Mapping Research Gaps in Reported Skills Required for Women Entrepreneurs in Industry 4.0

Mapping Research Gaps in Reported Skills Required for Women Entrepreneurs in Industry 4.0

Preeti Sharma, Apoorva Verma, Aparajita Das Gupta
Copyright: © 2024 |Pages: 21
DOI: 10.4018/979-8-3693-0409-9.ch007
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Abstract

The study suggests a theoretical framework that bridges the gap between the new entrepreneurship model and government policies required for women entrepreneurs. To test the suggested model and hypothesis, a survey of a sample of 289 women entrepreneurs (18-48) was conducted. Cronbach's alpha and a confirmatory factor analysis were used to determine the scale's reliability and validity. Structural equation modelling (SEM) was utilised to verify the given model and hypothesis. In this research, six hypotheses were tested, and it was found that the hypotheses were showing a direct relationship. Specifically, the result of SEM showed that the latent variables HC (human capital), SC (social capital), DMC (digital market competence), FL (financial literacy), TP (technological proficiency), and FTA (financial technological awareness) have direct relationship with the observed variable entrepreneur abilities (EA). This study fills this research gap.
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Introduction

Industry 4.0, characterized by the fusion of digital technologies and physical systems, has paved the way for groundbreaking advancements in automation, artificial intelligence, internet of things (IoT), robotics, and data analytics. Within this landscape, women entrepreneurs in India have been instrumental in shaping the narrative of Industry 4.0. Despite facing numerous socio - cultural challenges and barriers, they have defied stereotypes and embraced innovation, establishing their presence across diverse sectors. Their enterprising spirit, combined with a keen understanding of emerging technologies, has not only driven economic growth but also fostered inclusivity and diversity within the entrepreneurial ecosystem. With the rise of Women entrepreneurship in the Indian economy helps to market and promote innovation, offering employment and income generation possibilities, in addition to addressing more than one demanding situation which could contribute to the success of the Sustainable Development Goals (Gulia, 2022). It offers diversity through an overall enterprise participation and futuristic possibility and potential to contribute to women’s empowerment, further, to help create opportunities to bridge neighborhood and urban - rural gaps (Kulkarni, 2000).

As per a recent report conducted by (GEM, 2022), developing economies are more likely to begin their own organizations than the ones in excessive - earnings countries, with approximately 25% of women in low - profits nations and 13% in lower - middle income countries as compared to about 10% globally. The reason for this is the reality that all today’s women in the industry valuate entrepreneurship as a manner to find higher incomes for his or her families.

India, as one of the world's fastest - growing economies, stands at the forefront of this transformative wave. Amidst this dynamic environment, women entrepreneurs have emerged as powerful catalysts of change drove progress and shaping the future of various industries (Sharma & Chakraborty, 2019). Within this panorama, Indian women entrepreneurs / marketers in India were instrumental in shaping the narrative of Industry 4.0. Despite dealing with numerous socio - cultural demanding situations and limitations, they've defied stereotypes and embraced innovation, setting up their presence throughout diverse sectors. Their enterprising spirit, blended with an eager expertise of rising technologies, has now not simply pushed the economic growth towards acceleration and however also fostered inclusivity and variety inside the entrepreneurial atmosphere (Tsaramirsis et al., 2022).

There have been many Indian women entrepreneurs who have pioneered and built companies at the leading - edge of technology across a range of segments—finance, data analytics, media monitoring, innovation in science, and education sector. They have brought technical and management competency to reinforce on a variety of problems, using either digital platforms in the marketplace or deep technology for their growth and value proposition.

In the area of research and development and computer industry one can observe an advantageous growth of women contributing to the industry - resulting in a shift in pattern of outpacing men in the highly skilled jobs. NASSCOM’s Women and IT Scorecard 2018 a published report record suggests that the Indian IT quarter is recruiting and keeping extra women in senior management roles. It expects nearly 1/2 the corporations to have a workforce that contains 60 percent of women at the senior management posts. In the international arena there has been a distinctive growth of women in STEM - from quantum scientist to virtual innovators to technopreneurs and AI specialists - many women slowly moving to different areas of technology radically changing the landscape.

The Startup India government programme is working extensively towards creating employment opportunities for the future women in the country by providing initiative schemes for setting up business enterprises and activation partnerships amongst various stakeholders in the start - up surroundings (Mittal & Garg, 2018). In this period of fast digital transformation, it is essential to apprehend and celebrate the achievements of women marketers / entrepreneurs in Industry 4.0 in India. Their resilience, innovation, and trailblazing venture’s function beacons of idea for aspiring entrepreneurs, and their endured fulfillment guarantees a future in which gender equality and technological progress cross hand in hand.

Key Terms in this Chapter

Structural Equation Modelling (SEM): Structural Equation Modelling is a statistical approach utilized to scrutinize the relationships between observed and latent variables. Frequently applied in social sciences and other disciplines to assess and affirm intricate theoretical models, SEM enables researchers to explore both direct and indirect effects within a system of equations. This method provides insights into the fundamental structures of relationships in data.

Industry 4.0: Industry 4.0 signifies the fourth industrial revolution, marked by the integration of digital technologies, automation, artificial intelligence, data exchange, and the Internet of Things (IoT) across diverse industrial sectors. Its goal is to establish “smart factories” that harness advanced technologies to optimize efficiency, productivity, and connectivity in manufacturing processes.

Digital Marketing Techniques: Digital marketing techniques encompass the utilization of digital channels, platforms, and technologies for promoting and advertising products or services. Strategies involve search engine optimization (SEO), social media marketing, content marketing, email marketing, online advertising, and analytics. The primary objective of digital marketing is to connect with and engage target audiences in the online realm.

Entrepreneurial Skills: Entrepreneurial skills encompass the abilities and qualities that empower individuals to recognize, create, and pursue business opportunities. These skills typically involve creativity, risk - taking, adaptability, leadership, and problem - solving, and the capacity to navigate uncertainty. Entrepreneurs utilize these skills to initiate and manage businesses, addressing the challenges and opportunities presented by the business environment.

Financial Literacy: Financial literacy denotes the comprehension and awareness of financial concepts and practices necessary for individuals to make informed and effective decisions regarding money. This knowledge includes areas such as budgeting, saving, investing, debt management, understanding financial statements, and overall financial planning. Financial literacy is essential for individuals to adeptly navigate personal and business financial matters.

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