Women entrepreneurs play an indispensable role in the economic development and over the years, they have brought many remarkable changes around the world. Women entrepreneurs continue to display extraordinary economic prowess worldwide, with every 1 in 11 women i.e 8.9 % are involved in entrepreneurship across the globe, data revealed by Global Entrepreneurship Monitor (GEM).
Experts say that the level of economic development of a country can be measured by the number of women entering into the world of entrepreneurship. “The ratio of women entrepreneurship is much higher for countries like Brazil, Russia, Jambhia and Ghana,” says Manoj Mittal, GM, SIDBI (Small Industries Development Bank of India).
But unfortunately, recent report by Genpact on Women’s Leadership reveals a dark truth that Indian women consist of only 25 per cent of the total labour force. The number even declined to 19 per cent in urban India as against the global average of 50 per cent. One of major reason for the disparity is that usually, Indian female entrepreneurs face plethora of problems in establishing their venture, among which socio-cultural issues are one of the determining factors that restricts women at the thought of setting up their own business.
Currently, when businesses are facing a severe crunch in entrepreneurial talent, if women don’t step in as entrepreneurs, then half of the country’s potential talent pool will remain under-utilized. Government must chalk out innovative ways to boost women employment as well as women entrepreneurship for overall establishing a balanced workforce in the economy. Financial and legal guidance must be availed at each step to ease out the processes for them. New avenues of success can be unveiled if women contribute equally in the development of the economy.