Rural women in business are catching up to the world's speed. Today, Indian women contribute to the reshaping of Indian society's perception. Rural women can now dream and work to be a part of a global entrepreneurial community thanks to ongoing initiatives, educational schemes, communication networks, and startup culture.
The primary goal of female entrepreneurs is to encourage other women to step outside of their four walls, break the glass ceiling, and grab every opportunity.
Digital technology has changed the game for women entrepreneurs, particularly in rural areas. The considerable expansion of leading-edge technology has resulted in a powerful impact on the lives of rural women who run various types of micro, small, and medium businesses. With timely access to the right and relevant information, market, mentoring, money, and customers, technology has undoubtedly made them overcome many obstacles.
Future Prospects of Rural Women Entrepreneurship
COVID-19 has had a cascade of implications with devastating consequences for global economies and supply chains. As a result, several companies have faced severe difficulties, with the real possibility of substantial sales declines, insolvency, and job losses, especially for small and medium-sized businesses. As a result, the trajectory of rural development has also shifted, and the right approach is to embrace the future.
Female entrepreneurship has grown at a marginal rate over the last decade. Still, the pandemic accelerated the development of this trend as women entrepreneurs from rural cities were given the opportunity to break out of their shells and begin their entrepreneurial journeys. Many women in rural towns saw the situation as an opportunity and set out to change it by starting their businesses.
The foreseeable future will bring about a further increase in rural women's engagement in the digital economy, which includes digital marketing and trade.
Digitization has been aided by the increased accessibility and affordability of smartphones and the internet, which has facilitated the growth of female entrepreneurship. Increased mobile use during the lockdown, combined with data packs and special deals that reduced costs, pushed the number of women entrepreneurs in rural cities even higher.
For rural women-led businesses to thrive during the pandemic, the use of ICTs has been enhanced to boost business growth. In addition, females can now transform their enthusiasm into a source of income thanks to the increased accessibility of social media and networking sites.
Women business owners think beyond the box and strive to establish themselves in new markets. Business-focused colleges, eco-friendly sanitary and hygiene products, and unique kitchen products are just a few examples.
Due to the restrictions on travel imposed by the lockdown and the inability to migrate to cities to expand one's business, women entrepreneurs in rural and semi-urban areas began working from home. They can now use WhatsApp, Facebook, phone calls, and text messages to spread their businesses. They can quickly sell their wares on e-commerce sites that support small businesses in rural areas.
Women in villages and towns now communicate with both local and city-based customers. Personal networking with customers helps them expand their small businesses. Positive reviews, likes, and shares of their products via social media channels are helping them reach new heights in their market. Paytm and other money transfer apps assist them with the transactions.
Women entrepreneurs in rural areas are now successfully managing their families while also contributing to their economic growth. In rural India, the number of women entrepreneurs seeking assistance from technology-backed lending startups has also risen substantially in recent times.
Final thoughts
Rural women have recognized the importance of being self-sufficient and financially secure, especially during this time of uncertainty.
According to some studies, India now has 13.5–15.7 million women-owned businesses, accounting for 20% of all businesses. Unlocking the enormous potential that women's entrepreneurship has, especially in rural areas, can be challenging. Still, with the proper support and opportunities in place, we can collectively contribute to its growth and bring about a positive shift in India's social and economic trajectory.