Of late, there has been a great upsurge in women entrepreneurship in the global arena. An interesting question is whether this uprising is mere media hype or the reality. The rise of women entrepreneurship can be considered as a disruptive game changer in world economy today. Refer to statistics and it will unravel some great facts and figures in this context.
- In the formal business sector, women-owned business entities account for a whopping 37% of the global market share.
- By delving deep into the Global Entrepreneurship Monitor or GEM data, you will discover around 224 million women operating in the global market and contributing towards global economy.
- Amongst them, 126 million are startup owners, whereas the remaining 98 million happen to be successful entrepreneurs of established businesses. Most of them operate in the beauty care industry, some in the tech solutions market and the remaining half in various sectors.
In spite of their diverse and widespread variety in operations, they share one aspect in common. And that is their considerable contribution to world economy. There are several ways a successful women entrepreneur contributes to world economy. Here are ways in which we women have been driving the success vehicle all across the planet.
1. Facilitating reinvestments
Women entrepreneurs happen to be great sources of reinvestments. To put it in simple words, women will reinvest almost 90 cents of every extra dollar income in areas such as family health, nutrition and education. And there will be multiple benefits of this aspect. Increased assets and income will inevitably result in the wellbeing of the family, thus promoting the welfare of community as well as the country.
2. Power to create job opportunities
Another important factor responsible for the rise of female entrepreneurs is their ability to create innumerable job opportunities. According to the statistical reports of GEM, almost 122 million of them hire one or more employees in their enterprises. Other than that, there are countries such as Kenya, where the women-owned SMEs account for almost 80% of the country’s total employment. The scenario is not quite different in case of the United States. Around 9.72 million new job opportunities created by the year 2018 will be by women entrepreneurs.
3. Driving innovation
Whether it is manufacturing a new product or discovering ways of marketing the same, no one has the capacity todrive innovation like female entrepreneurs. In comparison to their male counterparts, women entrepreneurs are better equipped for offering new products and services to potential customers and making them understand the need for it.
What will make our contribution successful?
After gathering profound information on how women entrepreneurs contribute towards world economy, it is essential to know the indispensable factors required for making such contributions.
The importance of perception: There are several countries where the women labor participation lags way behind than that of men. Had it been equal, there would have been a resultant growth of $1T to the GDP of the emerging economies. And this where women need to keep confidence in themselves. Their understanding of the various business opportunities and the capability of tapping into those areas are critical to the success of their entrepreneurial ventures.
- Realizing true potentials: Ingenious women with a passion for creating new business avenues must have proper access to mentorship and guidance. Apart from that, targeted training is also a significant requisite. The useful aid of a great mentor will help them realize their true potentials and perform to their best.
- Factors leading to success: A positive attitude and self-confidence are the two other important factors for achieving unsurpassed success. If you happen to be amongst the potential female entrepreneurs, then your positivity will lead you towards self-belief, which will be the major impetus for reaching your targets. Proper access to educational, healthcare, childcare and other important facilities effectively result in the creation of such environments.
- Timely access to financing: We will end this discussion on the rise of female entrepreneurship, by identifying the most crucial aspect of our success mantra – business capital. Training and knowledge will fail to find practical applications without proper financing. And that is the reason that a growing number of international financial institutions and several other organizations are striving hard to ensure the availability of proper financing for women to fuel their entrepreneurial fire.
Successful entrepreneurial ventures facilitate the economic growth and development of a nation. And according to the trends today, it is us womenfolk of the world making it truly happen.
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