However, younger entrepreneurs, particularly those in the 21-30 age group, tend to seek support from their families or peer networks as they grow their businesses
Image for representational purpose only. Photo Courtesy: istock
About 93 per cent of women entrepreneurs exhibit a strong financial discipline, actively managing their finances, keeping meticulous records, and ensuring timely payments, a new report said on Wednesday.
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Women entrepreneurs believe that financial awareness and smart decision-making are vital to the success of their businesses. According to the report by NeoGrowth, 81 per cent of women business owners operate independently, without relying on others. This trend is especially prominent among those over 40 years of age, who have built confidence over time.
However, younger entrepreneurs, particularly those in the 21-30 age group, tend to seek support from their families or peer networks as they grow their businesses.
Nearly 70 per cent of women started their businesses out of self-motivation and aspiration, rather than financial necessity. Only 22 per cent began their ventures due to financial challenges, while 12 per cent took over family businesses.
Women entrepreneurs are not only transforming their businesses but also positively impacting their families, communities, and the economy at large, the report said. An impressive 98 per cent of women business owners said their businesses have positively influenced their families, with 61 per cent reporting an improved standard of living and 54 per cent gaining more confidence and financial independence.
These businesses are also making a broader societal impact. Many women entrepreneurs have empowered other women towards financial independence, inspired their employees to start their own ventures, and served as role models for young girls to pursue education.
“It is heartening to witness how women in India are exploring business ownership, and driving inclusive growth like never before,” said NeoGrowth Managing Director & CEO Arun Nayyar.
He added that the women-led businesses are not just creating economic value but also redefining leadership by showcasing a meticulous approach to business management, fostering workplace empathy, and driving a positive work culture.
Women entrepreneurs are also increasingly gaining respect and recognition in society. About 90 per cent of them reported seeing a positive shift in how society perceives them because of their businesses.
Cities like Kolkata, Hyderabad, and Ahmedabad are particularly noted for fostering an environment of respect and encouragement for women-led businesses, said the report that surveyed 3,000 women across the country.
Nearly all the women surveyed also reported integrating new technology into their businesses to enhance customer engagement, improve productivity, and optimise costs.
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