The Witty Stride

– Satyakam Ray

Pattachitra, a traditional scroll-based painting, is known for its mythological narratives. It is also famous for its folktales. This art form is in grave danger due to the cunning of mediators. This art form, primarily practiced in Odisha, is at risk. The exquisite, hand-crafted illustrations are receiving their due price and credit. Their struggling master-makers, the magnificent artisans, are also gaining recognition. 

Zola India comes to the rescue. Zola India was founded by an art geek who became an accidental entrepreneur, Gina Joseph. It focuses on reducing mediators. The company also enables hassle-free, better pricing to empower the youth. The primary driving force behind this endeavor is the vision of a woman entrepreneur. Sounds intriguing.

Women’s Entrepreneurship: Entrepreneurs can recognize and capitalize on opportunities. They can transform inventions or technologies into economic products and services. A commercially viable innovation is essential. Seed capital and talent are crucial. You also need a penchant for high risk. Perseverance is a common ingredient in successful start-up ventures. 

In the context of women’s entrepreneurship, the Government of India defines women entrepreneurs as those who own and control enterprises. They must have at least a 51 percent financial interest in the capital. Enterprises should also ensure that at least 51 percent of the employment generated within the enterprise is held by women. Many argue that the second part of the definition is not always practically feasible.

In today’s cutthroat competition, one must continually focus on the current. It is essential to track all market trends. One should also remain adaptable to cope with unforeseen changes. The inner warrior should set the rules for fighting against all odds to run a successful venture. What exactly embodies the values of Goddess Katyayani, the warrior goddess Durga? Durga, derived from the root word ‘Durga’, represents fearlessness. Rural women entrepreneurs have profoundly inculcated this trait.

Some examples of rural entrepreneurship include Ekta Jaju, the founder of ONganic Food. She championed organic farming by helping and persuading farmers to adopt organic techniques. This approach keeps the business financially sustainable and scalable. Anuradha Agrawal understood the insecurities of homemakers by studying their struggles with speaking English fluently. Since its inception, the Multibhasi app has supported English learning across 10 languages. Similarly, Kalpana Saroj, the CEO of Kamani Tubes, hails from a humble background and has achieved success through her efforts. These awe-inspiring success stories confirm that one does not need an Ivy League degree. You don’t need a fancy MBA to triumph in entrepreneurship. Instead, grit, perseverance, and self-confidence are prerequisites to establishing a successful venture.

Successful ventures: Women entrepreneurs’ reach extends beyond the rural economy. In technology, women have also often assumed “boss mode.” Below are some of the top entrepreneurship ventures founded by women in India and worldwide.

• MobiKwik: Upasana Taku, a co-founder, left her position at PayPal to pursue her potential in the digital payments sector. Users can add money to the MobiKwik wallet and conduct online transactions. According to the latest reports, the company’s net worth surged 134 percent to Rs 379 crores in FY20.
• Yatra.com: Sabina Chopra, the co-founder, saw the potential of travel commerce in India. She also identified the demographic shift toward cheaper travel options. So, she ensured the online platform was ready when people suddenly shifted from traditional to online travel booking. Earning a revenue of INR 192.0 million (USD 2.5 million), Yatra.com is one of the trusted travel booking sites in the tourism domain.
• Embibe: An AI-backed online learning platform. It aims to transform the online education landscape through robust AI, machine learning, and data analytics. The founder, Aditi Avasthi, achieved recognition. She was awarded the Accenture Vaahini Innovator of the Year at the Economic Times Prime Women Leadership Awards 2019.
• Zivame: Richa Kar addressed the taboo topic of lingerie shopping. She founded Zivame to offer women an online platform. Despite constant ridicule, Richa continued to thrive at Zivame, achieving a net revenue of $13.59 million (INR 100 crore).
• TaskRabbit: Leah Solivan started the company to revolutionize how people work in the digital landscape. The app enhances productivity by helping users organize their days and manage their schedules.
• Re: 3D: 3D is a technology company that aims to transform manufacturing by providing 3D printers worldwide. Samantha worked at NASA as a strategist. Her extensive travel experience helped her recognize the need for 3-D printing on a global scale.
• Cloud9Insight: This Brighton-based technology business supports more than 600 businesses across the UK with its cloud-based CRM software. Carlene Jackson is the Founder and CEO of Cloud9Insight.
• Entrepreneur First: Alice Bentinck co-founded Code First: Girls to teach more than 5,000 women across the UK how to code. In 2011, Bentinck also co-founded a business called “Entrepreneur First.” This initiative was designed to bring people together in the tech environment. The goal was to build start-ups. It aimed to leverage shared knowledge and skill.

The list of achievements by women entrepreneurs in leadership roles continues to grow. It is impossible to list all women entrepreneurs, both Indian and international, in a single article.

Issues faced: Women entrepreneurs have achieved massive success in entrepreneurship. Despite this, women entrepreneurs have faced numerous challenges and stigmas over time. They continue to face some obstacles. Indian women entrepreneurs still face challenges like family resistance and male chauvinistic attitudes. They also face funding constraints and a scarcity of raw materials. Networking issues and low risk-bearing ability are also significant challenges. By contrast, advanced economies provide optimal seed capital and improved infrastructure. They also offer ease of doing business. These economies enhance connectivity with investors and clients, among other benefits. Still, they face biases and male-centric business prejudice sometimes.

Some stats:

• India has approximately 58.5 million entrepreneurs, of whom nearly 14% are women.
• In 2017, only 2% of start-up funding went to female founders. Approximately one-third of Indian women entrepreneurs are employed in agriculture, followed by manufacturing and retail trade.
• 30% of India’s tech workforce comprises women. Women hold 51% of entry-level jobs in India’s IT and BPM industries. However, they leave these positions at the junior and mid-level levels.
• Radhika Agrawal of the e-commerce marketplace ShopClues became India’s first female co-founder of a billion-dollar company.

( Statistics Content Courtesy- helloalice.com) 

Importance of Women Entrepreneurship in the Indian Context: Women’s social position and status are accurate barometers of civilization’s progress. Following the 1991 economic liberalization, globalization, and privatization, Indian women have become increasingly financially independent. Still, there are many grounds to cover. 

Any shot at economic development programs without involving women will be an utter failure. This is especially true considering half of the population is women. Moreover, entrepreneurship is not a male-dominated prerogative. Additionally, it is crucial to further empower women, as our economy is shrinking. Increased involvement of women entrepreneurs in the economy will strengthen it. 

A 2015 study by McKinsey Global Institute indicates that India’s GDP could increase significantly by 2025. It could increase by 16-60% if women participated equally with men in the economy. Projections suggest this could add $2.9 trillion to the economy.

Government role in promoting Women entrepreneurship: The Indian Government has been instrumental in promoting women entrepreneurship. The following are some of the steps the government has taken.

• MSME organizations, state Small Industries Development Corporations, nationalized banks, and NGOs are conducting programs. These programs aim to educate potential entrepreneurs. They include programs like Entrepreneurship Development Programs (EDPs).
• The Office of DC (MSME) has established a Women’s Cell. It coordinates and supports women entrepreneurs. This support is for those who face specific challenges.
• Small Industries Development Bank of India (SIDBI) has also implemented special schemes for women entrepreneurs.
• Under the Prime Minister Rozgar Yojana (PMRY), female beneficiaries are given preference. The government has also made several concessions to facilitate women’s participation in this scheme.
• The Government of India has several noteworthy schemes. These include the Trade-Related Entrepreneurship Assistance and Development (TREAD) scheme for women. They also include the Support to Training and Employment Program for Women (STEP). Another example is Swayam Siddha.
• Various state governments are also promoting women’s entrepreneurship. The Delhi government’s Stree Shakti project boosts women’s economic development. Kerala’s Women’s Industries program has the same aim. The Puducherry government’s Magalir Udavi Scheme supports this cause. Goa’s government offers incentives for women entrepreneurs to promote economic growth.
• Various Self-help groups (SHGs) promote the empowerment of women entrepreneurs in India. The Federation of Indian Women Entrepreneurs (FIWE) and the Women’s India Trust (WTI) are also part of this testament.

The Durga Puja teaches us about women’s global empowerment and management. Inner strength, grit, and fearlessness are intrinsic to Indian women. Calmness, multitasking, adaptability, and leadership are also key traits. This is true for homemakers and for CEOs working in skyscrapers. On the auspicious occasion of Durga Puja, society must respect and recognize these women powerhouses. Entrepreneurship is about standing for a single vision and wholeheartedly ensuring its complete execution. 

Very rightfully said by Maya Angelou, the famous American Poet. “Each time a woman stands for herself, without knowing it possibly and without claiming it, she stands for all women.”