Irrespective of what country you love in, times are changing rapidly. Women are regaining more of their rights every day and as such should. Women play a vital role in everyday lives whether it is domestic or work.
The Challenges for Female Entrepreneurs
Despite all the changes the world has undergone, female entrepreneurs are in an unfortunate minority. The market has not fully recognized their potential and the fact that the next big idea may come from a female entrepreneur. Policies need to be made in order to make full use of this untapped potential. The biggest problem that female entrepreneurs face is that of recognition. However, this is not exactly a problem with society as it is with the perception of the general public. Males control most of the mainstream areas and hence these areas are categorized to be male areas. Consequentially, female entrepreneurs are under appreciated and are not offered equal opportunities in many areas.
Female entrepreneurs do not usually open up businesses that most men may. Their ventures usually start at home or in little shops. Because of their roles in the family, they can’t fully utilize their abilities to enhance their venture – something males are usually found doing. Another reason for the neglect of female entrepreneurs relates to the neglect that society gives them. The fact is that women choose to not participate in the same businesses that men create. These businesses are primarily related to education, services industry and small goods. These businesses are unfortunately thought less of and thought to be insignificant in terms of economic growth and contribution.
There is no question that female entrepreneurs can generate a lot of income. However, the lack of information does not allow us to paint a clear picture of the impact they will have on the economy. Recent studies conducted have proven that there is a lack of knowledge and opportunities amongst female entrepreneurs. A significant amount of attention needs to be given to the field.
Many females tend to run businesses whilst they are doing another full-time job. There are a lot more female entrepreneurs than male entrepreneurs and this is quite surprising. This is quite interesting as the majority of those females are homemakers. They run their own business as they uphold their household duties and/or continue a full-time job.
A lot of women have domestic responsibilities and hence cannot run a full-time business. Such women are not given the chance to run a flourishing business. Female entrepreneurs who are able to run a full-time business are not fully appreciated by their colleagues and competitors and hence do not get far.
The Changing Times for Female Entrepreneurs
In the 21st century, women play as active a role in society as men do. They can work almost everywhere men do and can do practically anything they can. However, there are a few hidden issues that have to be known in order to fully understand and appreciate female entrepreneurship.
During the last decade, Women’s entrepreneurship was being increasingly recognized. It was found that the potential of most women are not being recognized. Their ability to contribute to the economic state of a country is not fully appreciated. Women entrepreneurs are an important source of income and only in the last decade was this proven.
If you look at the creation of a business, for every 100 business that are started, almost 300 jobs are generated. So roughly three people are employed for every business that is created. Women entrepreneurs not only create a new source of income, they create new job opportunities for both themselves and others. Women entrepreneurs are no different than male entrepreneurs. They do not have a separate skill set nor are there any special rules that would condemn them. Compared to male entrepreneurs, females are equal in every way.
There is a lot of evidence to support that increase in female entrepreneurs. However, there is not enough to calculate the impact that females will have on the economy. The below information offers some statistics on women entrepreneurship:
- In the United States, women own and manage over 6.4 million firms out of the total of 23 million. This is 28% of the total number of firms. What is amazing is these 6.4 million firms provide employment to over 19 million Americans. This means that 9% of the private sector is employed in female owned and operated firms
- In Canada, almost a million women contribute hundreds of billions Canadian of dollars to the economy every year. The number of female entrepreneurs increased by 208% from 1981 to 2001. This is in comparison to the 38% increase of men
- In Germany, there are a little over one million businesses that are owned by women. The businesses owned and maintained by women provide jobs for over two million people. These businesses contribute over 232 billion Euros a year
- In the United Kingdom, women account for 26% of the self-employed workforce. Out of 3.2 million people, almost 830, 000 are female
- In South Korea, there are over 1.1 million firms that are owned and operated by women. This represents 36% of the total number of businesses
- In Sweden, 28% of all newly opened firms are by females
The above statistics point to the fact that more females are starting up their own ventures every day. With the state of the world as it is (inflation), it makes sense that more females are looking for ways to make money in order to pay for the household bills. The market still remains untapped for female entrepreneurs. However, the changing times bring with them a lot of advantages.
It does not matter if you are male or female, starting a business or expanding on an existing business can contribute significantly to the economy. Furthermore, it can create a lot of jobs. Large scale efforts are underway in many countries by many private and government bodies in order to tap into this precious resource.
Only time will tell what really does become of women entrepreneurship. However, one fact does remain true, females entrepreneurs have just as much right as male entrepreneurs to start a business and should be given ample support and aid.