“I really believe that entrepreneurship is about being able to face failure, manage failure and succeed after failing.” – Kiran Mazumdar Shaw.
Kiran Mazumdar Shaw is an Indian entrepreneur, founder of Biocon Limited, and an inspiration for many women-led businesses .
After graduation, she went to Australia to get trained as a brewmaster. After earning the degree of brewmaster, she returned to India but was rejected for the job as it was a male-dominated job in India.
After facing rejection, she started Biocon with little capital in Bengaluru. She faced challenges related to financial, technical, and infrastructure while building Biocon.
With hard work and determination, she scaled Biocon to become India’s largest biotech company and won many prestigious awards.
Kiran also became the first Indian female billionaire and the 68th most powerful woman in the world to Forbes.
The above story of Kiran Mazumdar Shaw depicts that a woman is no lesser than a man and can excel in all the fields of her life be it household or business.
Also, Kiran impacted the Indian economy by contributing to employment creation and GDP and uplifting the socio-economic status of the society.
Earlier, the contribution of women-led businesses to India’s GDP was less compared to men due to the several barriers that were in existence at that time.
Also, the environment was not very friendly/supportive for women entrepreneurs.
A woman doing business has to go through many patriarchal, societal, and demographic issues.
There were Multiple Challenges Faced by Women-led Businesses.
Some of the major challenges were:
- Gender bias
- Low literacy amongst women
- Poor financial background
- Lack of family support
- Fear of failure and many more
How do Women-led Businesses Contribute to the Indian Economy?
With time, the landscape of women doing business in India is changing. Also, the participation of women in entrepreneurship is rapidly increasing.
The workforce is becoming more inclusive with the women’s dominating the space with their innovative skills.
The contribution of women entrepreneurs are:
Every sector is seeing participation from the women workforce. Most of the women’s employment is under startups and small and medium enterprises.
A country with more women entrepreneurs and increased women participation in the labour force would increase its GDP at a much faster rate and contribute to the employment generation and high standard of living.
More Balanced Growth
Women-led businesses are paving the way for households women and encouraging them to participate in the workforce by creating opportunities for them, which also lead to change in the socio-economic status and upliftment of the society.
Increase in per capita income
Today women are breaking the stereotypes and are creating their names in every sector, be it agriculture, technology, retail, e-commerce, etc.
The inclusive growth of the economy has contributed to the reduction in poverty along with increased per capita income and literacy rate.
Boosts economic growth
With more women starting up on their own, there is an increase in the mobilization of household savings, as it gets invested in the form of capital and contributes to the country’s economic growth.
Factors that Led to an Increase in Participation from Women Entrepreneurs:
Education – It has been the most vital catalyst for the growth of women-led businesses in India. An educated woman can take her own decisions and can start anything on their own and excel in it.
With the growing demand and change in technological advancement, women are getting more opportunities to start with entrepreneurship.
With the reduction in family barriers and easy access to resources, recognition from family and friends is playing a huge role in their success.
Access to knowledge and resources
Earlier it was a bit difficult to get information at your fingertips, but now with the internet, everything is available on your smartphone and at your fingertips.
You can learn any skill or receive any information in the comfort of your home.
With the easy accessibility to resources, women are learning new skills, getting multiple scopes to showcase their talent or to start something in their interest area.
The government of India has taken various initiatives to promote women-led businesses by providing access to easy and quick capital to women entrepreneurs and by giving numerous skill development platforms to women to learn and to get started with something of their own.
With the increase in the number of business women, it would reduce gender inequalities and boost entrepreneurship amongst women.
“A person with the right intent can achieve anything in their life.”
The above statement holds good in the context of Female entrepreneurs like Kiran Majumdar Shaw, Falguni Nayar, Roshni Nadar and many more who have created an impact in society with their determination and have shown the potential of women and their contribution towards nation building.
In the coming times, women’s participation will increase and shape the future of the Indian economy with transformational GDP growth and employment creation.
Hylobiz also supports and celebrates the spirit of every self-made woman entrepreneur in our country.
We extend our support to every women-led businesses in their growth journey with our tailor-made automated solutions for their business that can help them automate their invoicing, collection, payment reminders, and vendor payouts.
We are also running a special offer for women entrepreneurs who onboard on Hylobiz and will get double the credits as a gesture for onboarding from our side.
Read more on our exclusive offers for women-led businesses: https://hylo.biz/breakthebiaseveryday/
Hylobiz is a fintech startup bridging the financial services for the B2B segment in India and UAE and launching soon in Indonesia and U.S markets.
Hylobiz’s tailor-made solutions are suitable for all sizes of businesses be it SME/MSME, corporates, distributors, or more. Our solution is user-friendly and does not require any process change. Our top features include:
ERP Integration -With the Hylobiz platform, you can seamlessly integrate with leading ERPs like Zoho Books, Tally, Quickbooks, and many more.
Invoicing/e-Invoicing – The platform allows you to create invoice/e-invoice, share them with attached payment links and collect payments via multiple digital modes.
Automated Reminder – Hylobiz ensures timely invoice collection with the help of payment reminders, which are customizable as per your business requirements.
Digital ledger – You also get a real-time digital ledger for all your transactions and ensure transparency between buyer and seller. The ledger also supports auto-reconciliation.
Dashboard and business reports – Our smart dashboard gives you real-time access to your business health and cash flow controls. The smart reports available on our platform help you with informed decision-making.
Connected Banking – We offer connected banking services in partnership with leading banks. You can link your bank account on the Hylobiz platform and get started with faster collections and payouts.
Hylobiz maintains bank-grade security on its platform to make your transaction safe and secure. We are also an ISO-certified organization.
Our platform is also accessible on both web and app to support you on your growth journey. Also, you can access 24/7 support from our team in case of any query.
Support women-led businesses by referring them to Hylobiz: https://hylo.biz/breakthebiaseveryday/#referfriend
Improve your business processes with Hylobiz.
Book a Demo Now: https://hylo.biz/book-demo/
Suggested Read: https://hylo.biz/fintech-firms-can-support-women-led-businesses/
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