The pursuit of gender equality in various facets of society has been ongoing for many years, but women still encounter substantial challenges when it comes to entrepreneurship. Despite being just as capable as men in establishing and managing businesses, statistics indicate that fewer women are self-employed compared to men. An OECD survey exposed that women in the EU are only 60% as likely as men to be self-employed. This imbalance is not restricted to age, as even young women aged 20-29 do not exhibit more confidence in their abilities compared to their male counterparts.
The Global Gender Gap Report from the World Economic Forum presents an even more dismal outlook, projecting that it will take approximately 99.5 years to achieve gender parity globally. This suggests that there is still a considerable distance to cover in ensuring equal opportunities for female entrepreneurs. Intriguingly, gender disparities in startups are more pronounced in middle-income countries, while they are narrower in lower-income countries, potentially due to women starting businesses out of necessity.
One of the contributing factors to this disparity is the societal influences that shape women’s perceptions about self-confidence and the fear of failure. Women in poorer countries tend to exhibit more self-confidence in their entrepreneurial abilities and are less afraid of failure than women in middle and high-income countries. Additionally, prevalent gender roles in many societies often lead married women with young children to choose entrepreneurship over traditional employment, as it provides them with flexibility to meet family needs without needing to request time off from work.
In terms of potential, female entrepreneurship has shown promising signs, especially in the US where women-owned businesses are growing at a significantly faster rate than all businesses nationwide. However, in the UK, support for female entrepreneurs has diminished since the cessation of services provided by organizations like Business Link and local Enterprise Agencies in 2011. Access to advice and support for UK-based entrepreneurs now heavily relies on the private sector, underscoring the need for robust networks to assist new female entrepreneurs in establishing and growing successful businesses.
When it comes to creating a conducive environment for female entrepreneurship, it is crucial to provide the necessary support and resources to help women navigate the complexities of starting and sustaining a business. This is where robust networks play a pivotal role, as they can furnish new female entrepreneurs with valuable support, advice, and feedback from seasoned individuals.
In conclusion, encouraging and supporting female entrepreneurship is not only about promoting gender equality, but it also has a direct impact on economic growth. By empowering more women to become entrepreneurs, we can tap into a vast pool of talent and innovation that can drive sustainable economic development. It is time to make concerted efforts to address the barriers that hinder women from fully realizing their entrepreneurial potential.
References:
– OECD survey: https://www.oecd.org/cfe/smes/inclusive-entrepreneurship/gender.htm#:~:text=Women%20are%20under%2Drepresented%20in,self%2Demployed%20as%20young%20men
– World Economic Forum’s Global Gender Gap Report: https://www.weforum.org/reports/gender-gap-2020-report-100-years-pay-equality
+ There are no comments
Add yours