Women Entrepreneurs: Key to Accelerating Economic Growth

Abstract

Background: The concept of women entrepreneurs has been on the upswing in India. Encouragement of women entrepreneurs is critical for economic growth since their participation has a direct impact on raising living standards, job creation, and social independence, all of which lead to better community results. In the face of adversity, women entrepreneurs around the world have demonstrated adaptability and resilience to drive economic recovery. Therefore, the present study aimed to identify the factors that influence women towards entrepreneurship in the last five years and to explore the challenges faced by women in their entrepreneurial growth journey.

Purpose: The objective of the present study is to identify the factors that influence women towards entrepreneurship and to explore the major challenges faced by women in their entrepreneurial growth journey. It also tends to understand their role in economic growth.

Methods: This qualitative study was conducted among women-owned business ventures in India. The data were collected through semi-structured interviews with eight women entrepreneurs who were selected by purposive sampling. Data analysis was done through thematic analysis.

Results: Data analysis resulted in the identification of the following seven main themes that affected women's entrepreneurship: education, digitalization, mentoring, social and family support, government initiatives, financial decision-making, and social dynamics. The study also identifies the six major challenges faced by women during their entrepreneurial journey; these are scalability, access to mentorship, use of technology, access to the capital seed stage, challenges in legal compliances, and clashes of priorities between personal and professional responsibilities.

Conclusion: The study explores the factors that lead to the growth of women-owned business ventures and its impact on women's empowerment. The study also suggests that women's entrepreneurship can be achieved through digital and business education, training, and skill enhancement programs that help them adapt to changing environments and manage multifaceted roles. Government initiatives play an important role in providing economic support and helping them raise their social status.

  • Page Number : 75-83

  • Published Date : 2022-10-30

  • Keywords
    Women owned business ventures, Challenges, Opportunities, Qualitative thematic analysis, Women entrepreneurship

  • DOI Number
    10.15415/jtmge.2022.132004

  • Authors
    Ruchika Jeswal and Nidhi Gupta

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