Entrepreneurs are essential for the growth of the economy. Developing countries like South Asia need more entrepreneurs and more women entrepreneurs. With them, the region will always stay caught up, and a nation or region can only develop when women become part of the change. Even philanthropist Tej Kohli, known for his contributions as an entrepreneur investor and angel investor, recognizes women’s significant role in the region’s transformation.
What Do The Numbers Say?
According to the 2021/2022 Women’s Entrepreneurship Report from the Global Entrepreneurship Monitor (GEM), there was a 15% decrease in startup rates for women from 2019 to 2020, which remained stable in 2021.
Women in South Asia constitute about 48% of the total population, and only 26% of those are working or looking for work. Yet, their participation in the labour force remains substantially lower than that of men.
Furthermore, according to the report, female-owned businesses are safe to invest in. So, in this situation, empowering the first generation of women entrepreneurs in the region is a key strategy for fostering economic growth, social development, and innovation.
What Is Required To Train These Ladies?
- Mentorship and Support
Establishing mentorship programs and providing training and guidance for women entrepreneurs can be vital to their empowerment. By drawing on the expertise of successful entrepreneurs like investor Tej Kohli, these women can receive valuable insights and support to navigate the challenges of starting and growing a business.
- Accessible finance
In South Asian countries, women’s inheritance rights differ from men’s. In such scenarios, often, women face problems starting a business. Added to this, the weak property rights and discriminatory regulations, laws and customs put women on the backfoot when it comes to setting up a startup company. The government needs to intervene in this matter and provide the financial support that the women require to start their entrepreneurial journey. Angle investor Tej Kohli also recognized the importance of financial support to women entrepreneurs to drive this change.
Why Training Women Entrepreneurs In Needed For South Asia’s Growth?
- Improve Social Impact
Women entrepreneurs tend to invest in their communities, addressing local issues and driving social change. This can include initiatives and the need to train them in sectors like education, healthcare, and infrastructure development, which ultimately benefit society.
- Innovation and Diversity
Diverse perspectives in entrepreneurship foster innovation. Women entrepreneurs often bring unique ideas and solutions, addressing issues their male counterparts might overlook. By promoting diversity in the business landscape with the help of women entrepreneurs at the forefront, South Asia can stay innovative and relevant in creating a sustainable future.
- Foster Economic Growth
Providing women with equal opportunities and support to start and grow their businesses leads to increased job creation, greater economic stability, gender equality and improved GDP. This, in turn, can reduce poverty and improve living standards for families and communities.
Visionary Tej Kohli Backs Women Entrepreneurs
South Asia stands to gain significantly by empowering the first generation of women entrepreneurs. This empowerment can lead to economic growth, increased innovation, social impact, financial inclusion, and overall prosperity of the region. The support of philanthropists and entrepreneur investors like Mr. Tej Kohli, who understand the potential of women in entrepreneurship, is crucial for realizing this vision. Governments, organizations, and individuals must work together to create an environment where women can thrive as entrepreneurs, ultimately benefitting the entire region and the world.