Author(s): Vijayalakshmi Iyengar
Purpose Women entrepreneurship in India has substantial scope to contribute to the Gross Domestic Product (GDP) of the country and women employment. The ratio of female compared to male entrepreneurs is observed to be low. In Micro Small and Medium Enterprises (MSMEs), the women entrepreneurs who are rich and affluent are able to progress substantially compared to those who lack education, awareness and economic support. Every year, the Government of India coins new tag lines focusing on woman power such as Nari Shakti, Beti Bachao Beti Padhao, Atma Nirbhar Bharat, Women led Development etc., in addition to launching special financial schemes to support their entrepreneurial initiatives. Despite these attempts, entrepreneurial initiatives undertaken by women, especially those belonging to weaker economic sections is low and less impactful. The objective of the present study is to investigate the reasons for slow growth in women entrepreneurial initiatives in the MSME sector in India, keeping policy perspectives in the backdrop. Methodology The present study is exploratory in nature conducted in six phases. Women entrepreneurs from diverse fields doing micro business have been included in the present study. Convenience sampling has been used. 20 MSME units have been covered and women entrepreneurs running them especially from non-affluent status have been selected. Responses were collected through open ended questions with broad focus on their socio-economic status, associated issues, and reasons for slow growth in their initiatives. Content Analysis was used to analyze the data. The governmental schemes and policies have been analyzed and the responses of the interviewees have been corroborated to bring out the results and conclusions. Findings Six themes emerged from the policy perspective at the end of the study- Policy asymmetry & overlap, Policy Unschooling, Policy shut down, Policy ambiguity, Policy network and Policy digitization. The study is relevant as women are an integral part of the development process of the country and despite a financial ecosystem to support them the impact on entrepreneurial initiatives is not so significant. Shifting the skill set, mind set and tool sets of the women entrepreneurs in India for growth in initiatives is new paradigm brought out in the present study. Paradigm shift from conventional training mechanisms to unconventional mechanisms in the areas of technology such as use of Apps, smart phones and laptops, training on life skills, management skills and industry competencies are areas where future training focus should be concentrated. Teaching life skills and technology solutions are crucial to success of ventures. Addressing the conflicting perceptions between lending and borrowing entities on issues relating to documentation adequacy, eligibility criteria, social and emotional considerations, remote access training, training to stay ahead of the information curve have emerged as criteria that influences the growth of women entrepreneurial initiatives. The inclusion of venture capitalists as financial, managerial and technical facilitators in coaching and hand holding women from conception to launch phase is a new line of thought as against conventional lenders. Research Limitations The limitation of the study is convenience sampling and conducted in the state of Maharashtra. This study can be extended to other states of the country to enhance the robustness of the study and if MSME data is adequately supported by credible data, across each state, on ministerial websites better insights can be obtained. Originality This work brings to fore the need for a transformed nature of training within system of women entrepreneurial ventures focusing on technology tools for providing training, developing skills, and access to information. All the dimensions of the policy factor that inhibits women initiatives have been analyzed in detail. Shifting the skill set, mind set and tool sets of the women entrepreneurs in India with the use of robust technology for growth in initiatives is a new paradigm and distinct contribution. Policy makers and administrators can develop new training models based on new technology tools like ChatGpt to illuminate the women. Teaching life skills and technology solutions are crucial to success of ventures. Women are not limiting themselves only due to funds crunch, they have exhibited the strong desire to be heard, understood and be emotionally facilitated with dignity. One stop hub-portal and its conceptual working model that networks women across states in the country and assists them in taking well informed decisions, based on information presented therein, is a unique contribution to literature. This proposed model could ease out the blocks inhibiting the growth of women entrepreneurial initiatives.