The adage "educate the girl child and you educate the whole society" holds true not just for formal education but also for entrepreneurship, as confirmed by a recent study conducted by the EdelGive Foundation. The study reveals that entrepreneurship brings forth a host of benefits for women, their families, and the entire nation. It predicts that businesses led by female entrepreneurs in India will experience a staggering 90% growth within the next five years.
From Women Entrepreneurs to an Entrepreneurial Nation
The study found that the majority of Shepreneurs (38%) were involved in retail, followed closely by those (35%) in service delivery. Manufacturing had the smallest representation of the three, with only 27% of Women Entrepreneurs engaged in it.
Food and edibles had the highest representation (30%) among the Women Entrepreneurs' enterprises, followed by beauty and fashion, with 28% of WEs adopting it as their business focus. Third, on the list were businesses that involved the production and/or sale of household products.
The study revealed that most Women Entrepreneurs (60%) were between the ages of 26 and 40 years. The next significant group was aged 41 to 60 years, comprising 29% of the WEs surveyed.
Nearly 60% of the respondents reported living in nuclear families, while less than half (44%) had access to a personal smartphone. Among those who did have smartphones, around one-third (38%) used them for business purposes such as learning or selling their products.
The study found that 11% of the Women Entrepreneurs surveyed held Life Insurance policies, while a mere 6% held Health Insurance policies.
However, a vast majority (82%) of the Women Entrepreneurs surveyed reported that they chose to become entrepreneurs themselves. Nearly 60% of the respondents mentioned that their primary objective was to provide economic support to their families, which led them to spend around 40% of their income on family expenses.
Most women earned between INR 1,500-5,000 per month, with 16% earning up to INR 500 per month. Despite this, 40% of the respondents felt that their objective of providing financial support to their families was yet to be achieved.
Regarding the duration of their enterprises, most had been functional for more than three years, while 8% were set up within the past year. Although only 10% of the respondents invested in improving their own educational status, 65% managed to improve their technical/management skills after becoming entrepreneurs. Women reported gaining skills in people management (60%), financial management (65%), and effective communication (72%) after starting their enterprises.
Almost 90% of the families surveyed felt that the Women Entrepreneurs' chosen enterprise was her first choice, while the remaining 10% stated that they had to make some adjustments due to circumstances. When asked about the reasons for this compromise, half (51%) reported a lack of required technical skills, and 40% stated that the required finances could not be arranged.
Also Read: India's Growth In Numbers
The study conducted by the EdelGive Foundation highlights the tremendous potential of female entrepreneurship in India. Female entrepreneurs have the ability to not only support their families but also drive economic growth for the entire nation. It is important to support and encourage more women to become
Celebrate International Women's Day with “Shepreneur Shakti” on TICE TV
Starting from the 1st of March to the 8th of March 2023, TICE News is proud to showcase a special series that celebrates the inspiring journeys of Eight Women Entrepreneurs who have built certified Startups from scratch. This series is called "Shepreneur Shakti" and is our tribute to the fierce and unstoppable spirit of women entrepreneurs who are changing the world, one Startup at a time.
To make this series accessible to all, "Shepreneur Shakti" will be available on TICE TV, our web TV platform on YouTube. You can tune in and watch these amazing women entrepreneurs as they share their stories of grit, determination, and resilience in building their businesses. We will also be publishing the series on the TICE News portal in text format, so you can catch up on the go.
As we celebrate International Women's Day on the 8th of March, we invite you to join us in watching "Shepreneur Shakti."
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The Methodology of EdelGive Research
The study was conducted in 13 states of India, covering all regions, as part of the research team's efforts to identify potential Women Entrepreneurs across 50 blocks/town areas of 25 districts of these 13 states. They identified almost 3,300 Women Entrepreneurs who were classified into three categories: those engaged in manufacturing, retail, or service delivery enterprises. The team then sampled and interviewed 1,235 Women Entrepreneurs for the study, in addition to interviewing their families, employees, and clients.