“2016 will be the year in which the forces of entrepreneurialism and feminism converge. Together, they will drive a long-wave, golden age of female entrepreneurship, which will be a positive for all of us: positive and empowering for the women who make the leap, good for the economy, good for consumers, and good for society.” ~Sallie Krawcheck, CEO & Chairman, Ellevate
Research has shown that women can become a major force when it comes to growing and developing not just organizations but even the nation. The hidden talent in women has not been tapped sufficiently to-date. Women have been relegated to the home and kitchen for too long. It is time for everybody to realize the extent of women-power in contributing to the progress of the nation and subsequently the world.
Role played in economic expansion
Though many feel that women have no skills to run a business, one needs to step back and see how much of a role they have played in economic expansion in real life. It has been said that when the women are happy the family is happy and the country and world are happy – what is good for women is good for the economy. Women entrepreneurs are growing by leaps and bounds. They are becoming a real fundamental economic force that is reshaping the global economy today.
In the formal, organized sector of the world market , 37% of all enterprises are owned by women entrepreneurs. The enormous size of this sector is making businesses and policy makers sit up and take notice the power of these women. In just 66 of the 188 countries recognized by the World Bank, there were 126 million women starting or running a business ( according to research done a year ago) while another 98 million had been operating their own organizations for over 3 years.
These entrepreneurs ran the entire gamut of sectors from micro-organisations to high-level, high growth, large enterprises, and included beauticians, seamstresses, caterers, engineers, designers, etc – all contributing significantly to the national exchequer and the general well-being of the economy.
Investing in people around them
Women invest almost 90% of their extra earnings in people around them i.e in their families’ education, health, nutrition; men invest only around 35%. Thus women’s earnings work towards increasing the welfare of the family, the community and eventually the nation.
Women entrepreneurs employ at least a couple of other people, in many cases other women. In the next 5 years it is expected that these women run entities in the 66 countries indicated, will employ over 70 million jobs. In many countries women entrepreneurs are responsible for almost four fifths of total employment.
Women are far more resourceful than men – they can make every unit of money stretch further than their male counterparts. They start with 50% capital as compared to men and make a success of it.
More creative and innovative than men
Experience over the years has shown that women are more creative and innovative than men. Most venture capitalists and financiers are on the lookout for new ideas and products and are now looking at women owned and run organizations to give a fillip to the economy and generate wealth. Research in micro finance institutions in 70countries has shown that women are more conscientious about paying back their loans; hence lending to women is associated with lower write-offs and risks.
Nowadays, women are increasingly looking to start their own entrepreneurial ventures as an excellent alternate career when normal career growth is negatively impacted. Engaging in entrepreneurial ventures creates wealth, brings prosperity and helps the economy to grow at a positive pace. They also help deal with social issues. And all signs point to the power of women as vehicles of growth in entrepreneurship, today and in the future.