SOCIOECONOMIC IMPACT OF WOMEN ENTREPRENEURSHIP ON FAMILY WELL-BEING AND PERSONAL EMPOWERMENT: A STUDY IN SELECTED DISTRICTS OF KARNATAKA

In India, entrepreneurship by women has become one of the most important ways that women contribute economically and socially. Entrepreneurship has helped improve the lives of both women themselves and their families. There is still little understanding about whether or how a womans entrepreneurial activity will affect her familys socioeconomic status. Specifically, this study seeks to understand the socioeconomic effects of womens entrepreneurship on their families in the context of Karnataka; it also examines whether or how these entrepreneurial activities positively affect family wellness, quality of life, the empowerment of individuals, and personal development. The descriptive type of research design is adopted by the study for the purpose of assessing entrepreneurial income as it relates to the contributions made towards household expenses, childrens education, saving money, and long term financial planning. Entrepreneurial income contributes moderately to highly to both household needs and family welfare. For this study, a total of 473 women who are owners/operators of small businesses (micro-entrepreneurs) from eight different districts in Karnataka were chosen through purposive sampling. An average rating of 3.531 indicates a relatively beneficial contribution toward social and economic development. Overall, the ratings found indicated that there was a strong positive relationship between business income and family well-being. Regression analysis revealed a high degree of correlation (R² = .630) exists in terms of the impact of entrepreneurship on family well-being. Financial household management and work-life balance were identified as significant factors. The research findings indicate that improving women's financial literacy, providing women access to credit, capacity building, and market assistance will provide an opportunity for the growth of female entrepreneurship. Overall, this study finds that women's entrepreneurship is critical in enhancing both family well-being and personal empowerment and contributes to sustainable and equitable economic development in Karnataka.