Equality Means Business: Factors Affecting Indian Women-Owned Small Business’s Scalability & Impact of Entrepreneurship On Financial Independence

Abstract

The lack of women’s economic participation and financial independence is a major contributor to gender inequality in India. The creation of women-owned MSME businesses in the cottage and F&B industry not only provides women with job opportunities, but also empowers them in the sense that they no longer need to be socioeconomically subordinate to their male representatives. Towards this need, the aim of this study was to understand the factors that impact the financial independence of India’s urban-based women entrepreneurs owning small F&B businesses, as well as evaluate the impact of entrepreneurship on their social and economic empowerment. The sample set of the data were 21 urban India-based female entrepreneurs, between the ages of 20-60 years of age, owning small (less than 10 employees) businesses. The interviews and surveys were conducted in English. The results of this research study have established that the creation of MSME enterprises results in a significant increase in Indian women’s financial independence and social empowerment. While the 95% entrepreneurs aspire to upscale their business ventures, they are being held back by a lack of access to mentorship from experienced entrepreneurs and financial support. Qualitative analysis evidenced the ability of entrepreneurship to socially empower Indian women, through the formation of a professional identity, as well as newfound economic self-sufficiency. These findings imply that entrepreneurship is a tool that can be leveraged by government and non-profit organizations to radically increase Indian women’s financial independence and economic participation, leading to an increase in social empowerment as well.