It is fascinating to see how women dramatically changed the scene of entrepreneurship. While women make up almost fifty percent of the world, women’s integration in the business world was not always faced with ease up until now. Challenges and hurdles still exist but the success and acceptance women attained is nothing short of miraculous and amazing. The share of women-owned businesses has increased from being just a few short of 5% to contributing trillions to the economy.
It is no longer a surprise to see women bringing in the next big vaccine, leading big corporations, revolutionizing the world of beauty and medicine, revamping the world of artificial intelligence, and literally defying gender norms. Powerful women entrepreneurs have become a necessity and governments and societies need to do something with the empowerment of young girls.
It is still a struggle for young girls and women to be taken seriously in the world of business. The patriarchal world has not made it easy for women to reach this far. But here are some facts about women entrepreneurship that are bound to inspire you for your own success story!
Women-Owned Businesses Are Much Safer Bets For Investors
It is certainly no accident that a women-owned business is a safer investment. It is years of work in progress along with community building in progress that led us to reputable business ownership. To lead a business as a woman, you need a lot of preparation. Women tend to second guess themselves and prepare for every outcome possible. They tend to be a lot more perfectionists compared to men. They are cautious, dedicated, and treat their business the way they treat their family.
Women are also less likely to run a business if they don’t feel like they can genuinely take on the task. They would like to tick all the boxes for soft skills and education before becoming their own bosses. For this reason, a women-owned business becomes a lot safer bet for investment compared to a male-owned business. It is not a matter of which gender is more competent, but rather it is the mindset and the perception of the business that we are investing in.
Another reason for the safety is that self-employment or businesses tend to be the primary source f income for women. Around 62% of women started up their business to make it their primary source of income. While men tend to casually start-up businesses, women simply do not throw caution to the wind. A life’s work and earnings go into the business at great risk.
Women start businesses with less capital than men.
Again, the gender disparity in the world of business is still unbelievable. While women have come far from the gender restrictions, they still exist. One such example is, women tend to get less funding and a lesser amount of loan compared to that men. Women in the US receive a $5000 fewer loan for their business compared to women.
These hindering factors of inequality also impact the self-perception of women however this is also a reason for women to push themselves even harder. They are amazing at maintaining their resources and utilize both their tangible and intangible resources. Women also tend to use their soft skills and intangible resources as power tools for their business when the capital is low. These intangible resources include reputation, social recourses, and recognition.
The fact that women are able to utilize the minimum of the resources available to them is to shows how self-sufficient, independent, and worthy women are of running a business of their own.
Women-owned Businesses Employs More People
Women-owned businesses, especially those belonging to Small medium enterprises, tend to hire more employees compared to men-owned businesses. With a woman in the leadership or part of the start-up, you are bound to see qualities of empathy, nurture, and strong leadership. More than nine million people are employed by women-owned businesses. Unsurprisingly, women in entrepreneurship also showed great skills in mentorship and cultivating teamwork.
Companies Run By Women Perform Better
A fact agreed upon by the biggest business moguls and corporations of the world, women can give the world a run for their money. They say hand a woman a house, they will transform it into a loving home. The same principle is applied to capable women in business. Hand them the reigns of the management and watch women increase work efficiency and performance. Even if there is a visible gap in women’s and men’s entrepreneurial opportunities, the entrepreneurial spirit women hold has proved them to be one of the more competent and sought out by employers.
Coca-cola is one of the companies that understood the power women held in innovation and growth. In 2020, they saw five million women entrepreneurs in the global supply chain while Walmart believed that women have a higher level of innovation in selling and offering customers products. TM Unifi in Malaysia, one of the largest internet providers in Malaysia also the potential of a women’s touch and spirit in the business world. Unifi Malaysia is not the only company to integrate women’s work in start up’s and management. IBM, Lumi, Salesforce, and Bumble are world-renowned companies utilizing women’s entrepreneurial spirit.
The world is far from reaching the ideal level of equality between both men and women in business. But it is safe to say, women empowered businesses show a growing trend of success both in wealth and innovation. They are outperforming in the market, growing the economy, building empires, and defying social expectations. This is more than one would have hoped for 100 years ago, but girls, we have a lot more work to do to destroy the disparity between the genders. We may not achieve our dreams at the speed of the unifi Broadband but we girls have to start with empowering one another!
And without empowerment, it is impossible to overcome the lacking opportunities in the women-led business world. Education and skills are key to developing the confidence women need. Ofcourse, it won’t be easy to build an empire the way Martha Stewart did. However, a successful business requires one’s own self-confidence that comes from strong empowerment and education.
The struggles of being a working woman are endless but empowering women in business not only paves their way but it also ensures their financial independence. Let’s get a move on our dream business and make it a reality!