Women Entrepreneurship – Key to Eradicating Poverty

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On International Day for the Eradication of Poverty 2021 (17 October), sheatwork points out the important role women entrepreneurship can play in eradicating poverty.

Exploring ways to mitigate and eradicate poverty is the aim of International Day for the Eradication of Poverty; it also tries to acknowledge the undying efforts and huge struggles of people living in poverty.

International Day for the Eradication of Poverty is observed every year on October 17 globally. Extending sympathy and concern for the immense struggles of people confined to poverty, it gives them a voice and a chance to be heard. Poverty is the lowermost rung in the broad spectrum of life. It is indeed a violation of human rights, and there is an urgent need for people from across the globe to come together and ensure that these rights are respected. If a poverty-free world cannot be achieved, then it is very difficult to imagine the development of humankind!

The day was first commemorated in Paris, France, in 1987 at the Human Rights and Liberties Plaza at the Trocadéro to honor victims of poverty, hunger, violence, and fear. The event witnessed the unveiling of a commemorative stone by Joseph Wresinski, founder of the International Movement ATD Fourth World. Then, in 1992, the United Nations (UN) officially designated October 17 as the International Day for the Eradication of Poverty. So, from that time, this day is significant to raise awareness and to highlight the problems faced by poverty-stricken people and, the attempt is to work towards eradicating poverty globally in all its forms.

Entrepreneurship can save the day!

Research has revealed that entrepreneurship increases the probability of coming out of poverty, and it ushers in the positive position of remaining above the poverty level. Significantly, the governments of different nations have a role to play here, for there are implications on how governments can work to address poverty, by creating an investment, insurance, and income stabilization schemes.

Why is the role of woman entrepreneur important?

Women entrepreneurs account for improved economic growth and stability within a country. Moreover, women entrepreneurs inspire other women to start businesses. This leads to more job creation for women which ultimately helps in reducing the gender gap in the workforce.

Clarion call for more women entrepreneurs in India

Women entrepreneurs have more effective communication, organizational and networking skills than their male counterparts. They have the unique tendency to build and maintain long-term relationships too. Additionally, their fiscally-conservative approach reduces the risk of business failure. Women entrepreneur also account for improved economic growth and stability within a country.

According to research, it has been observed that women are good entrepreneurs, as they can maintain work-balance in life. It is also observed that women entrepreneurs have proved to be a strong driving force in the corporate universe, today. They balance their duties of both motherhood and entrepreneurship very efficiently.

So, well-educated, professionally-qualified women must be encouraged to set off on their own and manage their own business, rather than be employed in any office. The uncultivated talents of young women can be identified and trained for different industries – to increase the productivity in the industrial sector as well as the nation. This should be done not only in the metros, but in Tier 2 and 3 and other rural areas too. This is indeed, a sound and safe way to eradicate poverty too. And how!!

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