Millennial women entrepreneurs are slowly transforming economies and communities. With more and more women entrepreneurs joining India Inc., the business landscape is changing manifold, we as a nation are striving for greater inclusivity and diversity.
The last few decades have seen positive changes in terms of opportunities for, and representations of, women in the business world. Whether it’s creating designs in the interior design spaces, creating a marketplace for beauty products, developing a brand for Indian made chocolates, or creating a perfume that matches international standards, none of this would have happened without courageous women willing to challenge the status quo.
Millennial women are breaking the mould when it comes to moving away from traditionally painted roles and addressing issues with a strong focus on empowerment of women. “Generations of women have been fighting for their rights and millennial women have furthered that change when it was at the precipice. As more and more women joined the workplace and got a seat at the table, many more women were encouraged to chase their dreams. Millennial women not only brought the focus back to women’s issues like health, education or basic human rights but they also worked as a catalyst to drive a change towards gender equality in the workplace" says Anika Parashar, Founder and CEO, The Woman’s Company.
Through increased representation, perseverance, innovation and collaboration, women entrepreneurs are transforming the way the world and society treat women and address their dreams.
The growth rate of female entrepreneurship was the highest during the pandemic years namely, 2020 and 2021. According to LinkedIn data, published in the World Economic Forum’s 2022 Global Gender Gap report, the share of women founders grew 2.68 times between 2016 and 2021. “Women all over the world are emerging as leaders, and are handling business and home grown brands like a boss. Despite the boundaries created by the world, they found a way to chase their dream and play the game by their own rules. Post-pandemic saw lots and lots of millennial women at the helm of start-ups, they got recognition through social media," says Aatika Manzar, founder and director, Aatika Manzar Designs.
A monumental change
Today’s early-stage entrepreneurs are competent and are eager to learn. In India, the majority of women who are emerging as entrepreneurs have definitely changed the way businesses were thought of earlier.
Today, women entrepreneurs are breaking down the barriers for other women to seize opportunities and become entrepreneurs at an early stage. “Be it developing new products and services to impacting the lives of millions of people or ultimately helping in economic development. These early-stage women entrepreneurs have the capability to influence and inspire future generations. They ensure capacity building, sharing of knowledge, and the ability to undertake calculated risks to expand their businesses as well," believes Deepika Sethi, Brand Head, OMO & AMPM, Wild and Raw, Ngarum.
Thinking out of the box
For Anshi Saxena, Co-Founder, Colocal, it was the fact that Indians only consumed chocolate from other countries that made her research about Indian grown cacao beans. “We never knew that we were growing cacao beans too. We took cacao beans from farms in Kerala, believed in it, turned it into a world class product that brought the world’s attention to Indian origin chocolate," says Saxena.
Their work style is more accommodating, and they understand the value of having good mental health and how it can affect productivity. “We are sensitive to our team members, and care for them. In turn, our team members give work their best energies, intentions and efforts," adds Saxena. As millennials they understand the importance of social media and technology. “We don’t just make chocolate; we also talk about it in the Internet."
Sustainability is key
The business world has seen revolutionary changes in the last decade, with a new generation of enthusiastic, driven entrepreneurs who prioritise sustainability, diversity and social responsibility alongside profits and sales. Among young, budding entrepreneurs, the number of young women heading and running their own businesses seems to have grown by leaps and bounds in the last 2 decades. Women entrepreneurs value authenticity and their personal values above everything else, thus making them powerhouses that are disrupting the otherwise male-dominant field of business.
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Dimple Fouzdar, the founder of India’s leading niche perfumery, Maison de Fouzdar, and an avid perfume enthusiast firmly believes in following one’s passions and turning a hobby into a profession. Fouzdar says, “While ‘breaking the glass ceiling’ is not as difficult today as it would’ve been a few decades ago, women are still apprehensive about starting their own businesses and following their dreams. I strongly feel millennial women have what it takes to start their own businesses and come out on top in the business world."
Young women entrepreneurs aim to introduce brands that are sustainable, organic and improve society in every possible way. Some of the popular brands that solve society and women’s problems are run by strong women founders. “What makes these women founders different is their determination and passion for achieving what they aim for. In today’s time, women founders are not just conscious and only active about their brand. Their priority even lies in their team’s personal and professional benefits and various other benefits that support the team’s mental and physical health," believes Paridhi Goel, Co-Founder, Love earth.
Women entrepreneurs are enabling and empowering the ecosystem required for the independence of women and using the entrepreneurial spirit to contribute towards developing their self-worth, improve their financial setting, and extending social support.
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