Mumbai, March 5
About 93 per cent of women entrepreneurs exhibit a strong financial discipline, actively managing their finances, keeping meticulous records, and ensuring timely payments, a new report said on Wednesday.
Women entrepreneurs believe that financial awareness and smart decision-making are vital to the success of their businesses. According to the report by NeoGrowth, 81 per cent of women business owners operate independently, without relying on others. This trend is especially prominent among those over 40 years of age, who have built confidence over time.
However, younger entrepreneurs, particularly those in the 21-30 age group, tend to seek support from their families or peer networks as they grow their businesses.
Nearly 70 per cent of women started their businesses out of self-motivation and aspiration, rather than financial necessity. Only 22 per cent began their ventures due to financial challenges, while 12 per cent took over family businesses.
Women entrepreneurs are not only transforming their businesses but also positively impacting their families, communities, and the economy at large, the report said. An impressive 98 per cent of women business owners said their businesses have positively influenced their families, with 61 per cent reporting an improved standard of living and 54 per cent gaining more confidence and financial independence.
These businesses are also making a broader societal impact. Many women entrepreneurs have empowered other women towards financial independence, inspired their employees to start their own ventures, and served as role models for young girls to pursue education.