According to a recent GoDaddy survey, 37 per cent of women who own small businesses are the breadwinners for their family, indicating a dramatic change in India’s entrepreneurial scene. Given their tenacity, leadership, and commitment to India’s small business environment, this highlights the expanding economic power of women-led businesses.
In India, 27 per cent of small firms polled are women-owned, with 74 per cent of these kicking off only in the last five years. These figures demonstrate the increasing number of Indian women entrepreneurs and their resolve, particularly in light of the difficult economic environment created by the Covid-19 outbreak five years ago.
In addition to managing their own businesses, women entrepreneurs are succeeding with unflinching confidence. Their well-founded strength in the business world is demonstrated by the astounding 90 per cent of respondents who said they believed in their talents. Furthermore, 79 per cent of respondents believe AI will help their small business compete with bigger and more well-resourced firms in the upcoming year.
Indian women, for instance, claim to use AI products to save 12 hours a week. The time saved is equivalent to more than one working day every week, and it is used to plan the business’s future (46 per cent), learning new skills or honing existing ones (55 per cent), and coming up with creative ideas (63 per cent).
Women entrepreneurs continue to be resilient despite differing opinions about the state of the Indian economy, with only 38 per cent feeling extremely hopeful. 81 per cent women believe that their business will expand in the next three to five years.
These are more than just forecasts. In India, more than one-third (38 per cent) of women entrepreneurs are the main providers for their families. By establishing new jobs and providing for their families, these women boost local economies. According to the survey, women entrepreneurs like acquiring new skills to manage their firm (44 per cent), in addition to finding fulfilment in helping their families (52 per cent) and establishing their own source of income (58 per cent).
According to 79 per cent of respondents, entrepreneurship has improved women’s quality of life by providing them with the chance to follow their passions and a sense of empowerment. This indicates that entrepreneurship is becoming an increasingly important part of women’s lives.