93% of women entrepreneurs exhibit strong financial discipline; 81% run businesses independently: NeoGrowth Study
Summary
· 70% of women business owners start businesses based on self-motivation and aspiration · 90% of women business owners see a positive shift in respect and societal acceptance because of their business ventures · 98% have positively impacted families, personal lives and the larger […]
· 70% of women business owners start businesses based on self-motivation and aspiration
· 90% of women business owners see a positive shift in respect and societal acceptance because of their business ventures
· 98% have positively impacted families, personal lives and the larger ecosystem by virtue of their businesses
· 81% run businesses independently and the rest take support from their family and spouses
· 64% of women business owners prioritise hiring female employees
The influence of women business owners extended far beyond business success as their ventures fostered personal empowerment, financial stability for families, and served as an inspiration to others in the community, revealed NeoGrowth’s latest NeoInsights study released today.
In a survey among over 3,000 women business owners; one of the largest such studies conducted so far – the 8th edition of NeoGrowth’s NeoInsights study, ‘The Entrepreneurial Spirit of Women Business Owners in India’, provided deep insights into such entrepreneurial journeys, and examined their motivations, challenges, and ambitions – while emphasizing on impact they were leaving at multiple levels.
Around 98% of the respondents said that they promote economic growth for themselves and their families by virtue of their businesses. Further, 61% reported that the standard of living had improved for their families, while an equally strong 54% reported enhanced confidence and financial self-reliance.
Women entrepreneurs also impacted their communities, with 67% having empowered other women towards financial independence, 50% having inspired employees to start their own ventures, and 47% were role models for young girls to pursue education.
NeoGrowth Managing Director & CEO Mr. Arun Nayyar said, “It is heartening to witness how women in India are exploring business ownership, and driving inclusive growth like never before. Women-led businesses are not just creating economic value but also redefining leadership by showcasing meticulous approach to business management, fostering workplace empathy, and driving a positive work culture.”
70% women business owners start businesses based on self motivation and aspiration
The entrepreneurial journey of Indian women business owners is largely self-driven, with 70% starting their businesses as an outcome of self-motivation and aspiration. The remaining respondents were encouraged by spouses and family members. This highlighted a strong shift towards opportunity-driven entrepreneurship as women were driven by their professional ambitions.
Women in India are increasingly viewing entrepreneurship as a path to empowerment and financial independence. Around 66% started their ventures based on career experience and ambition, or to achieve financial independence, and a strong sense of purpose. In contrast, only 22% started out of financial necessity, while 12% took over existing family businesses.
90% of women business owners see a positive shift in respect and societal acceptance because of their business ventures
Women business owners are increasingly being recognised and respected. Around 83% reported feeling appreciated and valued for their entrepreneurial endeavours. Cities such as Kolkata (96%), Hyderabad (94%), and Ahmedabad (90%) lead in fostering an encouraging environment for women-led businesses.
81% of women entrepreneurs run businesses independently
The majority of respondents (81%) run their businesses independently and the rest also take support from their family and spouses. This trend of running business independently is particularly evident among experienced business owners over 40 years of age, who have built confidence over time. Meanwhile, those in the age-group of 21-30 years, relied more on peer networks and family support for business growth. Besides this, 72% of entrepreneurs take critical business decisions independently, while others preferred taking collaborative decisions with family and colleagues.
93% women entrepreneurs demonstrate keen financial awareness and discipline
Women business owners believed that financial discipline was a key pillar for success with 93% respondents actively managing their finances. Women business owners believed in taking proactive steps to manage finances (timely EMI payment, avoiding multiple loans), meticulous record-keeping, informed decision-making and regularly monitoring credit score.
Women Business Owners Overcoming Challenges and Marching Ahead
90% women business owners are adopting technology for future business growth
One of the key enablers for women business owners is technology adoption, this is assisting them in marching ahead in their ventures despite the hurdles. Nearly all respondents indicated that they are integrating new technology for future business growth. These included adopting digital solutions for enhancing business visibility, customer engagement, order fulfilment, productivity, cost optimisation, and payments.
NeoGrowth, as a new-age lender with a focus on Micro, Small, and Medium Enterprises (MSMEs), is deeply engaged in strengthening entrepreneurship among women by lending to them in various capacities, thereby unlocking a multiplier effect that benefits not just businesses, but entire communities.
You can read the full report here: https://www.neogrowth.in/neoinsights/