When the going gets tough, female entrepreneurs will take matters into their own hands and work hard to create a better life for themselves, their families and their community!
From the women who were encouraged by Rosie The Riveter to join the American industrial workforce and were crucial during World War II , to the hardworking Samsui women who left their families behind to help build Singapore’s infrastructure, females have shown their strength and tenacity to improve their lives while also being a great asset to their community and even to the nation.
According to a report by CNBC, throughout the years the number of female entrepreneurs has been rapidly increasing by 10 percent as compared to only five percent with their male counterparts.
Donna Kelley, a Professor of Entrepreneurship at Babson College (USA), attributes this to the gender gap which has closed in many countries, which allows women to be as likely or even more likely than men to start businesses.
So what motivates women to become entrepreneurs and start up businesses on their own?
How will their contributions help create opportunities for their community to flourish, contribute to their country’s success, and also boost the global economy?
And what exactly do female entrepreneurs need to make this positive change become a reality?
Progress or survival?
Mastercard’s inaugural Women’s Entrepreneurial Index suggests that countries with enabling conditions will foster more Opportunity Entrepreneurs, whereas countries with less conducive supporting conditions tend to breed more Necessity Entrepreneurs:
Women living in developed economies tend to be driven by the desire to progress — either to have better financial security which helps improve retirement prospects, more flexibility in working hours to spend time with family, or they preferred to break out of the corporate world to become their own boss.
Women who are in emerging markets are led by their need to survive — either to escape a life of abuse or poverty, to earn a better living to provide basic necessities for their family, or they were unable to find a suitable job or other means of making money.
How female entrepreneurs can make a difference
What is it about women that sets them apart from the men when it comes to running a business? There are several reasons why everyone can benefit from more female entrepreneurs:
Boost to local economy
Women will use up to 90% of what they earn on education, their families and communities, which goes back into the country’s economy — whereas men tend to spend their earnings on personal consumables.
Reduction of poverty
Female entrepreneurs in developing nations have been recognised to help reduce poverty with their creative business ideas and strong determination to build a better future for their children.
A study done by the United Nations found that women have different business goals from men and “righting a wrong or improving livelihood in their communities.”
Global economic growth
It is believed that since female entrepreneurs can help boost their local economy, if given enough support and opportunities, they will also be able to improve the global economy.
What kind of support do female entrepreneurs need to achieve success? Go to the next page to find out