New Delhi: Wikipedia describes a Mompreneur as “a female business owner who is actively balancing the role of mom and the role of an entrepreneur”.
‘Mompreneur’ is a relatively recent word which has grown exponentially due to the prominence of internet based businesses. In India, more and more women are entering the world of business which was once reserved as a male bastion. Whether they make it big or contribute in a small way, they are definitely running a business on their own terms.
How can a mother make a career from home? By blogging.
Indian mothers can now fulfill their duties as a mother and work from home as well, even starting their very own company. India, in recent times, has become a hotbed for women entrepreneurs and even though Indian women have been doing various home based businesses for a long time, the newly found drive, ambition, and professional attitude has brought a world of change to the female entrepreneurial scene.
CEO & Designer Tory Burch said, “we need to get women to the point where they aren’t apologizing. It’s time to take ownership in our success.”
The truth about being a Mompreneur is that a large number of talented and creative women have been discovering uncharted niches, creating jobs and utilizing the potential of a new economy. Since India is the most populated country in the world, there are not enough jobs for every single person. In such an economic condition, being self-employed is a commendable aspect.
“Harvard Business School defines entrepreneurship as the relentless pursuit of opportunity without regard to resources currently controlled,” states Harvard Business School Professor Janet Kraus.
“You know you’re doing what you love when Sunday nights feel the same as Friday nights….” says Donny Deutsch in his book Donny Deutsch’s Big Idea.
― Donny Deutsch, Donny Deutsch’s Big Idea: How To Make Your Entrepreneurial Dreams Come True, From The AHA Moment To Your First Million
The major benefit of being a Mompreneur is that your passion, idea or talent is turned profitable. Creativity is the biggest tool required to become an entrepreneur and the best part is that you can actually get paid for doing what you love.
Running a business and caring for a family are two demanding jobs that often seem to be competing against one another. Working mothers are often caught in the crossfire between the needs of their business and the cries of needy children. However, most Indian mothers have the capability to multitask and manage money, kids, and be thrifty as well.
As a Mompreneur, whether you’re pitching an investor, a potential client, or recruiting a new employee, it’s crucial to be able to lead with a hook and deliver your message clearly. Mothers are experts at telling stories and breaking down complex subjects using everyday words, even when the subject is anything but simple. (Picture Courtesy: www.3dcart.com)
Conducive and productive workspaces have become the need of the hour when it comes to providing the right environment to employees and helping them foster growth. With the introduction of coworking spaces and their acceptance in the country, the industry has changed notions about what a typical startup/workspace is and what the functions of a healthy work environment should be. Where earlier the industry was less agile to the changing market and demographic forces, it is now understanding and incorporating elements that can expand and contract operations quickly and give a range of options to its workforce.
The coworking segment in India has seen impressive growth in recent years and is now a catalyst of sorts for modern workspaces. Growth has been witnessed in the number of operators as well as the flexible space take-up in top seven cities of India. The growing popularity of coworking spaces can be seen by the spike in share of coworking in total office leasing. The share of coworking in total office leasing spiked up to 14 per cent in 2019 from 8 per cent in 2018.
The growth in the sector is attributable to the rapid scaling up of existing players and entry of new ones with innovative business models. There has been adoption of innovation and hybrid offerings by the coworking operators. Their networking events, community initiatives and creative designs promote a sense of community and encourage collaboration. The flexibility intertwined with superlative amenities and a community driven ecosystem are attracting occupiers to coworking spaces. These spaces offer unique facilities such as gymnasiums, creche services, food courts etc. that is making them popular.
Who all are occupying the available space?
Apart from SMEs and start-ups who look for cost effective and flexible options, coworking spaces have been gaining traction amongst large corporates too, due to the positive impact of such workspaces on employee productivity. A survey by JLL showed that 40-45 per cent of coworking demand emanated from big corporates, followed by SMEs which contributed to 35-40 per cent of the demand while 15-25 per cent demand came from start-ups.
Several corporates are now moving into coworking spaces to provide an appealing work environment to their employees and flexible leasing, along with added membership benefits that reduce the expenses of running an office space by approximately 15-20 per cent. Coworking spaces provide a holistic approach which consciously and cost-effectively aim to address the employee engagement and real estate needs of all companies, big and small, as well as real estate owners and landlords.
Slow but gradual acceptance
It is interesting to note that the global sentiment with regard to coworking has had a limited impact on the growth of this segment in India so far. Coworking business models in India are evolving considering the altering requirements of the prospective occupiers. Operators are shifting their focus by offering more closed office spaces and fixed seats as opposed to hot desks to cater to the needs of corporates for privacy and business performance. The trend is gaining popularity as the majority of the demand from occupiers is for cabins or closed spaces that have dedicated areas exclusively for the companies who have taken the space from the operator.
Hybrid spaces are a win-win concept for all the stakeholders as this model is benefitting both the operators and the occupiers. Coworking operators get the advantage of securing relatively longer term commitments on leases and therefore create a more stable ecosystem for their businesses. On the other hand, occupiers enjoy dual advantage of the flexibility of a coworking space along with private offices and dedicated spaces.
Another concept that is gaining popularity is the built-to-suit centres in which customised office space as per the requirement of clients is being developed. The trend of ‘Managed Offices’ is gaining popularity. In this model, the coworking operators undertake real estate planning for their clients by searching a suitable space for them according to their requirements, refurbishing/developing the space as per their specifications and managing the space entirely for their clients. The operators meet all the real estate requirements of the occupiers including managing cafeterias, reception and concierge services, conference rooms, internet lines, power backups, security etc.
Coworking operators are adapting their space according to the needs of occupiers. They are providing multiple options to occupiers ranging from entire buildings dedicated to coworking spaces to coworking offices within conventional work environments. As the coworking players have started to lease larger spaces, the average size of transactions in the coworking segment increased from 52,000 sq. ft. (2018) to 69,000 sq. ft. in 2019.
A new kind of expansion is already underway
Moreover, coworking operators are not limiting themselves to office complexes but expanding their horizons beyond and venturing into shopping malls, hotels and metro stations, as well. The huge potential of this sector is attracting institutional investment and this, in turn, is furthering growth. Investments and acquisitions are not just driving geographical expansion, but also aiding technological augmentation, upgradation of amenities and an increase in the client base.
Landlords and developers have also realised the potential of coworking spaces as reputed brands working out of such spaces also add to the value proposition of the building. Companies are now choosing to opt for coworking spaces as they are having more flexible lease terms, contemporary ecosystem, lower deposit requirements, absence of capital expenditure and help in overall cost reduction in case of the company’s cash flow.
The positive impact that coworking spaces have had on employee productivity for corporates and the health of commercial real estate for developers cannot be ignored. Coworking as a segment is expected to expand significantly across several industries and sectors due to a multitude of leasing options and an ocean of choices that are made available, tailored to individuals as well as small and large organisations. (IANS)