Ease of Doing Business for MSMEs: Due to the social conditioning and stigma that women need to take care of the family, women entrepreneurs juggle between their personal and professional roles.
By Archanna Das
Ease of Doing Business for MSMEs: The number of micro, small and medium enterprises (MSMEs) led by women entrepreneurs in the country has jumped from 2.15 lakh, as per the MSME Ministry’s FY11 annual report, to 1.23 crore in FY21. Women MSMEs have enhanced their share in the overall MSME base from 13.72 per cent to 20.37 per cent in the past 10 years. This growth is also supported by women entrepreneurship excellence in the startup ecosystem that has seen the rise of exemplary women leaders. While the escalation of women entrepreneurship looks good on paper, experts are of the belief that there is a long way to go for women founders and leaders in the growing MSME and startup ecosystem if they have to realise their true potential.
We have transgressed as a society to open avenues for growth and emancipation for women. Rapid digitisation has also helped in bridging the gender divide and expanding the scope for successful women to a larger audience across the nation. And while most challenges like patriarchal bias, conditioning, familial responsibilities will continue existing on the societal level, here are some key factors SME women entrepreneurs could aim to achieve individually to become leaders of tomorrow.
Networking is a priority, not an option
Availing the full potential of networking is still a challenge for women entrepreneurs in India. One key reason is safety. Meeting new people, late meeting timings, blue-collar intensive businesses, etc., restricts the capability of women entrepreneurs to prioritise networking. This challenge seems to be taken care of in the metro cities but continues to be a major hurdle in rural India.
Emphasising having a safe and comfortable environment for women to safely share and network is a key necessity for the overall growth of women entrepreneurship. Networking is more important for women entrepreneurs to ensure breaking away from age-old conditioning, concerned familial guidance, and societal pressures. To become the leaders of tomorrow, women entrepreneurs need to surround themselves with like-minded entrepreneurs as much as it is necessary for male entrepreneurs.
Another benefit of networking is the ease of access to credit, finance, and funds in today’s rapidly shaping fintech and startup environment. Digitising financial aid can ensure lesser male dependence for the women entrepreneurial ecosystem and pave way for more solely women led successful ventures. Seeking funding for the business, being aware of the various women-specific schemes, non-traditional credit lending opportunities etc. can be ensured through the right networking. This is bound to play an integral part in the financial independence of women entrepreneurs, which is the first step towards a successful entrepreneurial journey.
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Take up important business roles in family businesses
India has shown better results due to the increasing participation of women in their family businesses. With nuclear families, increased literacy rate and high ambition amongst women, family businesses have shown an increased level of women’s participation. While the increase in participation is a motivating sign, it has been observed that majorly soft skills like talent management, public relations and communications, etc., are taken up by women, leaving behind the key business roles like marketing, finance management, brand building, etc. Emancipating women towards taking up key responsibilities within the family businesses has the potential to not just break the barriers and age-old stereotypes but also pave way for more women-led businesses in the near future
Prioritize mental wellbeing by breaking away from self-imposed rules
Due to the social conditioning and stigma that women need to take care of the family, women entrepreneurs juggle between their personal and professional roles. They restrict themselves from extending work hours or travelling for work out of a sense of responsibility. Eventually lacking to achieve what they set out for due to the societal responsibilities and pressure can result in the poor mental wellbeing of women founders. Even for women entrepreneurs who are tackling responsibilities of work and family competitively, it might get overwhelming, affecting their mental health and eventually the health of the business. Support and understanding from like-minded peers can go a long way in ensuring mental health is prioritised and also helps in breaking away from self-imposed barriers. Overall the feeling of not being in it alone and having a sounding board can go a long way in bouncing off fears and challenges and ensure a healthy mind space to run a successful business.
Avoid tokenism and set the right example
The sudden surge in conversations on the inclusivity of women in the entrepreneurial ecosystem is appreciated for overall awareness. But these conversations or measures must not be undertaken as a token of inclusivity or for the sake of right PR. It must be carried out to the roots of the problems that exist in the system and proactively mitigate them for the women workforce. Creating equal opportunities can only be backed by educating the stakeholders, both male and female, to view each other as equal peers. By celebrating failures of unique entrepreneurial journeys and creating equal mentors, women’s entrepreneurial journeys can create leaders of tomorrow. When the ecosystem will be led by the examples of these woke leaders, it will create an equal community for all.
Archanna Das is the Head of ASCENT Foundation. Views expressed are the author’s own.