Women can Work Wonders with Right Mentoring Ecosystem and Access to Capital
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For millennia, women have been celebrated globally as icons of motherhood and as homemakers. That the United Nations is celebrating women entrepreneurs via Women's Entrepreneurship Day on November 19 is a telling comment about the changing times.
The day is being highlighted as a movement to empower, support and celebrate women in business across the world. Here are some bare facts about why this day was long overdue. Women apparently account for 85% of consumer buying, controlling some $20 trillion in global spending. Simultaneously, while women undertake 66% of the globe's work, they earn barely 10% of the worldwide income. There cannot be a greater global mockery of justice when it comes to working women.
What's Still the Dampener
Today, only 14% entrepreneurs are women and out of them 75% are in small scale, which is a real dampener. A study conducted by McKinsey stated that India could increase its GDP by 16% to 60% just by enabling women to participate in the economy on the same footing as men. We cannot have men-only factories while an ambitious 'Make in India' programme gets going. It is important to remember that manufacturing, in which China and Taiwan have made a mark, has an active participation by women.
How Right Mentoring Ecosystem and Right Team Help?
My personal journey started about 10 years ago; the idea was to bring out a change in the way workforce and HR spectrum is viewed from the service provider side. The dream was to build an organization that could scale up and add value to the industry. What fell in place was that I had the right mentoring ecosystem.
Next was the right team. Pankaj and I knew each other, sharing a common vision and much aligned fundamental values of being selfless, single minded focus.
We were a team of hustlers, who wanted to make things happen. Action was the primary driver and having a team really helped us kick off the business and take a journey to where it is today. This is what women entrepreneurs need to have to create scalable sustainable companies. We need to have a team with shared vision, be ready to share equity with an extended team.
More Trust in Ventures Started by Shepreneurs
This also gives you a very wide access to what men in the business would have: access to capital. Most of the businesses do not reach their full potential just because they didn't have the right capital. If you look around, companies these days are surviving beyond five years as there is an increased trust in ventures started by women entrepreneurs. Investors are keen on funding their ideas.
Women can do a lot more with right access to capital and mentoring ecosystem that can be a solid contribution to the economic growth in the country.
On a Positive Note
On the personal front, one need not be super at everything. It's the trying that kills the whole thing. Women have set high benchmarks for themselves and constantly chasing to live up to them. Failure is good, helps you step back and reassess what's important for you at that time. We have this life to live.
I have leveraged my family support system to the best. In India we are fortunate to have our family willingly to support. If you have an understanding spouse, you are blessed. There is nothing far assuring than someone who believes in you and supports your dream as his.