Running a business isn’t an easy feat. From starting up to maintaining it and making sure it stays relevant and profitable, entrepreneurs juggle various tasks to keep the business afloat. The economy isn’t always stable and there are various factors that can shake your business up, so you always have to be on your toes. Countless businesses are still opening up despite that gloomy forecast. That’s the beauty of competition and a free and open market. While mostly dominated by men, there are also more female entrepreneurs now than it did before.
Women are now empowered to take bigger business risks because most are educated and hold degrees of their own. From small startups to family businesses and online ventures, you can see more women at the forefront of business ventures and actually succeed in it. It no longer comes as a surprise that many women hold important positions in various big and multinational brands not only because they are educated but more so because most women naturally have a knack for business themselves.
The economic recovery has been a long, slow slog. Without women starting businesses, we’d all be in much tougher shape. Here’s why: Women start businesses at a rate five times faster than men. In fact, women launch 1000 new businesses every day.
Women would do a whole lot more to save America if only America would return the favor and treat women small-business owners equally.
Since the recession, new businesses and jobs have grown slowly. Women-owned businesses have been a beacon of hope: they’ve grown five times faster than the national average, according to the sixth annual State of Women-Owned Businesses Report, commissioned by American Express.
Women own about 10 million businesses as of date and most are small businesses that contribute a lot for the betterment of society. Unlike in the past, women are more optimistic now to go out of their comfort zone and take calculated risks when it comes to business. Consequently, their businesses create jobs that help people earn money and provide for their families aside from the lives they touch with the products and services they offer whether it is in retail, food and beverage, spa, salon etc.
This fact forms part of a bigger picture of gender imbalance in the business world. Just a tenth of capital invested globally is in a business led by a woman. Only 18 percent of venture capital investors in the UK are female. In the US, a woman is twice as likely to start a business as a woman in the UK.
Clearly, this all needs to change, especially when you consider recent findings from Barclays Bank and the Entrepreneurs Network, which showed that female-led companies bring in 20 percent more revenue with 50 percent less money invested when compared to companies led by men. The same research found that 34 percent of male entrepreneurs have seen a business go under compared with 23 per cent of female founders.
There is much that can be done. A good place to start is to provide young women with successful business role models – 83 percent of women who have started their own business have known someone else who has done so.
Not only in the US but female entrepreneurs are likewise growing in the UK albeit at a much slower pace. It’s actually a good culture of women entrepreneurs helping other women make a living and even start small businesses of their own. You can’t always predict what will happen to the market, so saying that there are risks involved in business is an understatement.
Women see things differently, which is perhaps the reason why they also do things differently and come up with plans and ideas that are new to many people. They aren’t afraid to compromise too unlike men who have a more structured approach to business. And lastly, women are likewise often better than men when it comes to customer service since ethics and honesty are among the finest traits of women that are crucial to making a business succeed.