What Women Entrepreneurs Can Do to Compete in the Market and Earn Lucrative Incomes?
Entrepreneurship not only supports the backbone of the country’s economy but also creates many lucrative jobs in the market. Initiatives such as Vocal for Local and Make in India have increased the participation of many individuals in becoming entrepreneurs. In addition to that, women have also emerged as a vital cog in the wheel to improving India’s business scenario.
According to IBEF, currently, India constitutes 20.37% of women who own and run MSMEs efficiently. Although the number seems less, looking at the challenges and barriers these women face, they are still leading towards a cultural revolution. But more entrepreneurial engagement is necessary for the women to strike a powerful impact and be self-sustainable. Necessary steps should be followed so that women entrepreneurs could compete in this thriving market.
Research is an inevitable part of any successful business, therefore the more they are engaged in finding the economic and newer methods of conducting business operations, the more they will generate quantifiable revenues.
No matter what specific niche an organization is catering to, for sustenance, they need to readily update themselves according to newer market trends while breaking the traditional barriers. Primarily, entrepreneurs are expected to know every detail about their industry.
Therefore, the best method to gather information is to read voraciously about the trending topics from industry publications. Women entrepreneurs can attend events and participate in training sessions that could impart their knowledge and ensure that they are abreast with the latest industry trends. In addition, being communicative with their customers can give an insight into the impact their businesses are creating in the community. Furthermore, women emerging as micro-entrepreneurs must keep a futuristic long-term mindset that could leverage their ability to think out of the box.
Understanding the power of technology
Incorporating newer technologies into the business can actually benefit women entrepreneurs for standing out in the market. For managing multiple operations simultaneously while allocating optimal resources, technology can play a significant role in leveraging the process. The power of the internet is known to us today as a connecting platform with the world. It has brought many rural homepreneurs on the radar and has created new markets for them. As we know, STEM (Science, Technology, Engineering and Mathematics) technologies like Artificial Intelligence, Machine Learning, Blockchain, and IoT (Internet of Things) are driving the current market. Industry experts believe that incorporating these technologies has actually helped businesses to reach out to a new market dimension. But the fact of the matter is that initially,fewer women participated in developing these technologies. Therefore a significant amount of time must be spent exploring these fields in order to incorporate them into their business to benefit from them.
Many small businesses fail because they are not discovered to the correct audience. Therefore, going digital for a small business is extremely vital for connecting with a diverse clientele and brand recognition online. Social media platforms are connecting every person with a smartphone in their hand.
Deloitte in a study forecasts that India will have 1 Billion smartphone users by 2026 and rural areas would be the main candidates for using internet-enabled smartphones. Therefore businesses operating in remote areas can also establish themselves as a brand on online marketplaces. In addition, women as industry leaders can use the power of social media to influence other deserving women to break their social barriers and enter the field of entrepreneurship. This can create a chain of formation of newer businesses and hence create new jobs for women in rural as well as urban areas.
Seeking assistance from established platforms
In order to scale up or initiate a new venture, pursuing assistance is necessary with established organizations, especially in rural areas where resources are limited. Among these platforms, community networks serve as a complete solution for these women entrepreneurs. They provide guidance and support in every manner possible such as market reach, networks, financial aid and training sessions to make these women women independent and business-ready. This is how they can improve their productivity and eventually increase their profits. Staying connected can assure a lot of opportunities in several domains and these women entrepreneurs can deliver their business offerings in the best possible ways. These established platforms know the challenges these women face and hence can devise strategies with solutions to make them stand on their feet.
Final Thoughts
Despite the gender gap in the entrepreneurship domain, women have proved that they have the potential to be equally competent. Women entrepreneurs only need an optimum opportunity to showcase their talents. As Mckinsey Global Institute forecasted that if women of India are given equal opportunities as men, they could support revenues up to $770 billion in the economy by the year 2025. In addition, Bain & Company also projects that women entrepreneurs can create 150-170 million jobs for the working-age population by 2030. Regardless of the size of the businesses whether micro or small, they support equally in taking the nation successfully forward. And to support the cause of nation-building, emerging women entrepreneurs can harness the power of the latest technological trends, community networks and digitization to generate lucrative incomes in the market.
