In India, female entrepreneurs and their growing prominence have had a significant impact on the socio-economic demographics of the country. Women’s participation in the labor market has helped millions of families escape poverty and led to job creation. Women are renowned for their leadership abilities and hence they dominate the new age sectors. Women’s contributions to the modern workforce have been highlighted by their positive attitude towards work and their exceptional business abilities.
According to the McKinsey Global report, increasing female labor force participation in India could add $700 billion to global GDP. The survey further indicates that businesses run by women significantly boost the economy. In India, there are 432 million women of working age and 13.5 to 15.7 million women-owned businesses directly employing 22 to 27 million people. In addition, a large proportion of businesses are run by women. Indian women are self-sufficient and motivated to start their own business.
Women Entrepreneurs – Adding Real Value in the New Era
Each slight push symbolizes the beginning of a new era. An industry has evolved that has put women in the spotlight at a time when women around the world are fighting for equality, work-life balance and gender parity. Women are setting the bar in the digital world for a new generation of entrepreneurs who add value to business through their talent and skills.
Here are talents and skills that give women entrepreneurs wings to lead any type of business.
Successful entrepreneurs are visionaries who recognize opportunities. They know exactly what they aim to accomplish. Moreover, successful entrepreneurs are able to bring this concept to life. A woman entrepreneur must manage her business in addition to having a vision. She will be in charge of a large number of employees as well as relations with customers, suppliers and investors. Another quality to cultivate is self-confidence, because if you believe you can do everything, half the battle is won!
One of the major factors holding back women in business is the lack of market connections. Many businesswomen miss out on fantastic opportunities due to a lack of networking. It is essential for women who want to start or who currently have a business to network with other entrepreneurs. Networking can also help them connect with specialists such as lawyers, financial experts and government officials. Networking is a crucial talent for entrepreneurs, and it’s also important to be a good communicator.
Excellent writing and oral communication skills would be extremely beneficial. A woman entrepreneur must be able to face difficult situations. When it comes to running a business, disagreements and uncomfortable conversations are inevitable. As an entrepreneur, you need to publicize your business by talking to people and giving presentations. Any issue can be resolved without escalation with proper communication. Therefore, it is crucial in the journey of an entrepreneur.
Sales and marketing skills
When it comes to starting a business, the two most vital abilities are sales and marketing. A business is worthless if it doesn’t have a customer base that generates revenue and profits over time. Consumer expectations are changing and, with them, the business model must also evolve. Consumers today want to buy products from people they can trust. Companies with a strong brand can effectively communicate their purpose and purpose. Companies must be able to market themselves and have sales skills in order to attract customers.
The most important skill for every entrepreneur. Women are often excluded from important financial decisions or do not have access to financial resources. Many women often complain that they have been abused because they do not know the basics of accounting. The ability to manage money well is an essential skill that every woman should have. So, spend some time with a chartered accountant and a legal consultant, to understand the nuances of the financial and legal implications.
Time management skills
A female entrepreneur’s ability to plan a day and manage her time is vital. All you have to learn is how to manage your time and prioritize your responsibilities. However, as an entrepreneur, efficiency is essential to reflect day-to-day activities with time management. Knowing when to stop and when to leave work to focus on being a wife, mother or daughter is part of effective time management.
Women entrepreneurs are transforming the world for the future
Women entrepreneurs in business have the potential to change the world. Even if they have the right background and all the talents and skills, starting a business is never easy because there is no surefire technique to ensure a successful business. However, mastering the fundamental skills will make the start-up process a little smoother, giving a better chance of seeing the business grow and succeed! There is still a long way to go before we see equality in the corporate sector, but things are changing. And that’s good ! In fact, only the biggest ones will do! In short, skills and talents give women entrepreneurs wings into a competitive edge for incremental growth.
(Written with contributions from Dr. Sunil Shukla, Managing Director, WeAct)