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The rise of female entrepreneurship is one of the most significant economic and social developments of this decade. In the United States women own 38% of all US companies contributing more than $ 3.6 trillion in annual sales to the economy. In Eastern Germany women have created a third of the new enterprises since reunification in 1990. In South Asia women now outnumber men as business owners and these businesses have been at the forefront of that regions economic turnaround since the Asia flu crisis in 1997. In the developing world women owned micro-enterprises have begun to attract much attention as well. Non profit making organisations working at the grassroots have found that investing in female entrepreneurs offers the most effective means to improve health ,nutrition, hygiene and education standards for them and their children.
Here in the UK according to a survey by You Gov more than one million women have now taken the risk of going it alone, an increase of 17% on 2008 and contributing 4.4 billion to the economy. Whilst clearly British women still have some way to go to catch up with their American counterparts because they are still half as likely as men to start a business, apparently, it is clear to see a growing trend where women everywhere are stepping away from traditional roles and turning their backs on the corporate world.
What's causing this trend?
• A key aspect is the ability to have more control and freedom over their schedules and their lives. The history of women's social roles has always been full of constraints but now it is being translated into opportunities. Gaining more flexibility is a major motivating factor to an improved work and life balance. Many women and indeed men these days are redefining what success means for them. A flexible job to accommodate children in many cases takes a higher priority than doing challenging work or earning a higher salary.
• The glass ceiling, the term used to describe the obstacles and barriers to entry that women face in the Corporate world when attempting to progress their careers. Women have been fighting for years for better pay and equality of opportunity at work. Given the fact the rate of change is still so poor many women are turning their backs on theirs careers, voting with their feet and doing it for themselves instead.
• Leadership on their terms. The differences between male and female leadership styles are only now beginning to be fully appreciated and highlighted more but women value their ability to develop their relationship and nurturing skills which are conducive to start-ups. Often these qualities along with compassion, sensitivity and empathy are far too often considered to be secondary in some of the more male-dominated cultures of top companies. Certainly this may well be reflected in the lack of senior female role models in FTSE 100 companies. According to the Cranfield School of Management there has been no increase in female board representation in the UK in 2009 with the figure remaining poor at only 12%.
• Women want to pursue their passions and their dreams. In study after study women are more likely than men to cite personal interests, a desire for self-fulfilment and job satisfaction as their primary drivers for starting a business as well as a desire to use their creativity skills and achieve independence by becoming their own boss.
• Financial value and return are a factor in the overall equation. When one balances time and effort verses commuting and childcare costs with the corresponding penalty of missing out on vital parent/child time then often the sacrifices just don't stack up. Moreover, the corporate gender pay gap is still a significant problem with women in the UK still earning only 77% of their male counterparts and a third less in pension.
• Many women have a desire to make a social contribution to their community and play an active role. Often they find themselves volunteering for services and spot opportunities thereby making a difference and making a living at the same time.
• Finally it is so much easier these days and relatively cheap to establish your own business with the era of the knowledge economy and high value easy access technology. Home-based entrepreneurs have rocketed in the last ten years. There has also been a noticeable growth of women's network sites like Women Unlimited who are capitalising on female entrepreneurship and providing inspiring role models and know how to support others attempting to set-up.
Female entrepreneurship is not only good for women who choose this direction with a better work and life balance , improved self-esteem and independence which comes from existing in your own right and having a sense of identity separate to being a spouse/partner/parent. It also makes great sense for the economy too. It's a fact of life that women see things differently to men. They are incredibly innovative and adaptable to change, generally more natural collaborators and relationship builders and have highly developed multi-tasking ability. Acting from a more intuitive, 'feelings based' stance often allows them the ability to identify issues and options early in the process.
Getting ahead as a female entrepreneur
Always believe in yourself and don't limit yourself. You can go as far as your mind takes you so let go of any limiting self beliefs and surround yourself with positive uplifting types.
Have a great support system. You can't do everything alone but you can achieve amazing things with a team of people around you who leverage each other's strengths.
Be of service. The more that you can do for your customers the more they will do for you. It's all about creating a long-term meaningful relationship. When you step out of your personal focus and begin asking how you can be service to others then you are on the road to success.
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