A striking 70% of women entrepreneurs started their businesses driven by self-motivation and aspiration, rather than financial necessity
A new report highlights the remarkable financial discipline and independent operation of women entrepreneurs across India. According to the findings, 93% of women entrepreneurs demonstrate strong financial management skills, actively managing their finances, keeping detailed records, and ensuring timely payments. This level of financial discipline is seen as a key factor in the success of their businesses.
The report, conducted by NeoGrowth, also reveals that 81% of women business owners operate their businesses independently, with minimal reliance on external support. This trend is especially evident among women over 40 years of age, who have built significant confidence over the years. For this group, independence is not just a matter of choice but a reflection of their accumulated experience and skills.
However, younger women entrepreneurs, particularly those in the 21-30 age group, are more likely to seek guidance and support from their families or peer networks as they establish and grow their businesses. Despite this, the report underlines the overarching theme that financial awareness and smart decision-making are seen as crucial to entrepreneurial success by women across age groups.
Motivation Behind Entrepreneurship
A striking 70% of women entrepreneurs started their businesses driven by self-motivation and aspiration, rather than financial necessity. Only 22% of women began their ventures as a result of financial struggles, while 12% took over family businesses. This suggests that for many women, entrepreneurship is a pathway to personal growth and achievement, rather than merely a survival strategy.
The report highlights how women entrepreneurs are not only shaping the trajectory of their own businesses but are also positively influencing their families, communities, and the economy. An impressive 98% of women reported that their businesses have had a positive impact on their families. Of those, 61% noted an improvement in their family’s standard of living, and 54% reported a significant boost in their personal confidence and financial independence.
Broader Societal Impact
The influence of women entrepreneurs extends beyond their immediate family. Many women-led businesses are contributing to societal transformation by empowering other women toward financial independence and entrepreneurship. Women entrepreneurs have also inspired their employees to pursue their own ventures and have become role models for young girls aspiring to achieve higher education and professional success.
Arun Nayyar, Managing Director & CEO of NeoGrowth, praised the growing trend of women-owned businesses in India. “It is heartening to witness how women in India are exploring business ownership and driving inclusive growth like never before,” he said. Nayyar emphasized that these businesses are not only creating significant economic value but are also redefining leadership. Women entrepreneurs are showcasing a meticulous approach to business management, fostering empathy in the workplace, and creating a positive work culture.
Shift in Societal Perception
Women entrepreneurs are increasingly gaining respect and recognition for their efforts. According to the report, 90% of women business owners reported a noticeable shift in societal perceptions, with many acknowledging greater respect for them due to their businesses. This marks a positive change in how women’s leadership and entrepreneurial efforts are viewed in India.
Cities such as Kolkata, Hyderabad, and Ahmedabad have emerged as particularly conducive environments for women-led businesses, fostering respect and encouragement for women entrepreneurs. These cities are highlighted in the report as exemplars of progressive and supportive ecosystems for women in business.
Technological Integration
In line with global trends, women entrepreneurs in India are also embracing technology to enhance their businesses. Nearly all of the women surveyed reported integrating new technologies into their operations. These technological innovations are being used to improve customer engagement, boost productivity, and optimize costs. This growing use of digital tools is seen as another indicator of the increasing sophistication and adaptability of women entrepreneurs in India.
The report also underscores the increasing role of women-led businesses in shaping a more inclusive, innovative, and prosperous economic landscape. By adopting strong financial practices, promoting workplace empathy, and leveraging technology, women entrepreneurs are not just growing their businesses but are also paving the way for future generations of female leaders.
In conclusion, the report paints a picture of a thriving and empowered community of women entrepreneurs in India who are shaping the future of business and society. Through their resilience, independence, and innovation, they are creating lasting impact and redefining what it means to be a leader in today’s world.
