Women’s Day 2024 | 80% of Gen Z, millennial age women pursue entrepreneurship: Report

Women's Day 2024: The majority of women in Gen Z and millennial age are pursuing entrepreneurship, according to a report by Tide. The report by Tide, a financial platform that helps SMEs in the running of their businesses, said that these women pursue entrepreneurship to empower themselves financially.  

The report also said that women business owners from smaller cities and towns across India are frontrunners in adopting digital solutions.

According to data from 2,00,000 SME members on the business financial platform, Maharashtra and West Bengal are the top states, with 13 per cent (each) of women entrepreneurs from smaller towns adopting digital business tools. This is followed by 12 per cent from Uttar Pradesh, 10 per cent from Bihar and 8 per cent from Madhya Pradesh and Odisha each. 

With evolving consumer behaviour and growing aspirations, Tier 2, 3, 4 and beyond towns are emerging as centres of growth for SMEs in India. 

Consultants from medical, law and tax sectors make up the bulk of the typical profile of women entrepreneurs from the state. Other types of business owners include small neighbourhood shop owners, freelance beauticians, fashion designers, make-up artists, tutors, as well as home chefs and bakers. 

These women-led businesses employ 0-9 people. Tide knows from its overall member base that reducing the cost of doing business and optimizing resources for admin services are critical to improving business efficiency. 

Gurjodhpal Singh, CEO, Tide in India said, “The popular notion is that entrepreneurs in metro cities are highly tech-savvy. Yet, a rising aspirational class in Tier 2, 3, 4 cities and beyond, appears to be keener on digitizing their business to save time and costs. It would not be wrong to say that women entrepreneurs from Bharat are emerging as the true beacon of ‘Nari Shakti’.”

Gender inequalities broadly dominate among the salaried class, where women earn about 24 per cent less than men, affecting women's aspirations and their ability to enter formal workplaces. These are often cited as reasons why women turn to entrepreneurship. For example, in 2023, salaried women worked an average of 43 hours per week, while self-employed women spent around 30.1 hours at work per week. This shows that being entrepreneurs gives them more control over their time as well as the flexibility and financial freedom they value.