Asian Review of Social Sciences ISSN: 2249-6319 Vol.8 No.2, 2019, pp. 30-34 © The Research Publication, www.trp.org.in Role of Family-Business in Women Empowerment Sowjanya S. Shetty. M 1 and V. Basil Hans 2 1 Lecturer in Economics, Poornaprajna College, Udupi, Karnataka, India 2 Associate Professor & HOD of Economics, St. Aloysius Evening College, Mangalore, Karnataka, India E-Mail: sowjanya936@gmail.com, vhans2011@gmail.com Abstract - Family is central to the founding of society and society completes nation. Family enterprise is an influential element in commencing and nourishing socio-economic development. Family enterprise has been active around the world for centuries and also accounts for a large share of economic activity in the contemporary period. No nation, society and family can bourgeon and be prosperous if women, who represent half of the human force, are not treated equally. In many parts of India, the participation of women in decision making is inexcusably low, and they are marginalized and play a secondary role. Gender equality and women empowerment are essential for the development and wellbeing of family, society and to a nation. Gender inequality in India is because of the existence of the patriarchal structure of the family system. Empowerment of women must be accomplished at all levels to enable them to make decisions about themselves and also family matters. Education is believed to be one of the most fundamental components of Empowerment. Education enables women to have an analytical and scientific approach and recognize the realities around them. This paper is an attempt to discuss the role of family business in the empowerment of women, identifying the role of education as a reliable energy booster for the development and empowerment of women in a developing country like India. Keywords: Education, Empowerment, Family Business, Gender Inequality, Women Entrepreneurs I. INTRODUCTION Business plays a pivotal role in providing access to goods and services that help women improve their living standards as well as to increase their mobility and potential. Companies' product design and development teams should consider how their goods, services, and technologies can offer both benefits and risks to women. Women touch every aspect of the business. For example, they are influential consumers of goods and services. A Goldman Sachs study shows that when women's spending and decision-making power increases, they affect consumer trends, such as household spending for the welfare of the family, which has implications for things like apparel, childcare, consumer durables, education, financial services, food, and healthcare sectors. In the workforce, the advancement of women is also crucial to business success. Companies with women in leadership outperform their competitors, with a McKinsey study finding a 55 per cent increase in average company earnings before interest and tax. As businesses begin to priorities women's empowerment, they should be careful not to make it a “niche” issue that only the sustainability team or executive leadership addresses. Defining corporate priorities for women's empowerment requires a strategic approach that weighs both existing initiatives and company priorities. One right place to start is the Women’s Empowerment Principle. Once a company identifies women’s empowerment as a priority and integrates women’s empowerment into core business activities, the next step is to build strategic partnerships with donors and other stakeholders. Partnerships that harness the strengths of both business and the public sector are crucial to ensuring that economic progress in developing countries is linked to individual prosperity, gender equality, and shared opportunity (Pruzan-Jorgensen & Shields, 2015). The era of globalization has enhanced the role of women entrepreneurs. However, India may fail to obtain benefits without the participation of women, who form a significant mass of society. Active participation of women in economic activity and decision making is very much needed to increase the GDP growth (Hans & Sowjanya, n.d.), Recognition, reputation, resource regeneration are some of the advantages of women entrepreneurship besides monetary gains and financial inclusion (Colaco & Hans, 2018). The family is one of the hoariest persisting social institutions and also a fundamental element of Indian society. A family is regarded as a central element of Indian society. Women who are given secondary status have gradually transitioned to subjugate an essential role not onlyin the family but in the family business also. Women frame a necessary human capital for enhancing the economic power of a nation. The development of any nation is not feasible when half of its population is marginalised. Gender equality and women empowerment are one of the prime priorities of sustainable development goals. Women play a crucial role in the process of globalisation. The literacy rate of women is around 50 percent in almost all developing countries. In India, women represent half of the population and play a significant role in economic activity, and her role is increasing in globalised India. Women are mostly acclaimed and found fathomless; however, they are often unseen in the development picture. Refusal of opportunities initiates from home and continues afar to other institutions of learning and also to the workplace. Differences in avenues to growth and 30 ARSS Vol.8 No.2 April-June 2019