Major Problems Faced By Women Entrepreneurs In India

Women entrepreneurs are becoming a driving force in India’s economy, with over 8 million women accounting for 14% of the country’s entrepreneurs. Notable figures like Falguni Nayar, Kiran Mazumdar Shaw, and Aditi Gupta are leading the way. These women-owned businesses significantly contribute to economic growth, job creation, and innovation, challenging traditional gender roles. However, they still face hurdles like limited access to funding, gender biases, and societal expectations. This article explores these problem faced by Women entrepreneurs and offers tips on overcoming them, highlighting the resilience and impact these entrepreneurs in India.

Despite these hurdles, women entrepreneurs have made significant contributions to the country’s economy, creating job opportunities, fostering innovation, and challenging traditional gender roles. This article examines some of the key problems faced by women entrepreneurs and offers tips on how to overcome them.

Top Problems Faced By Women Entrepreneurs Today

A recent report says that by offering equal opportunities to women, India could add 770 billion dollars to its GDP by 2025. Thus, if we address the problems faced by women entrepreneurs, India can speed up its development.

Let us look at some of the top challenges and problems faced by women entrepreneurs today:

1. Societal Challenges

• Society is built upon cultural norms. Being an entrepreneur is a still frowned upon role for women in Indian society. They are seen as incapable of starting or leading ventures.
• They also often have to deal with gender discrimination, both in the business world and in society at large. Women are still expected to stay at home and take care of family in many cases.This can limit their time and energy for their businesses.
• Women entrepreneurs also have to manage multiple things. They often have to juggle family with their business.
• Despite these problems faced by women entrepreneurs, many overcome them and build successful businesses.

2. Financial Challenges

• One of the other major problems faced by women entrepreneurs is the gender pay gap. Women are not deemed worthy enough to earn as much as men for the same or even more amount of work.
• They have limited access to loans, grants and other financial resources.
• This is because investors might be biased or because women may not have strong networks to help them secure funding.
• They are restricted when it comes to using capital because most often they do not own wealth.

3. Work-Life Balance Challenge

There are several reasons why women entrepreneurs cannot have a work-life balance:

• Women are often the primary caregivers for their children. Running a business while also managing personal responsibilities can be toughThe lack of affordable childcare and parental leave is a major concern.
• Many women entrepreneurs are working in industries dominated by men. So they may not have the same access to flexible work as their men.
• Women entrepreneurs often encounter mental and physical health issues due to the numerous roles and responsibilities they juggle. These challenges result in higher stress levels compared to the average person. Addressing these problems faced by women entrepreneurs and finding ways to balance their diverse roles is crucial for maintaining both productivity and well-being.

Coping Strategies for Women Entrepreneurs

There are several problems faced by women entrepreneurs in their journey, as we have discussed above. These difficulties can feel overwhelming, ranging from managing financial inequalities and overcoming gender prejudices to striking a balance between personal and professional obligations. Here are a few key coping strategies that every woman entrepreneur can implement:

1. Building a Support Network for Women Entrepreneurs

• To address the problems faced by women entrepreneurs, it is vital to connect with like-minded individuals who share similar challenges. By supporting and uplifting one another, women can create a powerful network that fosters mutual growth and empowerment.
• Don’t be afraid to ask for help when you need it. Reaching out for support is a sign of strength and not weakness. This will help you get useful insights and help grow business.
• Finally, remember to give back to your network. Whenever you get a chance to help others, always come forward, this way you help create a cycle of mutual aid that benefits everyone.

2. Prioritising Self-Care and Mental Health

• Dedicate some time each day to do something for yourself. This could include indulging in any hobby, practicing yoga, etc., this will care ensures that you stay focused and motivated, allowing you to tackle business challenges.
• Eating healthy, exercising, and getting enough sleep are important. A balanced diet fuels your body and mind, also regular exercise keeps you fit and help clear your mind from all the stress.
• Spend time with family and friends or connect with others. Discuss the entrepreneurial challenges you face as a woman.

3. Seeking Out Mentors and Advisors

• Reach out to your network of contacts and see if anyone knows of mentors who can help with problems faced by women entrepreneurs. A mentor can help you in many ways providing you with insights and ideas, that can help you grow your business.
• Try to attend business events and conferences where you can meet potential advisors. These gatherings are a great way for networking, getting ideas and also being inspired by other successful people.
• You can also search online for mentors and advisors. Platforms like LinkedIn and many other communities facilitate mentorship relationships, allowing you to find individuals who align with your specific needs and goals.

4. Advocating for Policy Changes and Reforms

This could include campaigning or organising:

• To tackle the problems faced by women entrepreneurs, initiatives that promote mentorship are crucial. Through mentoring programs, female entrepreneurs are paired with skilled professionals who provide insightful guidance and practical counsel, helping them navigate and overcome business challenges more effectively.
• Funding opportunities for businesses owned by women. The Indian government also has many schemes and projects that fund women-led businesses and can be a great help. Some of the Initiatives by government are mentioned in the next sections.
• Call for changes in government rules that make it easier for women to start and grow their businesses.

Case Studies and Success Stories

In India, women entrepreneurs are making a big impact in a range of businesses. Let’s look at a few successful women who overcame the problems faced by women entrepreneurs:

1. Falguni Nayar, Nykaa

Nykaa’s founder Falguni Nayar is a self-made woman. She turned her passion for makeup into a successful business. Nayar is a former investment banker who quit her job to start Nykaa. It is an e-commerce company that sells beauty and wellness products.

Nykaa has faced many difficulties along the way. The company has dealt with several issues, including counterfeit products. Despite all these problems, Nykaa has continued to grow and be successful.

2. Nina Lekhi, Baggit

Nina Lekhi is the founder and CEO of Baggit, a popular Indian handbag brand. Lekhi started her company in 1990 with just Rs. 5000. It has now grown into a multi-crore business. Baggit’s success is due to Lekhi’s clear vision and strong skills. She has built a strong team that shares her commitment to quality and customer service.

3. Kiran Mazumdar Shaw, Biocon Limited

Kiran Mazumdar-Shaw is an Indian business tycoon. She is the chairperson and managing director of Biocon Limited. Biocon is a biotechnology company based in Bangalore, India. She is often credited as the “Queen of Indian Biotech”. Mazumdar started Biocon in 1978 with just Rs 10,000. It is now a multi-billion dollar company. Mazumdar has been honoured with numerous awards, including the Padma Bhushan and the Padma Shri.

Strategies Used by them to Overcome Barriers

• One of Falguni’s biggest challenges was her lack of financial resources. She overcame this challenge by using her savings and taking out loans from friends and family. Crowdfunding is another good strategy they follow.
• Falguni also faced gender discrimination. In a male-dominated industry, it can be difficult for woman entrepreneurs to be taken seriously. She overcame this challenge by being a strong and confident leader.
• A good strategy is to never give up. Whenever Falguni faced a difficult situation, she would push herself to find a way to overcome it.
• A strategy Nina used was to build a strong support network. She recognised that it was important to have people around her who believed in her vision.
• Kiran’s approach was flexible and adaptable. She was willing to make changes to her plans and adjust to new circumstances.

Related Read: Business Loan for Women

Government and Policy Support for Women Entreprenueurs

Goverment acknowledges the Problems faced by women entrepreneurs in our country and supports them by implementing various initiatives and policies, to address to these issue. This section provides a detailed overview of the key government schemes for Women Entrepreneurs, policy changes, and resources available to support women entrepreneurs in India.

1. Stand Up India Conspire : The Government of India started the Stand-Up India Conspire to give monetary help for the issues confronted by ladies business visionaries, as well as SC/ST people. This program awards advances from banks in arrange to encourage creation of greenfield endeavors extending from ₹1 million ($15,000) and ₹10 million ($150,000). Its reason is to boost enterprise by financing ladies and destitute communities.
2. Pradhan Mantri Mudra Yojana (PMMY) : The Pradhan Mantri Mudra Yojana makes a difference fund little and mediums measured undertakings (SMEs). These businesses too incorporate the businesses run by ladies. The PMMY lets the commerce proprietors take up to 10 lakhs in advances without having to put up any security. This in turn makes a difference develop little businesses and get more individuals into keeping money systems.
3. Mahila Udyam Nidhi Scheme: The Mahila Udyam Nidhi Plot is custom fitted for ladies business people who require budgetary help to begin or grow their small-scale businesses. It offers money related back for obtaining apparatus and hardware, with advances given on favorable terms.
4. Business enterprise Improvement Programs (EDPs): Various state governments and educate run Business enterprise Improvement Programs pointed at ladies. These programs give preparing, mentorship, and money related help to offer assistance ladies business visionaries begin and scale their businesses.
5. Nari Shakti Puraskar: The Nari Shakti Puraskar is an grant given by the Service of Ladies and Child Advancement to recognize the endeavors of ladies who have made critical commitments to society and the economy. This grant highlights the accomplishments of ladies business visionaries and empowers others to seek after enterprise.

Lessons for Aspiring Women Entrepreneurs

Some lessons for aspiring women entrepreneurs from successful Indian businesswomen to fight problems faced by women entrepreneurs are:

1. Be Passionate About What You Do

Women entrepreneurs are passionate. They put their all into their businesses, and they care about making a difference. That’s why they’re always looking for ways to improve and grow. They want to be the best they can be, and they’re always learning and trying new things. They’re also passionate about inspiring other women to be their best selves and reach their full potential.

2. Have a Clear Vision and Mission

Women entrepreneurs have great potential. They are risk-takers and can turn their innovative ideas into successful businesses. To be successful, women entrepreneurs need to have a clear vision and mission. This will help them to focus on their goals and stay motivated. A clear vision and mission will also attract investors and customers.

3. Stay Focused and Work Hard

To overcome the problems faced by women entrepreneurs and stay focused, it’s crucial to set clear goals. Knowing your objectives helps maintain motivation and direction. Additionally, don’t hesitate to seek help; numerous resources are available to support women entrepreneurs in achieving success.

4. Be Confident and Believe in Yourself

To be a successful woman entrepreneur, you need to have confidence in yourself and your abilities. Without self-belief, it is difficult to achieve your goals and reach your full potential. It is important to remember that you are just as capable as anyone else. Have faith that you can achieve anything you set your mind to. The key is to believe in yourself and never give up on your dreams.

5. Be Persistent and Never Give Up

It’s never easy being a woman entrepreneur. There are so many challenges and obstacles that you have to face daily. It can be easy to get discouraged and give up. But you can’t let yourself do that. You have to be persistent and never give up. Remember, every successful person has failed many times before they finally made it. So don’t be afraid to fail. Use each failure as a learning opportunity and keep moving forward. You’ll get there eventually if you never give up!

By applying these lessons, you can enhance your chances of success, overcome obstacles, and make a meaningful impact in your field. Stay resilient, stay connected, and continue to strive towards your entrepreneurial goals with confidence and determination.

Also read: Success Stories of Indian Entrepreneurs You Can’t Miss! & Stories About Success to Change Your Life

The Future is Women

We saw some of the problems faced by women entrepreneurs. The three main issues are a lack of access to networks, difficulty in finding finances, and social limitations. The majority of women entrepreneurs in India now are first-generation entrepreneurs. Most of them don’t have any connections to help them get their businesses off the ground.

The government and private sector should work together to create programs that address these problems faced by women entrepreneurs. These challenges can be significant. But, they can be overcome with careful planning and a strong commitment to succeed. The future is women.

Innovative, low-investment ideas for the hidden entrepreneur in you! Explore our guide on Business Ideas.

Conclusion

Women entrepreneurs are playing a vital role in shaping the global economy by driving innovation, creating jobs, and fostering economic growth. They often bring unique perspectives and solutions to business challenges, making significant contributions in various industries such as technology, healthcare, and retail. However, women still face challenges such as limited access to funding, gender biases, and balancing work-life responsibilities. Despite these obstacles, women continue to thrive, with many finding success through mentorship, networking, and leveraging online platforms. Encouraging and supporting women entrepreneurs is essential for building a more inclusive and diverse entrepreneurial ecosystem, empowering women to unlock their full potential and contribute to sustainable development.

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