Driving trends in female entrepreneurship
From being the anchors of the home and family to becoming major creators of wealth, they have completely changed the perennial perception
Women have always created wonders when they have taken charge – and we have plenty of examples to prove it. This has not only led to significant business and economic growth in the country, but has also helped inspire the next generation of female entrepreneurs.
From being the anchors of home and family to becoming major creators of wealth, they have completely changed the perennial perception that women should be confined to household chores. Obviously, today we have several professional women who have changed careers from HR executives, doctors, bankers, technicians, consultants, etc., to certified fitness trainers and entrepreneurs.
Here are some factors that have contributed to the expansion of female entrepreneurship in India –
1. Digital launch bar
Many brands in the market have arrived, conquered and changed the face of the respective market by simply starting with online channels like websites, Instagram. This not only saves the time and hassle of physical setups and approvals, but also increases audience reach faster with social ads and targeting.
2. Global reach through remote work setups
The pandemic has given rise not only to various business ideas, but also to a remote working culture. Many women-led businesses emerged during this time from home and they continue to run the business even through the hybrid model. It is not only an effective way to save on infrastructure expenses, but also an ideal way to reallocate budget to digitization and reach potential customers worldwide. This also ensures a bulletproof way to run the business without any hassle for any upcoming pandemic situation.
3. Local location
Women have always been versatile. They can implement best practices and learnings from one sphere of their life and can implement them for improvement in other spheres. The women at the head of great houses have been inspired by their personal lives and their respective backgrounds. We never imagined that something that always comes from the kitchen like an Ubtan could become a successful product and become a brand in its own right. From Zivame, Thrillophilia, Babychakra, to Fixderma, the success of these brands has given rise to the trend of home inspirations.
4. First approaches of influencers
Just as female entrepreneurs draw inspiration from their lives and surroundings, they also believe in reaching the right target audience and communicating with them through more relevant voices than directly vouching for celebrity endorsements. Brands have become familiar with Influencer campaigns and communications from launch to sale.
They are not only more relevant, but also more personalized and regional, which not only makes the communication and the product proposition more impactful, but also more credible.
5. Independent expertise
Older styles of freelancing were once limited to certain industries, but in today’s world of digital communication and new office models, almost anyone can become a freelancer in any industry. This not only removed the hassle and burden of managing funds and resources for full-time employees, but also changed the dynamics of last-minute availability. There are several websites where an entrepreneur can log on and hire freelancers based not only on urgency and budget but also on experience. This helps businesses run more efficiently and profitably.
6. Embracing Omni Channel Presence
As mentioned earlier, the pandemic has amplified digitization. It changed the buying pattern of customers. More and more customers now depend on the Internet for purchase and services. The way media and content are consumed has changed. Today, digital content has the ability to make or break a business. So, regardless of business sector, entrepreneurs have embraced and mandated themselves to be phygitally present to ensure sustainable business reach, connection and growth.