila Bank Business Loan, are aimed at enabling women from all walks of life to start their own small companies by giving them access to finance.
Diversity and inclusion in the workplace are currently gaining popularity. Women now have a space in the market to introduce their solutions thanks to Industry 4.0, which also gives them a chance to grow professionally. Women entrepreneurs are inspired by adoration, regard, esteem, and notoriety. A Bain & Company poll found that more than 45% of Indian women in rural regions were motivated to establish a business because it would increase their visibility.
Today, more women are working in sectors that have historically been dominated by men. When it comes to the percentage of women in STEM i.e., who graduate in the domains of science, technology, engineering, and mathematics (STEM) (up to 40%), India is among the top nations in the world. In the fields of technology and healthcare, Indian women are also pioneers. The next generation of medications, diagnostics, and last-mile care delivery is being paved by women leaders, particularly in the healthcare industry.
The time when women didn’t even have a bank account is long gone. They choose their own investments and purchases today. Two essential elements that empower women to start their own businesses and give them a voice in their families are financial independence and thrift.
Compared to earlier times, women today enjoy more social, economic, and intellectual support. Aspiring women benefit from having passionate female leaders because they have access to powerful networking and educational opportunities that, until recently, were only open to men. Women help and support one another. Many thriving female business owners support and mentor others as they embark on their own journeys.
There are challenges on the way, though. Lack of investments, workplace injustices, inequality, and discrimination on many levels continue to impede the advancement of women entrepreneurs. Everyone enjoys reading and hearing about the concept of a startup, utilizing capital, and becoming a unicorn. However, the terms “startup” and “women-led” still don’t have much meaning for the majority of people.
In 2022, Google uncovered the startling discovery that only 6% of investment in India went to businesses with female founders or co-founders. When broken down, this percentage is about 1.5% for businesses with female founders as the sole founders. According to the Global Entrepreneurship Monitor Report, 2021, there are 10:7 more men than women entrepreneurs worldwide.
The financial gap is substantially wider than what was previously stated. Last but not least, women continue to bear the majority of the responsibility for household tasks like looking after children and the elderly. We can only have a workforce that is equitable when the workload is distributed equally.