Women Entrepreneurs Must Advocate For Policies Enabling Work-Life Balance: Radhika Shrivastava

Radhika Shrivastava is the Executive Director at the Fortune Institute of International Business (FIIB). She had a glorious stint in private equity previously, which began at Deloitte Consulting and extended to the International Finance Corporation, Washington DC but switched to education and is now dedicated to improving education in India through her efforts at FIIB. In an interview with SheThePeople, she spoke about what drove her to academics, adapting to the changing landscape of business education and more.

Here are excerpts from the interview

1. What drove you to academics? You started your career in finance and investments, so what led you to the education sector?

Despite the excitement and challenges of my career in finance and investments, I felt a deep-seated desire to make a tangible difference at the grassroots level and contribute to the development of our society. Working at the International Finance Corporation (IFC) in Washington DC provided me with invaluable experiences and insights, and I found myself yearning for something more hands-on, something that involved building and creating on a more direct level.

Coming from a family with a strong entrepreneurial background, I was raised believing that education is not just a means to personal success but also a powerful tool for societal transformation. Witnessing firsthand how education had significantly altered the trajectory of my family's outcomes further fueled my passion for making a meaningful impact in the field of education.

Therefore, I decided to transition into academia as a way to combine my passion for education with my desire to create positive change in the world. I saw academia as an avenue where I could leverage my skills, experiences, and entrepreneurial spirit to educate and inspire the next generation and actively contribute to our country's growth and development.

2. In what ways do you envision FIIB adapting to the changing landscape of business education, especially in light of emerging technologies and global trends?

Absolutely, the evolving landscape of business education demands a proactive approach from institutions to ensure that graduates are equipped with the skills and knowledge needed to navigate the complexities of the modern business world. At FIIB, we recognise the significance of this transformation and have taken concrete steps to align our approach with the demands of the future.

First and foremost, we've transitioned from a supply-led approach to demand-led education, prioritising competency-based learning over traditional knowledge-centric models. This shift enables us to focus on developing practical skills and competencies that are directly relevant to the needs of employers and the evolving business environment.

Moreover, we seamlessly incorporate disruptive technologies and skill sets into our curriculum, ensuring that our students are well-versed in the latest advancements in areas such as data analytics, artificial intelligence, and sustainable business practices. By doing so, we empower our graduates to leverage these technologies to drive innovation and create value in their respective fields. We prioritise soft skills development, recognising the importance of effective communication, leadership, and problem-solving in today's collaborative business environment.

3. In your experience, what role do you believe education and training play in empowering women to pursue entrepreneurship, and what initiatives or resources do you think are most effective in supporting aspiring female entrepreneurs?

Certainly, as a women-led organisation, we are committed to empowering the next generation of entrepreneurs, irrespective of gender. We understand the importance of providing equal opportunities and support to all aspiring entrepreneurs. Through our initiatives, including specialised programs, mentorship opportunities, and networking events, we strive to ensure that individuals have the resources and guidance they need to succeed in entrepreneurship. 

Moreover, governments and business schools should collaborate to initiate more incubator programs, improve access to funding, and advocate for equality in entrepreneurship. These efforts are crucial for breaking down barriers and enabling all entrepreneurs to thrive. By championing diversity and offering tailored support, we strive to create a more equitable and inclusive business landscape where everyone can thrive and contribute meaningfully to society. 

4. India has the largest youth population in the world. Tell us how important it is for them to be involved, and to be motivated in the social sector.

Engaging youth in the social sector, whether through social entrepreneurship, volunteerism, or advocacy, not only helps tackle social challenges but also cultivates a sense of responsibility, empathy, and leadership among the next generation. By actively participating in initiatives aimed at addressing issues such as education, healthcare, environmental sustainability, and poverty alleviation, young Indians not only contribute to the betterment of their communities but also gain invaluable experiences and skills that shape them into well-rounded individuals. In the present scenario, it's crucial to instil a sense of motivation and resilience in young people, enabling them to navigate challenges, embrace failures as learning opportunities, and persist in their pursuit of social change.

5. Balancing the demands of entrepreneurship with other responsibilities, such as family and personal life, can be challenging for anyone, but it's often compounded for women. How do you manage work-life balance, and do you have any advice for other women entrepreneurs facing similar challenges?

As a woman entrepreneur, managing work-life balance can indeed be challenging, but having a supportive team both at work and home can make a significant difference. I am fortunate to have an incredible team that shares in our mission to support a balanced life for everyone. This includes both men and women who understand the importance of flexibility and support. At work, I strive to set a positive example by openly acknowledging when the lines between home and work blur and when prioritisation becomes difficult. I believe in unapologetically accepting these challenges and showing vulnerability by asking for help when needed. By doing so, I aim to create a culture of openness and support within my team.

My advice to other women entrepreneurs facing similar challenges is to prioritise self-care and seek support from both personal and professional networks. Don't be afraid to delegate tasks and ask for help when needed. Additionally, advocate for policies that promote work-life balance within your organisation and lead by example in demonstrating the importance of maintaining a healthy equilibrium between work and personal life. Remember, it's okay to set boundaries and prioritise your well-being – doing so will ultimately benefit both you and your business in the long run.

6. This year, the budget announcement was optimistic in its approach to women empowerment. What is your outlook on the government's schemes/initiatives for women's entrepreneurship?

The government's schemes and initiatives for women's entrepreneurship undoubtedly signify a positive shift towards promoting gender equality and economic empowerment. Initiatives such as the Stand-Up India scheme, the Mudra Yojana for Women, and the Support to Training and Employment Programme for Women reflect a concerted effort to provide women entrepreneurs with the necessary resources and support to succeed in business.

Moreover, initiatives like the Women Entrepreneurship Platform (WEP), launched by NITI Aayog, play a crucial role in providing a supportive ecosystem for women entrepreneurs by offering networking opportunities, mentorship programs, and capacity-building workshops, enabling women entrepreneurs to connect, collaborate, and grow their businesses.

However, despite these commendable efforts, challenges still need to be addressed to ensure the effectiveness and inclusivity of these initiatives. Accessibility remains a concern, particularly in rural areas where women may struggle to access financial services and business support programs. Additionally, raising awareness about these schemes and ensuring proper implementation are essential for women entrepreneurs from all backgrounds to benefit from them.