Exemplary leadership skills, adaptability, and multitasking ability are the unique qualities of women entrepreneurs, who are now making a mark in every industry across the world. Having unique traits like gauging opportunities and taking risks when needed, women are creating a huge impact in both the profit and non-profit sectors across the globe.
With many enterprises and ventures being led by talented women, the startup ecosystem in India is booming. Nearly 4 out of 5 women in India desire to be entrepreneurs. But, on account of varied economic factors like gender bias, no investor confidence, and the non-availability of role models; many women are not fulfilling their start-up dream, despite being passionate about the same. How can this situation be improved? What is the role of existing successful women entrepreneurs in nurturing new talent? Do they lend them a helping hand?
Here are some unique ways through which successful business owners support other women to succeed:
1-on-1 Mentorship
Many accomplished business women are known to guide and advise young business owners in their respective domains. This is achieved either through collaborations, sponsoring or by acting as advisors within their capacity. Networks like Score in the USA and Kool Kanya or Her in India offer spaces for dialogue between the Veteran ladies and the newcomers to the field of entrepreneurship. And this dialogue can later lead to mentorship or training as the case may be.
Kiran Mazumdar Shaw, for instance, runs Biocon Academy to train young achievers in the field of Biotechnology. Through the YouTube channel of the academy, she hosts live sessions and answers any question posed by women who want to lead.
Such mentorship helps new business women to navigate various obstacles like gaining funding, understanding the market, developing leadership skills, acquiring the trust of investors, and other nuances of running a successful business.
Lending a helping hand takes different forms. Even an employer can act as a mentor to the employee, liberating the employee to take up leadership roles. And in this sphere, we need to recognize organizations that have an all-women staff. For example, in the startup sphere, there are organizations like My Style Communications, which try to encourage women from diverse backgrounds, with a passion for writing to join their organization.
Sharing Their Entrepreneurial Journey in Online and Offline Spaces
Prominent entrepreneurs of India such as Indira Nooyi – the former CEO of PepsiCo, Supriya Paul – Co-founder of Josh Talks, Jagi Manat Panda – Co-founder of Orel Communication, and others are known to have shared their stories in forums like Ted Talks, Social Media and books. Such stories prove to be very beneficial in inspiring young women of India to dawn on leadership roles. Many youngsters get influenced to become entrepreneurs at a very young age by either reading autobiographies or documentaries on prominent women business leaders.
Start-up incubation:
Successful business women not only mentor but also give back to the community by functioning as angel investors or venture capitalists. They also run entrepreneurial coaching programs, and the best-performing candidates are given grants to help them scale and achieve success.
Creation of Communities to facilitate a women-driven start-up ecosystem
Communities spearheaded by enterprising businesswomen act as another platform that fosters the growth of upcoming women entrepreneurs. There are many communities that are designed especially for women who are restarting their careers. Platforms like Meetups and LinkedIn can be leveraged to facilitate open dialogue and discussions between varied business women in different domains. Live chats, and guest speaker sessions at organizations and colleges by veteran business women help foster a strong community and knowledge-sharing space for those passionate to learn about being a business owner.
Internship Opportunity
Young women entrepreneurs, who want to grow in their field can benefit extensively if they intern with the veterans in the field. Internships are surefire ways of learning the tricks of the trade. By shadowing successful businesswomen, upcoming lady entrepreneurs can learn a lot.
Future of Indian Women in The Business Space
The future of business women in India is promising with a lot of prospects for the younger generation. Women are achieving milestones in varied fields like technology, STEM, finance, social impact, and others. Mentoring, gaining training or funding are a few of the key aspects through which young women who nurture a dream to succeed as an entrepreneur can benefit from the wisdom of experienced women in the domain.
Not only the profit sector but also the nonprofit sector has women taking up leadership roles. Working for impact is a rewarding field that many young women might aspire to be a part of. Also, there are many social entrepreneurs who offer the space to have open discussions on varied aspects which is a starting point for future mentorship and collaboration.
Since the role of women in every sector is important, their education is equally important. As they say, educate a woman and you educate a family; if you educate a woman entrepreneur the entire community will benefit.
