In 2014, Wendy Diamond, a social entrepreneur, started a movement that sought to empower women and alleviate poverty. Today, the transformational movement – celebrated on 19th November under the banner Women’s Entrepreneurship Day – empowers women leaders, innovators, and entrepreneurs to create a new world order and challenge age-old norms.
Women business owners are influencing the economy in a big way. We have a lot of success stories to our credit.
And, that’s a great start.
But is it enough?
Uncertain twists and turns in the last two years have made it imperative for entrepreneurs to be highly alert, resilient, and adaptable – traits that are inherent in women. As markets gradually return to normality, it is crucial to acknowledge the potential women bring to the table as powerhouses of remarkable skills and talents.
Evidently, encouraging business ownership and labour force participation among women can contribute significantly to economic advancement. Interestingly, women perform 66% of the world’s work, yet only earn 10% of the world’s income[1]. Moreover, women are paid about 20% less than men[2] – even today. Gender discrimination largely contributes to the reason why gender pay gap prevails. Individual characteristics such as education, skills or experience, working time etc are some of the other factors too.
It’s time we joined forces and did more to drive change.
Six focus areas that are a great start for the aspiring entrepreneurs amongst us;
- Be independent: Nothing beats being self-reliant financially. Test your earning potential and become confident enough to face any kind of adversity life brings your way.
- Be passionate: Believe in the beauty of your dreams. Learn how to emphasize and showcase your innovation to potential clients in the most compelling way possible.
- Network: In the day and age of social media, professional networking and building connections are easier than ever! It has also become almost imperative to get a leg up in the entrepreneurial space.
- Skill development: Continuous development and improvement of skills is essential for growth as an entrepreneur. The learning must never stop!
- Financial Literacy: It is not only about earning money but also the proper use of financial resources. Equip yourself with skills in financial management, budgeting and investing in order to make informed decisions regarding the use of financial resources.
- Seek support: Multitasking may be a great way to accomplish multiple tasks at a time. However, it may affect your focus, quality of work and also lead to fatigue. Delegate work, employ support staff wherever required so you can be more organised, have effective time management and attain work-life balance.
Women entrepreneurs make up one-third of all entrepreneurs globally.[3] The more we take the leap and chase our ambitions, the more we inspire others like us to follow. Unlocking entrepreneurship among women unleashes their potential to generate transformational employment opportunities.
Let us pledge to build more equal and resilient ecosystems that value innovation over everything else.
Author
Jaya Vaidhyanathan
CEO, BCT DigitalJaya Vaidhyanathan is an independent Director on several Boards and is focused on bringing in the best global corporate governance principles to India. Her work has found coverage in top news websites like The Hindu and The Times of India. Recently, she pioneered award-winning Early Warning Systems for Indian banks, which have found acclaim in the industry and among counterparts.
