Leaders have the ability to transform the society, and women play a crucial role in this transformational wheel. Leaders from half of the population are bringing about long-lasting changes in a countries like India, where structural inequality is pervasive and the support systems have not been as strong as they should have been by now.
There has been a significant increase in the number of female entrepreneurs in India in recent years. The social and economic demographics of India have been significantly impacted by their growing presence. According to the Ministry of Statistics and Programme, women make up 8.05 million or 13.76 per cent of India’s 58.5 million entrepreneurs. The statistics may be bleak, but it’s also time to celebrate the modern female entrepreneurs who are driving the nation’s economic growth.
However, creating a favourable business environment for the incoming Gen Z generation is essential. Today’s female entrepreneurs must make sure that both the individual and collective conditions are fair and sustainable for future generations. They must promote change and assist these young digital natives.
Creating opportunities for Gen Z women: How can the current generation assist?
Even before women-led start-ups became a thing, there was talk about getting more women to jump on the entrepreneur train. Some women envisioned the contemporary era we live in today and worked to bring about this change. They had a very tough road, but their lessons have been helpful to others. It is clear that societies that do not empower women are lagging behind on a global scale when you consider how important it is for women to be able to start their own businesses. Therefore, the first thing is to promote inclusivity and close the gap.
Need for inclusion
Women who are business owners have always witnessed and experienced workplace inequality. Because of this, inclusivity and diversity are two of the key characteristics they base their company on. Women business owners are aware of the difficulties that women encounter while initiating their start-up. Therefore it is crucial that they must put inclusion into practice and encourage more Gen Z women to pursue their dream of entrepreneurship. In a study conducted by Google and Bain & Company, it was discovered that women entrepreneurs can produce the same results as men when given equal opportunities.
Mentoring new-age entrepreneurs
Women entrepreneurs began their ventures as a result of personal experiences. While for others, it has been a life-changing experience, it has been all about overcoming seemingly insurmountable obstacles. Women are not shy about discussing their private experiences, and they are fiercely vocal about it. They are aware of how this can motivate and make a space safer for others. It has been demonstrated that mentoring helps new entrepreneurs and their companies perform better. Women entrepreneurs can therefore host mentoring programmes to assist new Gen Z business owners.
Creating job opportunities
Women’s participation in the workforce has decreased and is anticipated to be under pressure due to changing labour trends, disruptive technology, and constricting social barriers. Considering this constraint, it is a difficult task to increase this participation among rural women in India (who are most affected). However, if women entrepreneurs come forward, they will undoubtedly present once-in-a-lifetime opportunity to alter the economic and social course of India and its women for future generations. According to IBEF, in India today, there are 13.5–15.7 million businesses run by women, which directly employ 22–27 million people. In a position as an employer, they can generate more opportunities for other young women. According to a report titled Women Entrepreneurship in India—Powering the Economy with Her, which was jointly published by Bain and Co. and Google, women entrepreneurs in India have the potential to create 150–170 million jobs by 2030.
All things considered
Entrepreneurship has traditionally been a male-dominated field. However, that is quickly changing as more women gain the ability to start their own businesses. The biggest problem, which is especially evident in underserved areas, is the lack of role models who can motivate young people about what is possible. Gen Z require inspiration from peers who have faced similar challenges and prevailed. This is also true for female role models as well. If they see female entrepreneurs succeeding, they will begin to participate more in order to achieve success on an equal footing.
Young women need a trustworthy role model who also understands them. Therefore, female business owners can serve as these role models and aid in their professional and personal development. By increasing the participation of women, the nation and the economy can also gain long-term benefits. By increasing women’s participation in the labour force, India has the potential to boost the global GDP by 700 billion US dollars, claims McKinsey Global. This is expected to pave path for fresh talent and also make the economy’s future more promising than ever.
(Writer is the CEO of PM Relocations Pvt. Ltd.)
