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. 

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 emphasising on the impact they were making at multiple levels.

Around 98 per cent of the respondents said that they promote economic growth for themselves and their families by virtue of their businesses. Further, 61 per cent reported that the standard of living had improved for their families, while an equally strong 54 per cent reported enhanced confidence and financial self-reliance. 

Women entrepreneurs also impacted their communities, with 67 per cent having empowered other women towards financial independence, 50 per cent having inspired employees to start their own ventures, and 47 per cent were role models for young girls to pursue education. 

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“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,” Arun Nayyar Managing Director & CEO, Neogrowth, a new-age lender (NBFC) focused on Micro, Small, and Medium Enterprises (MSMEs).

The Survey showed that entrepreneurial journey of Indian women business owners is largely self-driven, with 70 per cent 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 per cent started their ventures based on career experience and ambition, or to achieve financial independence, and a strong sense of purpose. In contrast, only 22 per cent started out of financial necessity, while 12 per cent took over existing family businesses. 

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The majority of respondents (81 per cent) 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 per cent of entrepreneurs take critical business decisions independently, while others preferred taking collaborative decisions with family and colleagues.

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.