For Indians the topic of diversity is not new. Here unity in diversity is not just a sweet sounding phrase but a classic example of bridging all cultural and gender gaps. Having gender discrimination and cultural differences and acknowledging them in our perspectives can create situations which are best avoided.
On May 21, 2020, as we celebrate the World day for Cultural Diversity for Dialogue and Development, we set the hypothesis that there is a positive link between entrepreneurship and accepting diversity, varied cultures, ethnicity and genders; it leads to the formation of very successful entrepreneurships. Research shows that diversity fosters innovation, improves the ‘bottom line’ and even helps with recruitment. Today, we list a few noteworthy beneficial impacts of adopting cultural diversity in one’s entrepreneurial ventures.
- Leads to growth in productivity and profits: Fortunately women entrepreneurship is considered as a factor for economic development in our country and when women entrepreneurs successfully harness the ideas of people belonging to various socio-cultural backgrounds, it spells economic growth. A variety along the dimensions of race , ethnicity, age, physical abilities, religious beliefs or other ideologies when well channelized in a firm allows new skills and methods to evolve. This not only builds unity amongst team members but also leads to growth in productivity and profits for the firm.
- Provides employment to incomers from other states/countries : Indeed by creating their own companies women have contributed in bringing down the unemployment rate by offering jobs to more people. As a result of globalization, liberalisation and economic restructuring, most urban centres in advanced economies have faced increase in migration. Interestingly, when employees belong to varied cultural groups, it adds variety to the work zone. Entrepreneurship is all about coming up with new and unique combinations, interchange of ideas which may lead to novel products and in general, a higher rate of entrepreneurial initiatives. Thus when people of varied cultures come under one roof to work towards a common goal, innovations soar high.
- Increases employee morale: Workplace diversity aids in instilling a desire to work more effectively and efficiently in the employees. It helps in keeping the healthy spirit of competition alive, thereby preventing monotony from setting into the work zone and boosting the morale of employees simultaneously.
- Helps in attaining sustainable development: Cultural diversity is an invaluable asset which is very important for attaining sustainable development and reducing poverty. In alignment with the sustainable development goals identified by UNESCO in 2005, accepting cultural diversity not only allows a free flow of professionals; free flow of ideas but also integrates culture as a major building block for sustainable growth and development in economy.
Thus, the most promising approach to attain economic success for entrepreneurs lies in enhancing diversity in their economic base.