Seven Positive Impacts of Women Entrepreneurship on the Economy & Society

By: Anindita, writer

The rising tide of women entrepreneurship has made it clear that more and more women will continue to carve a niche for themselves in the business and corporate world alike. Read on to know about some of the most impactful changes that women entrepreneurship brings about in the society, economy and the business world.

It is no doubt that today’s women handle their businesses like a BOSS. They emerged as rulers and decision-makers by overcoming everything that was made to destroy women. Women entrepreneurs are driving the change in the current scenario, owing to their talent, intelligence, perseverance, dedication, and creativity. They are at par with men in leading the top positions at various organisations. The women are just as amazing at their work as men. They brought a change in the mind-set of society and forced people to take them seriously. They remind us that, “The hands that rock the cradle can rule the world.”

Because of their trusted status in the community women entrepreneurs tend to be more successful. Through micro ventures, many uneducated women are raising family incomes and reinvesting their earnings in their families and communities. Through entrepreneurship, at the grassroots level, these women also inspire other women in their localities to pursue their dreams. Many females set an example, unlike many working women who are finding it difficult to manage their professional and personal life. About 30 per cent of corporate senior management positions are comprised of women in India, which is notably higher than the global average (24 per cent). In the overall workforce, when it comes to the gender gap, India is one of the worst countries in the world. Women control the vast majority of household spending which is one of the most obvious reasons to invest in women leaders in India. Women are more likely to better understand customer perspectives unless you are a business that is focused mostly on men.

Today’s women are not only contributing to their families but also the society in terms of economic development. By the recent trends, it is clear that women will continue to lead the top leadership positions. So, how did this change come about? Well, here are some of the key points which reflect the change that women entrepreneurs brought to the whole world!

Economic Growth of the Country

These women have generated employment for other women too by setting up small businesses and are playing their role in solving the issue of unemployment. Through the issue of industrial securities, entrepreneurs mobilize the idle savings of the public. For the instantaneous economic growth of the country, the rate of capital formation boosts which is crucial.

Transforming Social Norms “A strong woman uplifts other women.” Women of today are encouraging and promoting each other instead of fighting with each other. They are eradicating regional disparities by setting up industries in backward areas to avail the resources concessions and subsidies encourage by the government.

Uplifting the Living Standard

People can get products on a meagre budget with the help of these women entrepreneurs. At reasonable rates, they offer people their everyday essentials. In getting their everyday essentials these entrepreneurs have helped rural people.

Pioneer as an Innovator

When it comes to taking risks as an innovator no one can beat women entrepreneurs. They are doing their best in stepping up the game and paving the way for others. The entrepreneurs assume the role of a pioneer and an industry leader as an innovator. To impact the lives of millions of people ultimately helping in economic development they have done many innovations in developing new products and services.

Sense of Independence

Through this entrepreneurship, that feeling of independence and individuality that women always lurked for is bestowed on them. In leading a respectful life with utmost dignity they have the power to use their talent and generate revenue that will help them and their children. In charging the culture of the society women entrepreneurs are the main actresses. In environmental protection, backwards and forward integration, by acting as change agents, women entrepreneurs in our country are directly or indirectly playing a paramount role, thus contributing to the economic growth of the country.

Reduced Violence Against Women

In standing on their own feet women entrepreneurs not only made themselves independent but also uplifted other women and helped them. As they are no longer dependent on their husbands being financially independent enabled millions of rural women to come out of their vicious marriages. Women can be independent owners and can move out of such obnoxious relationships.

Educating Others

“A woman can understand the needs of another woman.” About the important things, women can educate other women. They are making ways to drag them out of the darkness of illiteracy and to educate women.

“Women remained an untapped reservoir of talent over the years. But not anymore.” Women are confident enough to break the taboo which dominated society for a long time. It is no doubt that women are the bright future of our country. They will be the driving force in the success globally, no matter what barriers come in their way.