Former U.S. Secretary of State Hillary Clinton once said, “Women are the largest untapped reservoir of talent in the world.” This statement is absolutely true. In many countries, including India, the percentage of women entrepreneurs is still only 23.3%. The journey for women aiming to reach high levels in the business world is long and challenging. However, the success of a woman entrepreneur comes with great rewards. So, if you are a woman entrepreneur or considering entering the world of entrepreneurship, it’s important to become familiar with key terms that can guide you on your path to success.
1. Glass Ceiling
Every woman faces obstacles on the path to achieving her dreams. These “obstacles” or “invisible barriers” that limit women’s progress in the business world are called the glass ceiling. This term highlights that while businesswomen may seem equal to men, there are still barriers, such as gender bias, societal expectations, and unequal access to resources, that prevent their full advancement.
2. Gender Pay Gap
According to the World Economic Forum’s Global Gender Gap Report 2023, the global gender pay gap is 23%. This means that, on average, women earn 77 cents for every dollar earned by men. The gender pay gap refers to the differences in earnings between men and women for similar work. To address this gap, we need to promote equal opportunities for women in education and training, challenge gender stereotypes, and create fair pay practices in the workplace.
3. Gender Bias
Gender bias occurs when men and women are treated differently based on their gender. In the business world, women are sometimes seen as less capable than men and are treated unfairly. Studies show that 35% of women entrepreneurs have experienced gender bias, including stereotypes, pay gaps, and other forms of discrimination. Removing gender bias requires awareness and education for both men and women about equal rights, ensuring everyone has the chance to showcase their talents.
4. Mentorship for Women
Mentorship is like a workshop where women receive guidance on how to succeed in the corporate world. A mentor is an experienced person who offers advice, shares their knowledge, and encourages women in their personal or professional development. Mentorship is particularly valuable for women because it helps address specific challenges they face. It also helps them find funding, such as from angel investors or crowdfunding, and connects them with valuable resources.
5. Diversity and Inclusion
Diversity and inclusion are concepts that promote equal opportunities and create an environment where everyone feels valued and respected. Diversity includes differences in race, gender, age, religion, and more, while inclusion ensures that everyone, regardless of their background, has equal access to opportunities and resources. Policies that promote diversity and inclusion are essential for the growth of women entrepreneurs and creating a sense of belonging in the workplace.
6. Women-Focused Accelerators
Women-focused accelerators are programs designed to support and empower women entrepreneurs. These programs provide a safe space for women to discuss their challenges and find solutions. Women-focused accelerators offer mentorship, help women raise capital, and assist them in navigating the complexities of running a business. In India, examples include the Women Entrepreneurship Platform by Indian Angel Network, Beyond 8, and Women’s Startup Lab.
7. Women-Centric Marketing
Women-centric marketing refers to strategies that target women by addressing their specific needs, preferences, and values. Companies using this approach develop products and services that cater to women and design marketing campaigns that promote inclusivity, empowerment, and representation. By understanding women’s perspectives, these companies build a strong connection with their female audience.
8. Gender-Responsive Financing
As society advances, the traditional financial system may not always address the specific challenges women face. Gender-responsive financing focuses on providing financial services that consider the needs and obstacles women encounter. This approach helps women entrepreneurs access financial resources, including various financial schemes available in India, ensuring that everyone has equal access to opportunities.
9. Gender Mainstreaming
Gender mainstreaming is the practice of ensuring that the perspectives of all genders are equally considered in decision-making processes. It aims to eliminate gender inequalities by promoting equal rights and opportunities for everyone. Gender mainstreaming encourages the active participation of women and individuals from diverse gender backgrounds in shaping policies and programs.
10. Women in STEM
STEM stands for Science, Technology, Engineering, and Mathematics. Women in STEM are women who excel in these fields, bringing new ideas, creativity, and problem-solving approaches. Some well-known women in STEM include Marie Curie, Ada Lovelace, Grace Hopper, Kalpana Chawla, and Tessy Thomas. Having more women in STEM promotes diversity and innovation in these critical fields.
11. Gender-Conscious Leadership
Gender-conscious leadership refers to a leadership style that considers the different experiences and challenges faced by individuals of different genders. Leaders who practice this approach work to create an inclusive and fair environment, promoting gender equality within organizations. Gender-conscious leaders are aware of gender biases and strive to eliminate them by implementing policies such as pay equity, flexible work arrangements, and parental leave.
12. Gender Lens Investing
Gender lens investing involves considering gender equality and women’s empowerment when making investment decisions. Investors who focus on gender equality look for companies that have policies promoting gender balance, fair pay, and women’s leadership. Gender lens investors understand the unique challenges women face and support businesses that aim to improve women’s welfare.
Understanding these terms can help you as a woman entrepreneur navigate the business world more effectively. Remember, becoming a successful businesswoman is a journey, not a destination. We wish you all the best in your entrepreneurial endeavors!
