The missing female touch

If there's one hopeful trend that's leading up to this year's Women's Day, it's the rise of women entrepreneurs. I have spent much of the last month speaking about women entrepreneurship, regaling college students about my own journey, while participating in incisive discussions with peers, which left me rejuvenated and inspired. There is a lot of action in the space of women entrepreneurship. Governments, both Centre and states, now have various schemes to extend support to female-led enterprises. The investing world too has taken cognisance of the urgent need to bridge the gender divide in the start-up world leading to more women-focussed programmes that mentor and invest in women entrepreneurs. India's growth story is missing the female touch and whether it's increased participation of women in the labour force or a fillip to women-led businesses, the time has come to fill that lacuna.

As a bootstrapped entrepreneur myself, I could not miss the chance to write about that crucial factor, which can strengthen the economic tide in our country. Just like we need our MSMEs to prosper, we also need our women entrepreneurs to play a pivotal role. As per a recent report, female-led businesses in India are slated to grow up to 90 per cent in the next five years. The Edelgive Foundation Report revealed that newly launched impetuses are working on the ground to increase women-led businesses. Most significantly, the survey highlighted the change in women's lives as they embraced entrepreneurship. Around 80 per cent women surveyed across 13 states and hailing from semi-urban and rural backgrounds reported betterment of socio-economic and cultural standing after they started a business. 81 per cent believed that their social status had improved while 82 per cent felt their positioning within the family was better. Entrepreneurship also imbued 73 per cent of them with confidence while a majority enjoyed financial independence. But it's not all picture perfect. Only 1 per cent of the surveyed women availed of any government scheme and only 11 per cent were even aware of them.

Being in business has not only upskilled women but also acted as a social catalyst for many, causing actual women empowerment that is noticeable at the grassroots. There is no denying that it has led to a sense of achievement and self-worth as well. But women need more encouragement and the guidance must come from public and private players. Supportive families are primarily responsible for nudging women into starting their own business. Banks and other lending institutions need also to step in to make it easier for women seeking business loans. NGOs and self-help groups can also help encourage the trend of women entrepreneurs. And there is no replacement for mentorship; if one woman entrepreneur (or even a male one) decides to handhold a few others, it will create a tidal wave of women entrepreneurs. And not all businesses need to be VC-level unicorns; there is much merit in small, profitable businesses that can scale up later or continue as it is. More women investors would also mean investing into credible and deserving women-led businesses. More women at the top could create greater employment of women in the workforce once the veil of unconscious bias is bypassed.

As I said in one of my speaking events, I'd love a world where we didn't need to have special women entrepreneur panels; where being a woman entrepreneur was a normal occurrence and not viewed with awe. But till we normalise this phenomenon, if we must wax eloquent about the need, challenges, and joys of women entrepreneurship, then sign me up! We are on the cusp of long-awaited change where we need more women at the top in all spheres of life; they must stand and lead shoulder-to-shoulder with men. Too many men in powerful positions have led to all kinds of imbalances in this world, and as we stare at the possibility of an all-out war playing out in our lifetimes, it's time that women step up even more than before.

The writer is an author and media entrepreneur. Views expressed are personal