Introduction
Across the globe, entrepreneurship is crucial to economic progress. Women have long been business owners, and their influence in business has gone relatively unacknowledged. Nonetheless, there has been a significant increase in female entrepreneurship in recent years. Many women are creating businesses because of their motivation to innovate, effect change, and achieve recognition, social status, and financial independence, among other goals.
What are some of the legal and social constraints facing women today?
Globally women still confront economic, societal, and legal challenges in setting up and running their businesses:
- As a result of educational disparities, women and girls often begin their careers behind their male counterparts, without crucial knowledge and training. According to global statistics, just 39 percent of rural girls attend secondary school. This is far fewer than rural boys (45 percent), urban girls (59 percent) and urban boys (60 percent).
- In some countries, laws and discriminatory practices make it hard, if not impossible, for individuals and enterprises to own property or gain access to the financial institutions necessary to save and invest.
- Women and their enterprises face persistent barriers to entry into the corporate world.
- Time, agency, and economic engagement are all constrained by gender norms that favor females for domestic and caregiving tasks.
- Societal norms and family expectations can hinder confidence in their ability to lead enterprises.
- As a result, women are more likely to be the company owners in the industries most vulnerable to the Covid-19 pandemic, such as the hotel and retail sectors.
When women succeed, we all win.
We can’t afford to leave women entrepreneurs behind. When this occurs, we also fail the generations to come. Women’s business accomplishments have a ripple effect on the economy and people’s daily lives.
Women business owners who are successful are more inclined to reinvest their earnings in areas such as their children’s health and education. Furthermore, local communities can count on their businesses to be there when they need them most. The success of women business owners has a significant trickle-down effect on their surrounding communities.
Motivations Behind Entrepreneurship
It’s no secret in today’s world that becoming an entrepreneur is no walk in the park, especially for women who face many more hurdles than their male counterparts. However, an increasing number of women across the globe are ditching their traditional jobs in favor of launching their enterprises. Some consider entrepreneurship as a source of empowerment and autonomy. For freelance photographer-journalist Ama Ouattara, it is the need to detach oneself from hierarchical organizations that have pushed her to entrepreneurship, as well as the flexibility to work on topics she is interested in and in the way she wishes.
Marcelle Goran, who heads a Quebec business support organization dedicated to attracting and retaining immigrant workers, wanted to strike out on her own so that she could “control what she represented and its consequences,” as well as have more freedom over her own time and commitments.
What inspires a woman to start her own business? Do they have an internal drive that drives them? Or is their achievement a result of their actions? To put it simply, women are inspired for a variety of reasons to enter the world of entrepreneurship.
Six Top Reasons Why Women Pursue Entrepreneurship:
To Pursue a Passion
Many women find that being an entrepreneur allows them greater freedom. Some are interested in starting their businesses to pursue their passions. There are endless options which include everything from baking and crafting to coaching and coding!
Therefore, without any perceived limitations or obligation to conform, many women seek to discover their real calling and choose to prioritize their passion over a traditional career, successfully turning that passion into a lucrative business.
Changing Social Stereotypes
Despite having work dreams and aspirations, there have historically been many gender norms that have forced women to stay at home to serve a subordinate position.
Regardless, women have made great strides against these prejudices, shattering glass ceilings and soaring with their stunning hues of success and courage. They no longer adhere to the socially prescribed gender types or roles.
The Pressure to Provide
There are a lot of pull and push elements that encourage women to start their businesses. One of the push forces is the pressure on women to work. They are forced to work because they have just no option. In these circumstances, some women are pulled into the corporate sphere, while others feel the push to start small and home-based companies with their immediate social networks as their target market to provide for their families.
In recent years, an increasing number have started their businesses because they want to be creative, financially independent, and for other similar reasons.
Gender Disparity
More often than not, women choose entrepreneurship over employment as a result of the gender-based positions that are assigned in organizations. Many women have left their employment to create their businesses because of the lack of upward mobility available to women.
However, through overcoming obstacles and difficulties, a significant number of women have triumphed in the race against men to seize equal opportunity.
Yet still, many younger women are concerned that they will have to overcome obstacles to succeed in their careers due to the lack of recognition based on gender discrimination.
Jobs That Aren’t Flexible
Major companies and their employees have not always been inviting female employees in a variety of areas.
Many barriers prevent a woman from getting into or returning to her job despite being talented, including hiring women after a career-long break, providing remote working options, allowing workplace flexibility, and not requiring equal pay.
However, several educated women have used these arguments as primary motivators to pursue entrepreneurship rather than jobs.
While these reasons explain why so many women take the plunge into business ownership, some nuances emerge from the many cultural contexts and countries in which these women operate.
In other words, there are likely to be regional variations in the most important factors.
A Desire to be Role Models
Most business owners are motivated by successful individuals who are their role models. These role models might be family members or well-known, prosperous entrepreneurs.
It is evident that female entrepreneurs start their businesses for a variety of reasons and the desire to alter the course of the future often drives business owners to achieve greatness. Yes, It is possible for you to earn money and also make a difference in the world. Just know that on your unique journey achieve your goals, there are valuable lessons that will inspire you to continually succeed.
Our Mission
To advocate for diversity initiatives such as workshops and courses which support and empower multicultural and/or multilingual female entrepreneurs to overcome biases and confidently launch and maintain their online business so that they can have impact in their communities. United, we can accomplish anything and can pave the way for more women business owners to make an impact worldwide.