Keywords

Women Entrepreneurship, Environmental Motivation, Sustainable Development, Economic Development, Innovative potential.

Introduction

Women's roles are crucial to any country's economic growth. The goal of this article is to investigate and recognise the significance of business women in the creation of a sustainable economy in India, as well as how their skills may be used to accomplish this goal. The questionnaire was used as a survey tool in a descriptive study technique to highlight the relevance of Women entrepreneurs in promoting sustainable economic, social, and environmental practises. While women entrepreneurs in India naturally include environmental issues into their operations, the report states that economic and social considerations must also be considered for Women entrepreneurs to contribute to national economic success. Given the favourable impact of women on India's economy and prosperity, the article concludes that it is critical to encourage socially, economically, and environmentally sustainable business practises. This study focuses on the inventive impulses of environmentally motivated Women entrepreneurs for sustainable development.

Women constitute around half of India's population yet account for only one-third of the labour force. Increases in social indicators such as Women presence in Fortune 500 businesses, which is predicted to rise from 18% in 2009 to 41% by 2020, have been seen. Women's ability to multitask has been proved on numerous occasions, most notably during the COVID-19 pandemic. Despite increased Women labor-force participation in the West, women in India have yet to reach their full potential. This notion is supported by the hurdles that women experience in outperforming their male counterparts in the business world. According to the Sixth Economic Census, women hold only about 15% of all firms. According to the World Economic Forum's Global Gender Gap Report 2021, Women labour force participation at the managerial level is a dismal 27 percent. One of the primary reasons for India's low rate of Women entrepreneurship and labour force involvement is the persistent gender gap produced by socioeconomic barriers from society, particularly lending institutions.

According to an IFC study titled "Financial Inclusion of Women-owned MSMEs," lending institutions turned down 19% of Women businesses compared to 8% of male entrepreneurs. Gender stereotypes and negative behavioural attitudes in financial institutions, along with deeply ingrained patriarchal views, are a chronic impediment. 79% of Women-owned businesses are self-sufficient. As a result, practically all Women-owned businesses must operate on a small scale, preventing growth and expansion. Women entrepreneurs' problems are amplified by the responsibility of being "good homemakers" and performing the majority of household duties. According to Forbes, women are more likely than men to take time from work as first-time parents, with 54% opting for a maternity leave. Women are also more likely than men to be forced to abandon their official jobs to care for family members. Women are discouraged from investing and managing their incomes, assets, and even their retirement accounts. According to a McKinsey analysis, strengthening women's economic standing can contribute to overall women empowerment; however, excellent gender-based efforts and the contributions of women entrepreneurs can add $0.7 trillion to India's GDP by 2025.

Theoretical Background

Bridging the Information Gap among Rural-Women Entrepreneurs

Only 11% of women entrepreneurs questioned as part of the Edel Give Foundation's Landscape Study were aware of government schemes and benefits to which they were entitled. Only 1% of the remaining Women entrepreneurs asked stated they had ever sought government assistance. When asked why such low numbers exist, the main issue was identified as a lack of information, which impacted their ability to start businesses and contribute to their personal life as well as the economy. As a result, while programmes such as the Pradhan Mantri Mudra Yojana, the Udyogini Scheme, the Cent Kalyani Scheme, the Annapurna Scheme, and state-specific schemes and programmes exist, access to such programmes through information generation is required to build strong ecosystems for women entrepreneurs. The 2019-21 National Family Health Survey (NFHS) substantiated the increase in Women banking service usage in India. In rural women, 77.4 percent had a bank or savings account, up from 48.5 percent in 2015-16 and 10.7 percent in 2005-06. Sensitising banks and other institutions, on the other hand, is a reasonable next step in building an environment that is hospitable to Women entrepreneurs. Instilling good behavioural attitudes towards women's access to money is a sure-fire solution that will increase Women entrepreneurs' social standing.

Alternative products and credit scoring based on gender

Women entrepreneurs are usually disadvantaged when standard grading matrices are used. Because inheritance regulations exclude women, they are unable to hold property in their names, have necessary documentation, and hence lack collateral security to qualify for financial aid. As a result of the Fin Tech revolution, India is on the verge of providing superior collateral-free financial products for women entrepreneurs. Microloans benefit women by giving them the confidence to start their own enterprises. Microloans can be a lifeline for low-income women seeking financial independence and business skills. They have shown to be a valuable financial instrument for developing countries, as well as a means of encouraging women's entrepreneurship.

Financial and Digital Literacy

To encourage women to take on leadership roles and support company growth, young girls must be taught financial and digital literacy. Women's financial and digital literacy can increase their contact with corporate finances and their confidence in their ability to manage them. Taking on leadership duties, according to the Landscape Study, enabled more than half of women (65%) to improve their technical and financial management skills. Upskilling enhanced customer relationship and communication for nearly 3/4 of Women firms. This enables them to assess and predict future trends in virtual business growth, as well as gain access to a bigger consumer base. A successful corporate and non-profit project can significantly improve women's financial and digital literacy. In India, several organisations are investing in women and encouraging them to become leaders. Amazon Saheli is an Indian association that promotes products made in India by Women entrepreneurs. Google has also launched the Google Saathi programme, which aims to educate rural women in 30,000 communities across India. In addition, P&G India has committed to sourcing $30 million from Indian women-owned businesses over the next three years. Such initiatives will not only help to close the gender gap in economic involvement, but will also inspire the next generation of Women entrepreneurs.

Integrating Education and Entrepreneurship

Entrepreneurship is about ideas and instincts as much as it is about schooling. While family companies provide an atmosphere in which the next generation can learn firsthand, including entrepreneurship into formal schooling at an early age is crucial. According to the National Education Policy 2020, the ultimate goal of the country's entrepreneurial drive is to combine vocational training into academics. This is especially crucial for Indian women who, for a number of reasons, have never regarded entrepreneurship as a career option. Women entrepreneurs excel in establishing and maintaining long-term relationships, which is critical for business growth. According to the Landscape Study, more than 80% of Women entrepreneurs' client base cited the owner's behaviour as a motivator for future visits and recommendations, and long-term relationships were also essential. This highlights the capacity of Women entrepreneurs to handle clients without official training or schooling. Furthermore, firms that assist Women entrepreneurs become more reflective of their customer base and obtain a better grasp of consumer preferences: women account for more than 80% of all purchasing decisions globally. Emancipating women for leadership positions serves society as a whole and helps to close the gender gap in power and prestige. According to the Landscape Study, women entrepreneurs want to invest in their children's education and increase the social status of their family. Women entrepreneurs may contribute equally to the Indian economy and contribute to the creation of an egalitarian society provided they are given the necessary tools as well as access to knowledge, education, and confidence through literacy. As a result, these constraints are critical for Indian women entrepreneurs to achieve real self-sufficiency. According to the United Nations (World Population Prospects 2019,) women make up 48.04 percent of India's population but only 19.9 percent of the workforce. While India has achieved great strides since its freedom, women's economic and entrepreneurial potential remains untapped. A multitude of institutional and societal barriers prevent women from making meaningful contributions to the economy, resulting in gender imbalance in the labour force. Women face a number of obstacles in India, including a lack of financial support, biases, bad working conditions, and the present gender wage disparity. According to research, eliminating the gender gap may increase India's GDP by 6.8 percent. Furthermore, it is widely acknowledged that a diverse workforce fosters creativity and innovation by resulting in unique solutions based on multiple views. Let's take a look at how the following changes will usher in a new era of Women labor force participation.

Changing People's Attitudes toward Entrepreneurship

While India is still a long way from achieving gender equality at work, there has been a recent surge in the number of Women entrepreneurs. This is because women in India are getting more optimistic about starting their own businesses. Women role models are more prevalent in industries such as health care, banking, entertainment, and fashion. In their pursuit of self-sufficiency, these Women entrepreneurs have paved the way for others to follow. Additionally, improved access to education, infrastructure, and awareness are all contributing to an increase in Women entrepreneurs.

Framework of Assistance

In order to be successful in the long run, women entrepreneurs require a variety of support mechanisms. Providing Women entrepreneurs with access to technology may enable and empower them in this digital age. Many government initiatives, such as the Annapurna Scheme, the Mudra Yojana Scheme, the Dena Shakti Scheme, and TREAD (Trade-Related Entrepreneurship Assistance and Development), have helped women entrepreneurs achieve financial independence. The actions and policies of Start-up India have contributed in the development of the country's women entrepreneur ecosystem.

Role of corporate and banks

An entrepreneur's ability to obtain financing for his or her business might spell the difference between success and failure. Many organisations and banks establish programmes to help Women entrepreneurs achieve their financial obligations. Among the notable schemes are the Bharatiya Mahila Bank Business Loan, Dena Shakti Scheme, Cent Kalyani Scheme, Orient Mahila Vikas Yojana Scheme, and Mahila Udyam Nidhi Scheme. Corporates must create an environment where women have equal opportunity for promotion and leadership.

Digital empowerment

The present trend for remote working has helped to close the gender gap in the workplace. It empowers Women employees and entrepreneurs to make their own decisions while also supporting their families. Working remotely allows women to overcome geographical barriers as well as gender parity issues. They now have the flexibility and freedom to operate on their own terms. This means that women are no longer forced to leave the workforce or accept lower pay than their male counterparts. They can take on senior and eventually leadership positions in the organisation more effectively. Women are recognised as being superior to males in multitasking, teamwork, and risk-taking. The new normal has the potential to foster the development of Women businesses.

Actualities on the Ground

While many Indian women are climbing the corporate ladder, a growing number are embracing entrepreneurial options. There is a lack of information and resources to assist women in their transition to future corporate leaders, such as training and mentoring, safety and family support, and skill-based and financial infrastructure. While the government and corporations are taking steps, much more work remains to be done. Corporates, institutions, and other women-focused organisations must work together to build a system that encourages and supports Women entrepreneurs. With the right training, advice, and tools, Women entrepreneurs can realise their full potential.

Literature Review

According to Verheul et al. (2006), the rise of Women entrepreneurs is a key driver of economic success. Women business owners are more prominent and powerful than ever before. Most self-employed women in industrialised nations, according to McClelland et al. (2005), are capable of owning and managing up to one-third of all enterprises. Cooper and Dunkelberg (1986) conducted another study that compared managers and entrepreneurs based on their family history, professional routes, attitudes, and motives. Environmental factors, according to Kent et al. (1982), are good indicators of whether someone will become an entrepreneur or manager. Demographic factors, formal schooling, postsecondary education, extracurricular activities, and adolescent experiences were all taken into account. Shapero and Sokol (1982) define it as the interaction between an individual and his socioeconomic environment. One's decision to become an entrepreneur is influenced by mentors from one's family, friends, and past employment. Family considerations, time constraints, and a lack of role models, according to Ronstadt (1984), are among the factors that may lead to becoming an entrepreneur. According to a study conducted by Joanne Wilkens (1987), one of the most important motivators for individuals to establish their own businesses is a family business tradition. Personality, as well as environment, are linked to good business judgements Crant (1993). A desire to become an entrepreneur has been connected to achievement, initiative, independence, risk-taking, hard effort, and self-confidence Anamika and Mathur (1984). Entrepreneurs and managers, according to Welsch and Young (1982), have a diverse set of personality traits and information sources. Personal characteristics have also been revealed to be intrinsic components separate from a person's innate aptitude to follow any meaningful vocation. The majority of Women entrepreneurs create enterprises to satisfy personality desires such as power, achievement, and unique experiences (Mohiuddin, 1983). Various factors that promote entrepreneurial intent can be studied (Hanifa et al, 2011; Barba & Carlos, 2012). The majority of researchers discovered that pull factors such as job dissatisfaction or disappointment, boredom in previous jobs, and family instability, combined with push factors such as independence, autonomy, and family security, appear to be the primary motivators for women to start their own businesses (Shapero and Sokol, 1982; Hisrich and Brush, 1986; Sexton and Vesper, 1982; Buttner & Moore, 1997; Hanifa, Yusuf, and Imad, 2011; Zisser, M. R., Johnson, S. L., Freeman, M. A., & Staudenmaier, P. J. (2019) The purpose of the study by Runco, M. A., & Kim, D. (2020) is to investigate how Women entrepreneurs sell their businesses through social media and chat apps. This research is a unique effort to obtain a thorough understanding of modern communication tools. It focuses on the integrative strategies employed by immigrant women-owned businesses on Facebook and WhatsApp. Based on 54 publications, this meta-analysis divided the essential components that drive online impulsive buying into the website, marketing, and affective stimuli. Suárez, E., Hernández, B., Gil-Giménez, D., & Corral-Verdugo, V. (2020), The goal of Gyimah, K. N., Owiredu, A., & Antwi, F. (2020) research is to better understand frugal behaviour and to investigate how people's awareness of the implications of consumer behaviour, materialism, and thinking about the future consequences of their behaviour influences the underlying habit. this study was to investigate the impact of entrepreneurial attributes on the success of small and medium-sized businesses (SMEs). The article identified company success variables precisely by using financial and growth performance as indicators, and it then analysed the relationship between the big five characteristics of entrepreneurial skills and business success. Zafar, D., Khan, S., & Khan, M. I. (2022), investigated the impact of various approaches and viewpoints on entrepreneurial behaviour. Entrepreneurs are essential in today's competitive business environment because they stay current on technical breakthroughs that aid in the expansion of their businesses. Achuthan, K., Nair, V. K., Kowalski, R., Ramanathan, S., & Raman, R. (2023) investigated the psychological impact of SDGs, prior exposure to violence, inequality and gender biases, lack of awareness and the need for education, and social support, as well as their implications for sustainable development. Jose & Joaqui. Loan, N. T., Brahmi, M., Nuong, L. T., & Binh, L. T (2023) researched to look into the relationship between qualities and commercial success of women-owned small and medium enterprises (SMEs) in Vietnam, with a focus on entrepreneurial traits including inventiveness, risk-taking, and proactiveness. Nuel, O. I. E., Peace, N. N., & Ifechi, A. N. (2023), examines how knowledge management impacts company performance in a sample of manufacturing SMEs in Southeast Nigeria. According to the study, SMEs that acquire new knowledge are more likely to please their customers than those that acquire outdated knowledge, and those who share knowledge with their staff are more likely to gain a bigger market share than those that do not share knowledge with their employees. Gega, H (2023) emphasises on the delicate connection between narrative persuasion, storytelling characteristics, pro-environmental understanding, and risk perception. Through a review of relevant literature and theoretical frameworks, this study proposes to thoroughly examine the role of narrative messaging and storytelling tactics in fostering sustainable behaviour by supporting and engaging in pro-environmental efforts. Goals, personality, and contextual factors can all influence women's decision to become entrepreneurs, according to the studies described above. So far, entrepreneurship studies have looked at these characteristics one at a time, but none have looked at all three at the same time to analyse the motivation to start a business. As a result, an empirical study that incorporates all of these features is meant to provide a fresh look at the subject of entrepreneurship. More intriguingly, this study attempted to differentiate Women entrepreneurs from non-entrepreneurs by looking at motivation, personality, and contextual characteristics. The insights will help identify what is missing among Women non-entrepreneurs. Finally, the findings will help to establish relevant courses and training to encourage women to participate in active entrepreneurship.

Research Gap

According to the research, goals, personality, and environmental factors can all influence women's decision to become entrepreneurs? So far, entrepreneurship studies have looked at these factors one at a time, but none have looked at all three at once to investigate the desire to start a business. As a result, an empirical study that incorporates all of these factors is expected to provide a fresh insight into the field of entrepreneurship. Furthermore, the purpose of this study was to differentiate between motivation, personality, and contextual variables in Women entrepreneurs. The data will help determine what Women businesses are lacking. Finally, the findings will help to establish relevant courses and training for active entrepreneurship.

Research Objectives

The article has been worked and displayed with the aim of fulfilling the following objectives

• To assess the impact of motivational factors on Women entrepreneurs' business performance

• To investigate the impact of environmental factors on Women entrepreneurs' firm success

• To determine the impact of personality traits on the business performance of Women entrepreneurs Figure 1.

Figure 1 Conceptual Framework

Methodology and Analysis

A self-administered questionnaire survey was utilised to collect primary data. Because the samples in this study were geographically spread, this method was used. Three main components were employed to answer the research questions: (1) environmental influences, (2) personality qualities, and (3) motivators. There is also a section on the questionnaire collecting demographic information. Three hundred and fifty questionnaire were delivered to qualified Women entrepreneurs. SPSS analysis package was used to analyse the data. A basic percentage technique is utilised for demographic data (Age, Educational Qualification, Monthly Income, and Area of Residency). ANOVA, and Correlation tools were used to prove the research questions. The analytical presentations and results are provided below Table 1.

H₀₁: There is no significant difference between the Monthly income of the respondents and the Environmental factors respondents

The table above illustrates the monthly income of the respondents as well as environmental elements such as psychological support, environmental benefit, past job conditions, financial position, and competence. All of the components have p values less than 0.05, except for the null hypothesis. The hypothesis is rejected, meaning that it is significant.

H₀₂: There is no significant difference between the Age of the respondents and the Motivational Factor respondents

The respondents' ages are listed in the table 2 above, and their motivators are Entrepreneurial core, Work core, Social Core, Individual Core, and Economic Core. The null Hypothesis is rejected since all of the components have p values less than 0.05, indicating that they are significant in nature.

H₀₃: There is no significant difference between the Age of the respondents and the Personality Factor respondents

The respondents' ages are listed in the table 3 above, and their personality traits include dominance, rule-consciousness, social boldness, self-reliance, openness to change, liberties, perfectionism, apprehension, sensitivity, and privateness. The residual factors are bigger than the 0.05 significance level. Emotional stability, social boldness, self-reliance, openness to change, and rule adherence all had p values less than 0.05, indicating that the variables are significant.

The age of the table 4 above respondents and the environmental factors of the respondents are mentioned in the above table correlation. The factors are Psychological Support, Benefit from Environment, Previous work conditions, Financial Status, Competence. All of the significant values are less than 0.05, indicating that the factors are significant in nature.

Findings and Discussion

This study tried to examine women entrepreneurs across industries using an empirical technique. According to the study's findings, environmental factors, personality traits, and motivational factors all have a substantial impact on women's entrepreneurial goals. Environmental elements such as psychological support, environmental benefit, and past job situations are all significant. Entrepreneurs, according to the study, received less psychological support. This study appears to corroborate earlier research findings that entrepreneurs are born into dysfunctional homes (Silver, 1983; Wilkens, 1987). Several academics have stressed the importance of entrepreneurs in economic development due to the fact that their efforts help many countries (Muhammad, Naveed, & Sarfraz, 2011). Women's entrepreneurship is becoming increasingly significant to the national economy. Entrepreneurial psychology research has attempted to gain a better understanding of the entrepreneurial personality. Despite the value of trait techniques in identifying essential personal qualities of entrepreneurs, no definitive conclusion on entrepreneurial personality has emerged (Gartner, 1988). Because businesses are founded by individuals, building a thorough theory necessitates an understanding of their personality traits, competencies, and background (Ray and Ramachandran, 1996). Motivational variables, in addition to personality studies, play an essential role in the development of entrepreneurs. According to Hisrich (1986), Women entrepreneurs have fundamentally different incentives than male entrepreneurs. As a result, identifying the motivating elements in Women entrepreneurs is crucial. Several studies have also suggested that specific environmental conditions and life experiences can help entrepreneurs develop. Given that this was an exploratory study, understanding the contextual factors that may influence women was deemed crucial. The study's findings empirically supported the assumption that entrepreneurs in different types of firms differ significantly.

Recommendations

Given the foregoing, it is clear that Women entrepreneurs must strike a balance between social, economic, and environmental aspects in order to run a profitable business that contributes to national economic advancement. Women entrepreneurs frequently overlook potential for long-term success. Financial aid for Women entrepreneurs, as well as the removal of all economic hurdles, must be made available in order for Women entrepreneurs to reach their full potential. Furthermore, decision-makers who are in charge of building a dynamic economic and commercial atmosphere in partnership with academia and subject matter specialists should play a significant role in promoting environmentally conscious Women entrepreneurship. Women entrepreneurs must have adequate education in order to include environmental concerns into their business operations. They must become aware that environmentally friendly operations considerably contribute to lower operating costs and reduce the industry's negative environmental effects. A Women entrepreneur who practises environmentally friendly business practises serves as a role model for members of her home as well as the greater community. She is the only one who can use her skills, knowledge, and enthusiasm to affect change and educate those around her. The potential is enormous, and it should be realised as quickly as feasible.

Limitations and Suggestions for Future Research

This article, despite its merits, has research constraints. First, while the study was conducted in a number of similar towns, the application to diverse communities with economic, cultural, and political disparities may require an update. In the future, a broader and more diverse study may be done. The limitation here is the literature's claim that business-oriented efforts have a long-term impact on business performance. A comparison of social and economic elements may be lacking in the study. As a result, scholars are encouraged to further assess the provided hypotheses.

Conclusion

Women entrepreneurship is becoming increasingly crucial for long-term economic development and wealth creation, according to research conducted in the field of sustainable development over the previous ten years. Women entrepreneurs in industrialised nations are seen as social role models for developing-country women. As a result, new projects are being launched at the local, regional, and national levels by both the corporate and public sectors. There are various alternatives and sources of financial aid available today for starting a woman-owned business. Women-led businesses are growing over the world, contributing significantly to household income and national economic growth. Women's emancipation is inextricably linked to national development. As a result, the continued development of a sustainable world necessitates the worldwide development of Women resources, including their capacities, skills, and other potentials. Given the foregoing, it is apparent that a Women employer must strike a balance between the social, economic, and environmental components in order to manage a successful business that contributes to national economic progress. Given India's present emphasis on environmental protection and Women entrepreneurship, integrating these two areas could result in huge economic growth.

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Received: 21-Feb-2024, Manuscript No. AEJ-24-14785; Editor assigned: 24-Feb-2024, PreQC No. AEJ-24-14785 (PQ); Reviewed: 09-Mar-2024, QC No. AEJ-24-14785; Revised: 14-Mar-2024, Manuscript No. AEJ-24-aej-14785 (R); Published: 21-Mar-2024