Gender inequality at work and other places has always been a highly debated subject. The fact that there are only 14% of businesses in India that are helmed by women is a culmination of this problem. We speak of how female homemakers in India manage each and every task at home seamlessly- so, is it not possible that the same group of women, when they get the right resources and opportunities, can manage an office with equal competence. A study by renowned thinktank McKinsey Global Institute indicated a potential increase in the GDP of India by 16% to 60% till 2025 if we could rope in more women into the workforce.
So, why do we not see as many women at top positions of businesses as it should be in the ideal scenario?
There are several underlying challenges faced by businesswomen in India. These challenges stand in the way of potential women entrepreneurs and have been acting as impediments for a long time. Listed below are the primary challenges faced by Indian businesswomen along with a few ways to tackle them:
Education is the stepping stone for success and without education, starting a business in today’s time is near impossible. Compared to the literacy rate of males in India that stands at 80%, only 65.46% is the female literacy rate (as per Census 2011). Girls are deprived of formal education and this stands in the way of women joining the workforce, despite business owners’ keenness to hire more women.
The solution to this challenge is educating girls by fighting all odds and organizing training sessions and workshops that will hone the skills and enhance employability of women.
Stereotyped Gender Roles
A lot of women in India are bound within traditional and outdated stereotypes that dictated them to stay within domestic boundaries and look after all domestic responsibilities like taking care of children and managing the home. The task of earning was assigned to the male members only. Such gender roles are gradually being redefined by equality but a major portion of working women find it difficult to strike balance between domestic and professional responsibilities. As a consequence of this, many businesswomen end up compromising with their professional lives.
An effective way to manage this challenge is by dividing the responsibilities at home with the spouse and other family members.
Lack of Financial Resources
The patriarchal Indian society advocates men to inherit all familial assets. There are women who do not have a bank account too.
Sufficient financial resources are needed to start a business venture and manage the expenses associated with running it. Collateral free business loans for women can be the right solution to this problem.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.