5 Must-Have Skills for Women Entrepreneurs in India

Women in India have always possessed qualities in leadership and management that inspire people from all walks of life. Be it their naturally inherited and inculcated skills like intuition & foresight, or the ability to be quick learners, they are often considered to be the best managers and excellent businesswomen.

However, due to certain factors like social and familial structure, gendered roles, biases, and expectations, women often face certain barriers to reaching their full potential. It can further become more challenging when they possess the acumen to contribute to the nation’s overall economic growth but don’t have the means to explore new opportunities.

According to the Ministry of Micro, Small and Medium Enterprises’ Annual Report 2022-23, over 20% of registered MSMEs across India are owned by women. To encourage more female business owners, several schemes have been introduced that could provide them with additional financial assistance. 

With India recently becoming the fifth largest economy in the world, surpassing The United Kingdom, it further highlights the importance of encouraging more women to make their mark in the corporate world and add more value to the national workforce. 

Over the years, many women have successfully pushed beyond the threshold and outshined their competition in multifarious fields. How, may you ask?

Check Out These Five Must-Have Skills for Women Entrepreneurs in India! 

Leadership

Leadership is an important skill for anyone who wants to pave the way forward toward the future. It is one of the most sought-after skills in the world, and rightly so as the confidence of a leader in both her and her business is reflected in all their stakeholders. As business leaders, women entrepreneurs can become the source of direction and motivation that influences their team to build a shared vision. If you are worried that this is not often termed a “lady-like” quality, rest assured that you can be both a lady AND a leader! When in doubt, remember this: Leadership + Lady = Leading Entrepreneur.

Financial Management 

It goes without saying that to become a successful entrepreneur, you need to be able to manage your finances well; and women, irrespective of their backgrounds, have always been good financial managers, be it for running a household or a business. Despite that, many continue to face challenges when it comes to acquiring funding for their business venture mostly due to existing social prejudices and gender discrimination. Nevertheless, businesswomen can now easily access various women entrepreneurs’ loans without any hassle!

Communication & Negotiation 

Soft skills like communication and negotiation are some of the most often overlooked, yet extremely important skills that any budding entrepreneur and especially any businesswoman should possess to become successful. As a business owner, you must interact with a diverse set of stakeholders – both internal and external. Therefore, being able to talk about and defend your brand and its values effectively not only enhances its public perception but yours as well. It can also open doors to lucrative business growth opportunities.

Networking

Networking in the corporate sector is an absolute must-have skill, and the sooner you refine this talent, the better your chances become of meeting relevant experts from your industry. Women entrepreneurs can sign up and participate in both industry-based and generic leadership seminars, events, symposiums, panel discussions, and more to find the best ideas as well as guidance. Such events also allow budding entrepreneurs to find out about the latest industry trends and insights.

Time Management & Delegation

While women have long been termed as multitaskers, effective time management and delegation of tasks are essential skills that should eventually become second nature to entrepreneurs, and here’s why! As a business owner, you will be required to oversee multiple operations that could include both major and minor tasks. By prioritizing your daily operations, you can effectively divide your time between tasks that require your supervision and tasks that can be performed by people you trust.

Also Read: Business Loan - Rules, Terms & Conditions You Should be Aware

Add-on Skills to Accelerate Personal and Professional Growth

Apart from the must-have skills to become a successful woman entrepreneur, here are some additional competencies that can further help Indian women build better businesses!

Steady Vision

Your vision as a businesswoman should be consistent with what your brand offers. It is easy to get distracted and lose sight of the big picture when juggling multiple things at once. Thus, focus on and prioritize your goals to build a clear vision.

Market Research

Before starting any venture, always conduct in-depth market research to create a buyer’s persona and identify gaps. This will allow you to develop a product or service that addresses the concerns of your target audience.

Marketing & Sales Tactics

Being a female entrepreneur means you may have to wear multiple hats according to your business needs. Luckily, by learning simple marketing and sales tactics, you can maximize your business reach and increase brand awareness.

Strategy

Any successful businessperson or entrepreneur worth their salt possesses the ability to strategize and implement said strategies effectively to build a thriving business. Strategic thinking can snowball into innovative ideas that may just become the driving force behind the success of your business.

Technology Adoption

While not necessarily a skill, adoption of the latest in technology does allow you to challenge and upgrade your overall skill set, both as an entrepreneur and as a woman who dismisses any previously held biased notions around technology in society. What’s more, you can also get instant Business Loans so, you can invest in the right technology and more.

Note: Always remember to keep an open mind and strive to broaden your knowledge base. Learning leads to growth, and growth leads to new avenues!

Interpersonal Skills

Regardless of gender, interpersonal skills are indispensable for all entrepreneurs. There are certain interpersonal abilities that are advantageous for women in the entrepreneurial realm. These skills may be effective communication skills, active listening, conflict resolution, negotiation skills, leadership, time management, self-awareness, etc. These interpersonal skills can empower women entrepreneurs to excel in their businesses and overcome the unforeseen challenges in the entrepreneurial world.

Analytics

Analytics is a strategic tool for women entrepreneurs as it empowers them to make data-driven decisions. Through the collection and careful analysis of data related to customer behavior, market dynamics, and financial performance, women entrepreneurs can confidently choose strategies that propel their businesses toward growth and success.

Conclusion

So, there you have it – the five must-have skills for women entrepreneurs and some additional competent traits they can inculcate to become truly successful businesswomen and become a source of inspiration for all!

To break the glass ceiling, women need to become financially independent and channel their natural as well as acquired skills to helm India’s future and play a key role in making the nation a global economic superpower in the future.

Reference :- https://msme.gov.in/msme-annual-report-2022-23

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