Women in Business – A roller coaster ride

On the face of it, there’s never been a better time for women in business across the globe and the same holds tru for our
country as well. With names like Sabina Chopra (founder, Yatra.com), Sairee Chahal (founder, Sheroes), Shradha Sharma
(Founder and CEO, YourStory) and Kiran Mazumdar Shaw, currently India’s richest self-made woman, we have several
success stories to recount and be inspired by, who are leading the way for successful women in business.

A study conducted in 2015 by global consulting firm, McKinsey, reported that India’s GDP could grow an additional 16-60%
by 2025, which translates to an addition of $2.9 trillion to the Indian economy, if we could increase participation of women
entrepreneurs to a more equitable percentage of our economy.

However, we just need to scrape the surface of the situation and the reality turns a bit starker and grimmer. There are
numerous historical, cultural and professional challenges that continue to make success for women in business an uphill
task.

A Forbes report claims a whopping 40% of women want to enter entrepreneurship despite these challenges, some of
which are discussed below.

1) Financial problems – Access to low cost finance and at multiple stages of a business is critical to enable a start up and
support its sustained growth. Women frequently find them running out of capital inflows from venture capitalists or from
their own familial resources. There is also a misconceived perception about women being more risk averse that could
prevent their business from reaching exponential growth figures and limits funding for them. Thankfully, there are several
government schemes that women can leverage. The Pradhan Mantri MUDRA Yojana (PMMY) is especially in a place to
‘fund the unfunded.’ 

2) Competing in a crowded, Male-dominated Industry – Succeeding in an already highly competitive, male dominated
business environment, without the right financial aid and organizational set up can be herculean tasks to overcome.
Women need to continuously keep their business case relevant and costs in check to stay competitive.

3) Lack of education – Despite huge strides we’ve made in increasing the overall literacy rates in our country, the % of
women with no or low levels of education remains an impediment. However, access to technology can help accelerate the
participation of women in business. Imparting qualitative education in science, technology, engineering and mathematics
subjects (STEM), digital literacy and early training programs are vital.

4) Work-Home balance – This can be a constant struggle for a woman in business or a profession as she needs to strike the
right balance to mange these multiple priorities. time management is the key here. Setting time for meeting clients, emails
and admin work should be prioritized while keeping in mind familiar duties and the hours to be devoted to family and
children.

5) Limited mobility – Unfortunately, our country witnesses several crimes against women every day, making travel a
sometimes-cumbersome activity that needs to be well planned in advance. Running a business can often mean commuting
and traveling during odd hours, having unplanned trips become a requirement. Lack of having this flexibility can sometime
slow down a woman entrepreneur. In this regard, it should be a huge priority for our government agencies to make travel
for women safer and cheaper to support their continued growth in business.

6) Building a strong support network – As women start out with their businesses, and even during mid-life cycles of their
enterprise, having a strong network of mentors, support groups and coaches can be of immeasurable help. This network
can act as sounding boards for new ideas, help connect to funding opportunities, provide support and guidance based on
their own experience and provide a sense of security and collaboration that can help boost the entrepreneur’s confidence.
Investing in building a network from the very start can thus become a crucial ingredient in the recipe for success.

Conclusion

Like anything else in life, being in business also has its own set of challenges. And like every other sphere of life, women
continue to be strong, flexible and resilient in this area as well. The right environment and support from governments,
industry bodies, fellow entrepreneurs and families can only enhance and accelerate the speed at which we see a higher
participation from women in business. That can only be better news for our country as we create a more equitable society
with equal opportunities.

By Nahyr Sehgal