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Women Entrepreneurship: Gender Equity in Asia’s Start-Ups
- thelawpinion
- Oct 7, 2023
- 4 min read
ABSTRACT
A tremendous increase of female-led businesses has occurred in recent years, contributing to a paradigm shift in gender dynamics in the corporate world. According to Ruth Bader Ginsberg, "As women achieve power, the barriers will fall." This sentiment is being expressed across Asia's entrepreneurship setting, particularly in India, where female entrepreneurs are establishing a name for themselves in the start-up ecosystem. This article examines the trends, problems, and successes of women entrepreneurs in Asia, with a focus on India, and identifies the critical aspects required for fair gender representation in the start-up sector.
Rising Women Entrepreneurship in India
The route to gender equity in Asia's start-up ecosystem becomes clearer with each successful female entrepreneur. The data in India support this developing trend. Women entrepreneurs now hold more than 20% of Micro, Small, and Medium Enterprises (MSMEs), accounting for a sizable 23.3% of the labour force. Notably, women constitute half of India's start-up ecosystem, emphasising their critical role in driving innovation and growth. Renowned personalities such as Ms. Falguni Nayar , CEO of Nykaa (cosmetic and clothing e- shopping platform) exemplify the persistence of female entrepreneurs. Ms. Nayar has become a source of inspiration for women and entrepreneurs alike as an entrepreneur who took her company public. Her path exemplifies the power of persistence and the "never say no" mind set, proving that anything is possible. Emerging female entrepreneurs are adopting this approach as they recognise their ability to turn ideas into profitable ventures.
The Entrepreneurial Skill Set is an Advantageous Female Trait
Women's innate qualities provide a distinct advantage in the business sector. Women's natural capacity to make relationships and form networks enables them to effectively gather information, resources, and manage various groups. Entrepreneurship lives on connections, and women's affinity for networking puts them advantageously in this environment. Furthermore, women's ability to multitask and balance multiple duties qualifies them to flourish in the complex dance of entrepreneurship. Juggling family and work commitments, managing budgets, and leading a team all require the kind of inventiveness and perseverance that women are born with. This innate strength, along with an unwavering commitment to meet the requirements of customers, contributes to the recipe for business success.
From Experience to Empowerment leading to Targeted Solutions
Several successful female entrepreneurs have struck gold by creating solutions for markets they are intimately familiar with—markets that were underserved prior to their arrival. Sara Blakely's Spanx, Vandana Luthra's VLCC, and Richa Kar's Zivame all arose from personal experiences, positioning them distinctively to meet the demands of their target audience. This capacity to connect with the market and provide value has resulted in success stories that demonstrate the strength of women's entrepreneurial endeavours. However, this triumph is simply the tip of the iceberg. The aim is to assist budding female entrepreneurs in recognising their untapped potential and the resources they already have.
Challenges and the Funding Conundrum
Provided the substantial progress made by women in the start-up environment, significant barriers remain. One of the most critical challenges continues to be access to money and capital. According to research, women-owned businesses receive disproportionately less venture capital investment and suffer difficulties obtaining loans from financial institutions. In order to overcome this barrier, a deviation from typical funding routes is required. During the early phases of their endeavours, women entrepreneurs should actively seek other possibilities such as crowd-funding platforms, women-focused investment networks, and angel investors. However, this environment is changing as efforts to encourage financial literacy and entrepreneurship education gain traction. Thus, empowering women to negotiate the finance market more effectively.
Defying Conventions
Gender bias and stereotyping cast an overpowering shadow over female entrepreneurs, especially in male-dominated fields such as technology, manufacturing, and construction. These biases show up as scepticism towards women's ideas, questions about their talents, and even discriminatory treatment. Such obstacles can substantially impede entrepreneurial success and discourage women from seeking mentors and role models to advise them.
In order to overcome these obstacles, women must question conventional norms, fight for themselves, and create strong professional networks. Women entrepreneurs can break through stereotypes and influence perceptions by portraying their knowledge, intellect and accomplishments. Collaboration among women in business can help to create an inclusive and supportive atmosphere for prospective female entrepreneurs.
Balancing Act
Furthermore, due to cultural expectations and established gender norms, women entrepreneurs continue to struggle with work life balance. Nonetheless, the success of female-led firms is critical to economic progress. In Malaysia, for instance, women entrepreneurs account for more than 20% of all SME enterprises. According to reports, female e-commerce entrepreneurs might possibly infuse $280 billion into Southeast Asian marketplaces by 2023.
Path Forward
There is no dilemma that obstacles in path of female entrepreneurs exist, they are learning to overcome them successfully. Delegating duties, asking help from kith and kins, and cultivating a supportive environment are all important components of establishing a work-life balance. Recognising and resolving unseen impediments, as well as encouraging fellow female entrepreneurs, can help to build a more inclusive and empowering atmosphere.
Women entrepreneurs may pave the path for future generations of trailblazers by embracing their confidence and harnessing their support systems. The goal is for women to believe in their own potential, regardless of gender, and to demonstrate that barriers will collapse as more women liberate themselves.
References
Rani, V. S., & Sundaram, N. (2023). Impact of Financial Inclusion on Women Entrepreneurs in India: An Empirical Study. International Journal of Professional Business Review: Int. J. Prof. Bus. Rev., 8(6), 24.
Baral, R., Dey, C., Manavazhagan, S., & Kamalini, S. (2023). Women entrepreneurs in India: a systematic literature review. International Journal of Gender and Entrepreneurship, 15(1), 94-121.
Nirmala, G., & Priya, K. (2023). WOMEN ENTREPRENEURS IN STARTUP INDIA: CHALLENGES AND OPPORTUNITIES. Current Advances in Multidisciplinary Research, 150.
Saha, A., & Sharma, D. (2023). Impact Of Socio-Cultural Factors In Developing Women Entrepreneurship In India. Journal of Namibian Studies: History Politics Culture, 35, 402-414.
*This article was authored by Aaina Aggarwal, Student from Symbiosis Law School, Noida and reviewed by Poorvi Madan, Student from Symbiosis Law School, Noida.
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