Challenges Faced by Women Entrepreneurs in India¶
Women entrepreneurs in India navigate through a myriad of challenges unique to their gender. Despite progress and claims of equality, they confront obstacles that hinder their ability to set up and run businesses successfully. Below is an overview of the most common challenges they face:
1. Gender Barriers- Indian society, though evolved, still harbors significant gender barriers. Gender inequality and pay gaps are rampant, and women often need permission from male family members to pursue careers or entrepreneurship. This environment hampers their ability to achieve and be recognized for their potential.
2. Economic Challenges- The financial landscape in India displays a glaring gender gap. Female entrepreneurs face difficulties securing investments as a small percentage of businesses receiving funding are women-led. Prejudices from investors, coupled with the lack of property ownership or authority among women to use assets as collateral, compound these economic challenges. Small, unsecured business loans, like those from Hero FinCorp, are sometimes the only option for female entrepreneurs seeking funding without collateral.
3. Legal and Regulatory Hurdles- Women business owners often struggle with legal issues related to marriage, divorce, property, inheritance, and obtaining business permissions. The legal space lacks sufficient representation for women, and the procedures and associated costs pose additional obstacles.
4. Work-Life Integration- The expectation for women to manage household duties alongside their professional responsibilities creates a significant challenge for female entrepreneurs. Successful business ownership requires effective work-life integration, a feat complicated by societal norms and family commitments.
5. Networking and Mentorship- Women entrepreneurs often find themselves isolated from both informal and formal business networks. Predominantly male professional networks and unsafe conditions for women traveling alone for business purposes further restrict their opportunities for mentorship, collaboration, and growth.
6. Access to Resources and Technology- The journey of entrepreneurship demands continuous learning, training, and up-skilling. Female entrepreneurs frequently lack the funds necessary to create a productive business environment, purchase machinery, or invest in technology. Specialized business loans for women can provide critical support but may not be accessible to all.
7. Overcoming Mental Barriers- The ingrained roles within India's patriarchal society place additional mental barriers on women. The expectations to prioritize domestic responsibilities over professional ambitions can deter women from pursuing entrepreneurship.
8. Government Initiatives and Support- Recognizing the challenges faced by women entrepreneurs, the Indian government has introduced several programs aimed at supporting them. Initiatives like the Mudra Loan, Stand-Up India Scheme, Mahila Coir Yojana, CGTMSE, Udyam Shakti Portal, and TREAD are designed to facilitate female entrepreneurship and help overcome these hurdles.
In conclusion, while there are significant challenges facing women entrepreneurs in India, there are also growing supports and resources aimed at facilitating their success. Overcoming these obstacles requires a concerted effort from both the public and private sectors to create a more inclusive and supportive environment for female entrepreneurs.
How can I help you today?