January 8, 2019

Women Entrepreneurs: Taking the Business World by Storm

Women EntrepreneursEvery day in the US, women entrepreneurs start about 850 new businesses on average. And over the past two decades or so, the number of women-owned business firms has increased by a whopping 114 percent.

These developments are a sure sign that the world of American entrepreneurship is now eagerly opening its arms to women as they become all the more comfortable in taking on the mantle of business owners and entrepreneurs.

As a matter of fact, the overall entrepreneurship rate amongst women is now considered to be higher than ever before.  And these rates are also steadily increasing at an even higher rate as more and more women decide to leave the patriarchal norms of society behind.

As per the recent reports[1], this is not just happening in the US. Rather, women’s entrepreneurial activities have steadily gone up all over the world by an estimated ten percent or so, and this has closed the vast gender gap (in terms of earning ability) to a great extent, especially in the preceding three years.

In fact, many lady entrepreneurs are currently leading this massive surge with their individual business and entrepreneurship endeavors. At this point in time, these numbers are currently amongst the highest in terms of the global average with more and more women being engaged in various early stage entrepreneurial activities.

As of now, it would not be wrong to state that many of the women entrepreneurs who have joined the economic mainstream alongside their male counterparts have done so not because of financial necessity but because they believe that they can take advantage of a raft of opportunities that are available to them.

They are now making the most of such opportunities due to their resilience, ability, and desire to challenge age old traditions and socio-cultural norms. Here are several reasons why women entrepreneurs are starting their own businesses in such high numbers. Let us take a look at a few of them:

o   Entrepreneurship vs. Being Employed

Many prospective woman entrepreneurs have decided to branch out on their own not because ‘being your own boss’ is just a fancy catch phrase for ‘living life in the fast lane’. In fact, woman entrepreneurs understand that starting your own business means extra working hours, a whole lot of hard work, and no breaks. Moreover, any problems that they face cannot be blamed on other people as such. They know that they have to take full responsibility for just about everything related to their business.

Having said that, being an entrepreneur does have the potential of being a very rewarding business indeed. From Abigail “Abby” Johnson to Bill Gates, various enterprising entrepreneurs who dared to dream big have gone on to define the very world we live in today. Being a woman entrepreneur gives the individual an absolutely fantastic sense of achievement and absolute control of her own life and the direction that it will take. Apart from that, women entrepreneurs know that running their own business is an excellent opportunity to learn, develop and ultimately polish their skills. And of course, last but not the least, a successful business is certainly a great source of revenue and immense mental satisfaction as you know that you have really achieved something absolutely wonderful entirely on your own.

o   A World of Ever Increasing Opportunities

In today’s world, there are far more opportunities and prospects for a woman entrepreneur hoping to kick-start her own business than ever before. This is due to the fact that several patriarchal bonds and traditionally male-oriented spaces are now completely open to enterprising women.

Today the market savvy lady literally has the whole world at her fingertips, thanks to the easy access of digital marketing technology that used to be the stuff of science fiction a few decades back. From creating a page on Facebook to advertising on the web, from acquiring peer reviews all the way to going ‘viral’ on social media; it has never really been easier or more convenient to promote a whole range of new products and services than it is today.

o   The Ability to Take That Risk

A man with a mortgage on his brand new car and living in a rented property is far less prone to take risks than an aspiring woman entrepreneur.  After all, even if an idea does not really work, then all she has to do is go back to the proverbial drawing board and simply start all over again. This is the part where women entrepreneurs really come into their own due to their resilience and their ability to bounce back and start all over again, even if it means failing a few times in between.

However, it should be kept in mind that irrespective of whatever business that women entrepreneurs choose, there is never any room for complacency, and like their male counterparts, they have to give more than their hundred percent even after they succeed. Anything other than that would be a compromise and cutting corners, and that is one thing a new entrepreneur should never do if she really wants to succeed in the long term.

[1] The Global Entrepreneurship Monitor (GEM) 2016/17 Women’s Report

by Bobby J Davidson

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