Women Entrepreneurship in India – Changes and Challenges Essay Example
The research on entrepreneurship has experienced substantial growth recently, with studies focusing on different aspects. Previous research using conventional indicators like employment, profitability, value-added, and sales growth has demonstrated that female entrepreneurs perform less effectively than male entrepreneurs (Rietz & Henrekson, 2000). However, additional analysis and assessment are required to gain a complete understanding of this phenomenon.
According to Narasimha Murthy (2009), the exploration of women's entrepreneurship is vital for two main reasons. Firstly, it signifies an unexplored resource that holds great potential for economic growth. Secondly, women entrepreneurs have a crucial role in creating new employment opportunities for themselves as well as others. Renowned scholars such as Schumpeter (1930s) and Peter Drucker (1980s) have extensively studied the strong correlation between innovation and entrepreneurship.
Modern entrepreneurship emphasizes the close relationship between entrepreneurship and innovation, emphasizing its importance in the ex
...change of knowledge and economic growth. This distinguishes entrepreneurship from traditional management and business activities (TANTAU, n.d.). The impact of knowledge on women's abilities, opportunities, and actions can be seen in research that highlights the importance of higher education, self-directed learning, and a thirst for wisdom. The gender gap is attributed to variances in acquiring knowledge (Garcia-Palma; Sanchez-Mora Molina, 2016).
According to Forbes, modern entrepreneurship encompasses several qualities, including Authenticity, Empathy, Human Interaction, Hunger, Quantifiable Goals, Data Analysis, and Personal Brand (Young Entrepreneur Council, 2017). Mohd Shuaib Siddiqui, Aftab Alam, and Mairaj Salim (2018) highlight the significance of entrepreneurship in rural communities. They argue that it creates employment opportunities, offers self-employment options, and enhances the economic status of rural areas. Rural entrepreneurs have successfully transformed their neighborhoods into trading hubs, leading to urbanization. Furthermore, they play a crucial role
in utilizing national resources effectively for economic development and social change. Developing countries like India recognize the importance of entrepreneurship in various sectors, including rural, social, and female entrepreneurship. With over 50 percent of the population being women, India cannot overlook this aspect.
Multiple studies conducted in India indicate that despite increased liberalization and incentives, women continue to be primarily involved in family-owned businesses. The implementation of government-sponsored development activities has proven beneficial for a limited subset of women, specifically those belonging to the urban middle class. In order to facilitate progress, it is essential to redirect the mindset of women entrepreneurs towards the cultivation of leadership qualities. The government must make concerted efforts to provide market assistance, allocate land resources, raise awareness about its schemes, and extend support to women entrepreneurs (Amlathe ; Mehrotra, 2017). Women possess an innate desire to succeed, which serves as a catalyst for awakening their dormant individuality. They possess the proficiency to undertake arduous tasks efficiently, thereby alleviating the burden of additional exertion (Fernandes, Crasta, and Hans, n.d.).
Using the power to empower, female entrepreneurship can be positively developed in India. Although women's entrepreneurship is still at a nascent stage and often accompanied by heavy discrimination, changes in the global and domestic environment have contributed to its growth (Kavitha ; Hans, 2018). Women are successfully overcoming hurdles and becoming their own bosses.
Leadership development is a prominent focus here as indicated by the survey of literature. It highlights career advancement, equal opportunities, fair treatment, and participatory growth alongside male entrepreneurship. Hence, the research question arises: how can women entrepreneurship be fostered without being secondary or subordinate?
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