The concept of women entrepreneurship has the ability to transform the whole society, it gains more relevance in emerging economies. Through women's entrepreneurship, not only the economic freedom of women can be ensured but it also fosters creativity innovation, and productivity in emerging nations. One of the best ways to make women empower along with education is “women entrepreneurship.” In the process of women entrepreneurship, women not only earn self-respect, but they also understand the peculiarities of economic and social dimensions of life. The abilities of women are many-fold, which can be harnessed easily by adopting the path of women entrepreneurship. The tool of women entrepreneurship can act as a facilitator, motivator as well as moderator of fostering women empowerment. If access to finance through microfinance and other interventions, is provided to women they become empowered in many aspects. This chapter highlights the role of women entrepreneurship for women empowerment in emerging economies. This piece of research highlights various policy implications also in order to nurture women entrepreneurship.
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In emerging nations, women entrepreneurship is surfacing as a new engine for the growth and development of the economy (Vossenberg, 2013). It has the ability to bring prosperity as well as welfare. The concept of women entrepreneurship has the ability to transform the whole society. It not only has the capacity to promote skill development, employment, and eradication of poverty and hunger but also has the ability to pave the way for education of the weaker sections of society. Through women’s entrepreneurship, not only the economic freedom of women ensured but it also foster creativity innovation, and productivity (Setini et al., 2020). Instances are available where cultural and social impacts of women entrepreneurship can also be seen. Further, there is a great possibility of upliftment of the whole family and ultimately the society through economic and social freedom of women. Women are considered to be the pillar of every society; therefore, the whole society gets empowered. Though women are considered vulnerable and weaker sections of society, they are regarded as instrumental in the transformation of society in various parts of the world (Mandal, 2013). The authors believe that women can play an important role in achieving the sustainable development goals of the entire world. But for that policy interventions are required at the grassroots level for developing the entrepreneurial ecosystem for nurturing, and budding women across the globe (Singh et al. 2021).
When women are empowered and have equal access to education, resources, and opportunities, they become empowered and can actively participate in the workforce. Increased female labor force participation has been linked to higher economic growth rates in many countries (Gaddis & Klasen, 2014). By utilizing the full potential of women, economies can benefit from a larger talent pool and increased productivity. Women bring diverse perspectives, experiences, and skills when they are at leadership roles (Lu & Herremans, 2019). When we empower women it encourages their participation in decision-making processes, entrepreneurship, and leadership roles. This diversity promotes innovation and creativity, leading to the development of new products, services, and solutions that can drive economic progress (Bassett‐Jones, 2005).