Empowering Economics: The role of women entrepreneurship in driving Economic Development

Abstract

Any economy depends heavily on its entrepreneurs. These are the people with the abilities and initiative required to promote solid new ideas and take the appropriate actions to ensure their profitability. The potential financial gains the entrepreneur could make are the payoff for the risks taken. A "women entrepreneur" is technically any woman who plans and runs any business, typically with a lot of initiative and risk. However, the term "women-owned enterprise" is often used regarding government contracts. In this instance, the phrase suggests that the business is operated by a woman entrepreneur who also owns more than 50% of it. Women-owned businesses are essential to women's empowerment because they give them financial freedom and help to close the gender gap in the corporate world. These businesses frequently confront difficulties, such as restricted access to networks, cash, and resources, which call for focused assistance and regulations to guarantee their long-term viability. The entrepreneurship of women has a substantial effect on economic development as it increases GDP, creates jobs, and broadens the economic base. In addition to fostering more inclusive economic growth, assisting women in launching their businesses can also help to address some of the social issues that they encounter. This empowerment goes beyond personal benefits since it can enhance community growth and family welfare, which promotes a more just society.