Both men and women are important contributors to the growth of the entrepreneurial sector in a nation. Entrepreneurship includes the development of ideas as well as assessing the potential and knowledge of an industry. Entrepreneurship significantly fosters economic progress. The last three decades have seen a significant shift in the emphasis of economic development towards entrepreneurship. Education is the building block for any nation’s development. The impact of education on women entrepreneurship is also important to consider.
Education is a key factor in determining the level of economic and social growth. Not just in entrepreneurship, but in every aspect of life, equal education plays a key role in generating resources and opportunities. Links between entrepreneurial activity and education are important to note. The latter is one of the factors that promote entrepreneurship. But when it comes to the equal contribution of men and women in the economy via entrepreneurship, the question of equal education’s role in shaping the future of entrepreneurship, more importantly, women’s entrepreneurship, must arise.
The Need for Impact Of Education On Women Entrepreneurship
India today has undergone liberalization and globalization. Both men and women are fighting to establish themselves in this fast-paced field. However, woman’s position in entrepreneurship in our nation is primarily limited to the unorganized sector. This limits the growth potential in terms of employment and income. The impact of education on women entrepreneurship can drive a change in this situation.
The United Nations is of the opinion that the advancement of women leads to economic development. Both are very much related to each other. Studies show that in the nations with educated women have their economic growth is moving in a positive direction. Women entrepreneurs have been a part of the process of economic development in all parts of the world.
The participation of women in financial activities, self-employment, or entrepreneurial activities is not a new thing. Women are involved in conventional activities like cooking, knitting, and the toy industry and non-conventional activities like graphic designing, gym training, and fashion designing, to name a few.
In terms of rights, opportunities, and freedoms, gender equality is a social justice issue and for a peaceful life, personal well-being, and a healthy upbringing, educational equality is crucial. According to UNICEF, investing in the education of women is one of the most transformative development strategies.
Despite the progress India has made in the past, education for women at primary and secondary levels is yet to touch on the desired numbers, let alone higher education. There still are reasons that lead to high dropout rates of female students. Neglect, lack of money, awareness and education of parents lead to the loss of human resources for an economy.
Since India is witnessing an entrepreneurial revolution, we can foresee rising competition in this industry. To stand along with their counterparts, entrepreneurs need to be educated. This education needs to be twofold- academic, which is basic classroom education and practical education related solely to entrepreneurship, which is called entrepreneurial education.
Impact of Education on Women Entrepreneurship – Academics
Concerning school education, the family, on a smaller scale and the government on a bigger scale should take action. Parents of female children need to know the value and necessity of education. Students whose families cannot support them should be given resources like scholarships and money. Further, the family should also be more considerate and open-minded about her education. The task is not easy and considerable steps are needed to grow and rise.
Not only do the educational institutions provide academic knowledge to the children, but they also play a key role in guiding, supervising, providing financial counselling, supporting the student morally, motivating them and encouraging the families of the students to support their children to study further.
Women who have a zeal for entrepreneurship but lack education end up in low-paying jobs. They end up being in businesses which require minimum or no qualification such as manufacturing factories such as toy and beedi-making factories or start businesses such as home-made pickles, cloud kitchens etc.
The lack of education restricts them to businesses that require less mobility and exposure to the outside world. The Ministry of Education has pointed out that the Education system followed in India lags behind many developed nations in the field of research, entrepreneurship and innovation, leading to a lack of creative thinking and critical thinking. This puts an adverse effect on startups and raises questions about the future of entrepreneurship.
Entrepreneurial Education for Women Business Owners
In terms of benefits for both male and female entrepreneurs in the training program, gender equality refers to justice in the distribution of resources for education and training to support women in starting businesses. Globally, entrepreneurial activities and entrepreneurship education can “increase aspiration in life and career as well as the outlook for future business sustainability for women,” according to the 2020/2021 Global Entrepreneurship Monitor study.
Entrepreneurial education becomes a necessity for women to create a balance between their family expectations and their startups at the same time, while sparing some personal time for themselves. Gender disparities in education and startup literacy have an impact on business entities. A study finds that men create more new ventures. This leads to limited access to resources for women to establish new businesses. According to a UN Women report, encouraging an entrepreneurial spirit in students can help advance gender equity and increase the involvement of women in the workforce.
The mainstreaming of men for their role in entrepreneurial roles and training for ventures creates a barrier for women entrepreneurs. Activities like study visits, case-to-case analysis, online training, and meeting with business owners hold the capability of stimulating female entrepreneurs to deliver better results and enter into more sophisticated and complicated business models.
To Sum Up
The future of women’s entrepreneurship is dependent on many external factors. One of the most important of them is education. Education is one of the most significant of them. Women have the potential to transform the entrepreneurial ecosystem; all they need is the right support from their family and coworkers, as well as adequate funding, education, and training to develop their skill sets. Lack of financial education also holds back women from building their businesses as strongly as a male can.
Studies have clearly suggested that there is a strong positive link between education and entrepreneurship. So, if proper education and training for both men and women are provided, the nation will certainly prosper. At the same time, it is vital to keep in mind that, though education plays a significant role in shaping the future of women’s entrepreneurship, successful entrepreneurs need more than that. However, to start and grow a business in the initial stages, entrepreneurial education can give an upper hand. In this light, women entrepreneurs would gain significant advantages for all, the country, the economy, the families and for themselves.
