Whether you are aware of it or not, the marketplace has rapidly been changing before your eyes, and not because of some new gadget or some consumer driven fad. No, none of these are making the difference in the marketplace as we know it. So, what is it that’s making all the fuss and setting records in the marketplace today? Well, it’s simply a push towards female entrepreneurship!
Now, many of you are probably thinking that there is nothing new here, especially since women have been demonstrating entrepreneurship for years. How true! Although, this isn’t just about a small group of women who casually swap recipes for pastries to be sold at the nearest bake sale, or those who choose to open a mom and pop shop selling crafts. This is not to say these ideas are not a great avenue for entrepreneurship, when in fact they are. No, this is more about a large force of women who are no longer satisfied with moving up in the corporate world and constantly having to compete on the basis of salary and whether or not a position can be filled based on gender. No, this is something completely different, something that is changing the entire business model as we know it.
Almost 126 million women in 2012 from over 67 different economies from around the globe had already started or were planning to start their own business. This staggering number doesn’t include the almost 98 million women entrepreneurs who were operating their own established businesses. These creative individuals not only made jobs for themselves, but also created employment opportunities for many others. During that time period, over 64 million female business owners employed at least one or more individuals within their firms. Even more positive, these same female business owners have plans to continue the growth of their individual businesses. Following a projected growth pattern, over seven million female entrepreneurs and more than five million female business owners that are already established plan to increase their total number of employees by at least six or more through 2017 (Brush, Greene, Kelley, and Litovsky, 2012).
According to Vanderbrug (2013) established businesses that are entirely women owned represented almost 37% worldwide. This is something that cannot be taken lightly and is worthy of attention by all businesses. On top of that, many of the female entrepreneurs are receiving higher marks for performance versus their male counterparts. Vanderbrug (2013) explains that data from Dow Jones research demonstrates companies that were provided venture backing in the U.S. and were found to be successful included teams with twice the number of female members. If that wasn’t enough for you to start paying attention, maybe this will help. A prediction by Gunn (2015) suggests that women will develop businesses and create almost half of all new jobs in the U.S. by the year 2018, and if that still wasn’t enough, female owned businesses will more than likely provide better flextime for employees, stronger tuition reimbursement opportunities, and more profit sharing benefits.
So, what do you think will actually change? I think it will be almost everything. Of course, you can always sit on the fence and wait to see if the trends hold out. But, if the trends keep moving in this new and positive direction, wouldn’t it be better to be part of it now?
Brush, C., Greene, P., Kelley, D. & Litovsky, Y. (2012). Global entrepreneurship monitor – 2012 women’s report. Babson College. Retrieved from http://www.babson.edu/Academics/centers/blank-center/global-research/gem/Documents/GEM%202012%20Womens%20Report.pdf
Gunn, H. (2015). The rise of the female entrepreneur. Daily Infographic. Retrieved from http://www.dailyinfographic.com/the-rise-of-the-female-entrepreneur
Vanderbrug, J. (2013). The global rise of female entrepreneurs. Harvard Business Review. Retrieved from https://hbr.org/2013/09/global-rise-of-female-entrepreneurs