Women did face a lot of challenges in presenting themselves as the leader, in the boardroom or at the workplace. Today, gender equality has made that rough road a little easy and comfortable. The issues have not completely disappeared, but seem to slowly faint. Women Entrepreneurs have rowed their boat battling the tides of financing, gender bias behavior, diminutive learning curve, and lack of appropriate mentors to survive in business. If women can fight these negative mindsets, imprudent stereotypes, and the special challenges, then she can, of course, run a business— a successful one.
In the year 2019, there was recorded an 85% proportion of business with at least one woman in senior management, and a 29% proportion of senior roles held by women, in the APAC region. The entrepreneurial endeavors of women are encouraging and inspiring for everyone.
Women Entrepreneurs From Tech Giants to the Fashion Industry
Women entrepreneurs in the innovation-driven economies are contributing to the fields of government, health, education, and social services. Women seem to dominate at all the economic development levels, compared to men. Where women are dominating the economic development fields, men seem to have a hold on the IT sector. Women entrepreneurs are less prominent in information and communications technology. The growth is steady but not as rapid to fill the gender gap in the field.
This gender gap is visible in the tech field due to the less contribution from females in STEM. Over the years, women have joined the league of tech field resulting in the growth of female ratio. Currently, there is about a 2% contribution of women who are performing exceptionally. Rather it is a C-suite role or an employee, women are choosing a career in the tech field. Technology is an important aspect of the future and it will require as much manpower that can be dedicated. Female contributions in tech should be common rather than groundbreaking in 2020.
Men Become Allies to Women
Over the years, women entrepreneurship has increased, but still, a gap can be observed. Traditionally, gender bias behavior led to the creation of obstacles for women in business. Today the gender gap is slowly fading as men started supporting gender equality. Men should support gender equality loudly and visibly at the workplace.
Men tend to believe in gender equality but according to research, only 17% of men are vocal about gender disparity in the workplace. Gender disparity is not just a women’s issue. When women’s labor participation equals to male participation, it would contribute $1T to GDP in emerging economies. This proves that diversity can benefit companies economically. Without the support of men gender equality cannot be achieved. Majority of men are in the positions of leader and as a leader, they can bring change in their workplace. Women are already contributing to influence female, men should also equally participate.
Gender Equality 217 Years Away
With the current emerging women entrepreneurship rate, economists estimate that in 217 years there will be complete gender equality. Regardless of women making up 51% of the US population and 46% of the labor force in the US, 94% of CEOs of Fortune 500 companies are male. According to the report, there is a male majority in venture capital firms, global parliamentary leaders and men comprise 81% of members of the U.S Congress.
Time and again there has been evidence of how gender equality will benefit the workplace economically. The 1% increase in gender diversity translates to a 3% boost in sales and a 10% increase in gender diversity results with a 3.5% increase in wages. The outcomes are more remarkable at the top. A study suggests that gender balance among the leaders correlates to higher stocks and greater profitability. The faster we achieve the gender equality goal, the quicker will companies are profited with economic benefits.
Achievements throughout the Decade
The last decade has witnessed a high rise in women entrepreneurs, as working for a company that offers stability is considered to be a myth. Employees have experienced a layoff, restructuring, reorganization, buyout or a variation at some point in their corporate career. Due to this instability, females have turned to entrepreneurship as an alternative career path. Women in business are determined to lead the industry towards success, despite contributing as an employee or entrepreneur. This women empowerment trend wave is not overlooked by established companies. For instance, Coca-Cola anticipates that around 5 million women entrepreneurs as part of its global supply chain. Wal-Mart is considering to innovate persuasive products due to these women-led businesses.
The rise in entrepreneurship creates growth and prosperity and also provides solutions for social problems. Women have entered the market with a new perspective and strategies differing from the traditional methodologies. Throughout the decade, women have been successful to prove that they deserve an equal opportunity in business. Their achievements are indeed noteworthy. If this trend continues, then women will be a driving force of entrepreneurial growth in the future.
Women Lead the Way towards Success
To summarize, women entrepreneurs have indeed marked their place in the industry. This female empowerment led transformation is real and is helping to reshape the world. Globally, women-owned entities in the formal sector round up to 37% approximately. The Global Entrepreneurship Monitor also found that around 126 million women are starting a business or running businesses. Whilst 98 million are operating established businesses. 224 million women are impacting the global economy; however, the data only covers 67 of the 188 countries recognized by the World Bank.
Despite the general criticism and beliefs, women have led their way to success and will continue to do so. A successful woman in business means to get power from within as a woman, not from others’ views, beliefs or expectations from you. Without support women have managed to secure their position at the top, by giving them a fair chance, they might as well disrupt the industry. She has got the business brain and can very well mind her own business, all she needs is an opportunity.
