Momentous Upsurge of Women in Business Dexterity and Global Leadership.
Women entrepreneurs and their growing presence in India have had a tremendous impact on the country's social and economic demography. Women's engagement in the labor field has aided millions of families in escaping poverty and has resulted in the development of jobs. Women are recognized for their leadership abilities, and as a result, they dominate new-age sectors such as electronic manufacturing, where women make up more than half of the workforce due to their high-precision work and higher productivity levels. This positive attitude toward work, as well as outstanding business abilities, has highlighted the relevance of women in today's workforce.
For decades, women were thought to be emotionally, physically, and particularly intellectually inferior to males. This is due to gender prejudice and cultural perceptions rather than facts. Putting women in leadership roles is the logical and appropriate decision now that firms recognize the value of soft skills and the vital role they play in a company.
Some Interesting Facts about Indian Women Entrepreneurs
1. When they first began out, almost 58 percent of female entrepreneurs were between the ages of 20 and 30.
2. In a financial year, over 73 percent of them record an income of around Rs 10 lakhs.
3. Nearly 57% of these women began out alone, that is, without any other members.
4. Approximately 35% of the women had a co-founder.
5. Approximately 71 percent of Indian female entrepreneurs employ five or fewer workers.
In a country like India, where most women aren't encouraged to dream large (particularly in rural areas), some have risen higher than one would imagine in such a constrictive environment. Through their success stories, which include personal obstacles and hurdles, these wonder women are motivating other women to pursue business. As a consequence, India is rapidly gaining in the rankings when it comes to a favorable startup climate backed by strong government support.
Factors Influencing Women's Decisions to Start Businesses or Enter the Workforce
50 percent of India's start-up ecosystem is led by women entrepreneurs, thanks to:
• Acknowledgement: Women entrepreneurs are motivated by respect, regard, esteem, and notoriety. According to a Bain & Company poll, more than 45 percent of Indian women in rural regions felt compelled to establish their own company in order to acquire attention.
• Outcomes: Women-led start-ups had a 35 percent greater return on investment than men-led start-ups. Women are more likely to establish their own firms as a result of their potential to earn higher profits.
• Meeting unmet needs: One of the most important factors is women's intrinsic desire to provide for their families. Women are motivated by the urge to create a better lifestyle since they make 85 percent of buying choices.
• Education: India is among the top countries in the world for female graduates in science, technology, engineering, and mathematics (STEM), with up to 40% of female graduates in this sector. In the domains of science and technology, Indian women are game changers.
Women Owned and Operated Major Businesses in India
In India, women operate 45 percent of start-ups, with over 50,000 being recognized by the government. In 2021, the nation saw the most female-led start-ups become unicorns. The following is a list of notable female-led businesses.
Aditi Gupta - Menstrupedia
Anisha Singh - mydala.com
Shradha Sharma - YourStory
Upasana Taku - Mobikwik
Kiran Mazumdar Shaw - Biocon
Ghazal Alagh - Mamaearth
Neeru Sharma - Infibeam
Sugandha - Docttocare
Malika Sadani - The Moms Co.
Ruchi Garg - VenueLook
Ankita Gaba - Social Samosa
Ashwini Asokan - Mad Street Den (MAD)
Akanksha Anshu - Refundme.in
Chitra Gurnani Daga - Thrillophilia.com
Debadutta Upadhyaya - Timesaverz
Gurleen Kaur - Hareepatti
Jaya Jha - InstaScribe and Pothi
Neha Behani - Moojic
Megha Malik - DesignerPeople
Chitra Ravi - Chrysalis
Aparajita Amar - SHLC
Rati Batra - YourHR
Aditi Balbir - V Resorts
Falguni Nayar - Nykaa
Garima Satija - PoshVine
Vandana Luthra - VLCC
Suchi Mukherjee - LimeRoad
Mansi Gupta - Tjori
Vani Kola - Kalaari Capital
Nisaba Godrej - Godrej Consumer Products
Ankita Vashistha - Saha Fund
Aditi Avasthi - Embibe
Gazal Kalra - Rivigo
Manisha Raisinghani- LogiNext
Sreelakshmi Suresh - eDesign
Women in business have a number of advantages.
1. An inventive workforce is one that is varied.
Diversity has been proved to enhance creativity and invention, from gender diversity to culture, age, and ethnicity. Organizations across sectors, from PricewaterhouseCoopers to Disney and L'Oreal, are attempting to emphasize and profit from a diverse and inclusive work environment.
Men and women will unavoidably come from diverse backgrounds and have different perspectives on business. Challenging one another and cooperating with others who think differently may help to foster creativity and encourage unique ideas that propel businesses ahead.
2. Women are particularly strong in the soft skills required for corporate leadership.
While technical knowledge and competence are important for job advancement, CEOs regularly rank soft skills as the most desired professional qualities. Although difficult to quantify, qualities like good communication, empathy, and self-awareness are highly appreciated and may have a significant impact on the bottom line. Recent study has shown a link between strong character and corporate success, with CEOs who score high on compassion and honesty seeing a 9.35 percent return on assets over the course of two years.
Women, for example, are more likely to notice if a coworker is dealing with a personal issue that is affecting their productivity and to initiate a conversation to help find a solution. They also have a good sense of "reading the room" and detecting the ambiance of a social or professional setting. They're more inclined to address a problem or clear the air before getting down to business.
3. Women wield enormous economic influence and provide crucial consumer knowledge.
Women are anticipated to contribute more than $20 trillion in annual consumer expenditure, making them a larger growth opportunity than China and India combined. Women make about 85 percent of all consumer purchases.
Despite this, women account for just 11% of advertising creative directors, up from 3% in 2008. It's unsurprising that women feel devalued and neglected by the marketplace, according to a detailed research conducted by Boston Consulting Group on the "female economy." With the strength of the female customer in mind, it's clear that women are best positioned to take advantage of the opportunity and provide significant consumer information.
By using both men and women's perspectives, goods and services may become more marketable, and businesses can become more successful. In fact, according to recent McKinsey study, gender-diverse organizations are 15% more likely to surpass the industry median financially.
Active listening is a talent that is often overlooked in the workplace. Listening to someone else talk isn't the same as trying to comprehend their point of view or views. Women are better listeners and share their opinions and ideas more expressively, which may help with the creative and problem-solving aspects of most business difficulties.
Women in business face a number of challenges.
1. Women continue to be underrepresented in important sectors.
While there are signs of a rising female workforce in a variety of areas, sectors like banking, engineering, and technology are still heavily male-dominated. Women make up just 24% of the workforce in STEM (science, technology, engineering, and math) sectors in the United States, and fewer than 15% in the United Kingdom.
The misconception that an interest in "hard science" is unfeminine may be to blame for women's underrepresentation. But, with STEM jobs expected to be among the fastest-growing and highest-paying in the future, it's critical that women feel empowered to learn the skills and pursue the possibilities that come with a career in science, technology, and related professions. Women's organizations such as the National Girls Collaborative Project and Girls Who Code are aiming to reduce the gender gap in STEM fields by encouraging women to study computer science and engineering.
2. Workplace discrimination based on gender
While most CEOs believe that the best candidate for the position should be hired regardless of gender, anecdotes of women who have had better success with a male or gender-neutral name on their CV show that unconscious prejudice still remains.
Women who are in or want to be in positions of leadership frequently believe they are scrutinized more than males. Women are taught from an early age not to be "bossy," while males are encouraged to be ambitious and forceful. Gender bias implies that in the workplace, the same behavior and characteristics—initiative, enthusiasm, and taking charge—can be read differently in men and women.
3. When it comes to compensation negotiations, women have a lower success rate than males.
The gender pay gap is sometimes attributed to women's unwillingness to seek for better compensation. In a recent pay negotiating study conducted by Glassdoor, it was discovered that 68 percent of women accepted the compensation given to them, whereas almost half of the males questioned bargained before taking a position. It also indicated that when women attempted to negotiate their initial compensation, the results were often negative.
A 2016 research by Cass Business School, the University of Warwick, and the University of Wisconsin revealed that women are just as likely as males to ask for a salary rise, refuting the stereotype that women don't ask for increases. They are, however, 25% less likely to get one.
When it comes to positioning oneself for leadership jobs or negotiating compensation, it's practically a given that males have a stronger feeling of self-confidence. Even the most successful women suffer from "imposter syndrome," which makes them feel insecure and undervalues their worth. Women who believe in their own worth and demand a compensation that reflects it are taking a crucial step toward narrowing the wage gap, and increased pay transparency may also help level the playing field.
Business opportunities for women
1. Gender equality and inclusion are becoming official policies.
Gender equality is becoming a matter of policy for many forward-thinking firms, whether it's committing to equal representation of women in the boardroom or appointing diversity officers.
Hiring policies that discourage and eliminate prejudice may help companies gain the advantages of balance and equality. Businesses prosper when diversity, inclusion, and gender equality become policy and are ingrained in company strategy, rather than political correctness or buzzwords.
Committing to things like equal gender representation, an inclusive workplace culture, and a work-life balance that includes maternity and paternity benefits may also help firms recruit top talent. These are some of the reasons why firms like Salesforce, GE, and Deloitte are rated as great places to work for both men and women.
2. Entrepreneurship as a means of achieving leadership
For an increasing number of women, starting their own company is the quickest way to the top. Over the last 20 years, the number of women-owned firms in the United States has climbed by 74 percent, or 1.5 times the national average. Today's start-up culture allows women to be their own bosses and pay their own salaries, allowing them to choose how they want to work and making the work-life balance simpler. Women can narrow the salary gap and ascend to leadership positions via entrepreneurship on their own terms.
Women may work with and recruit other ambitious, like-minded women when they run their own business, developing a new generation of women in leadership positions.
3. Adding to your qualifications by earning a business degree
Many women pursue a business degree to get the information and competence they need to stand out in a competitive employment environment. The number of women attending business school has been gradually increasing. Business school provides a wonderful platform for women to become subject-matter experts, exercise leadership skills, and earn the confidence they need to enter into the boardroom, whether it's via undergraduate education, an MBA, EMBA, or a Masters degree.
Business school also provides an excellent opportunity for networking and meeting mentors in the form of other students, instructors, and campus speakers. A mentor may provide industry insight and act as a sounding board for fresh ideas. Mentors may also serve as crucial career sponsors, providing professional chances and assisting ambitious and bright women in advancing their careers.