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The future for women entrepreneurs
03 October 2014
Over the past few years, you may have noticed a change in the business world, as more and more women entrepreneurs play an important role in the growth and prosperity of the economy, in Australia and around the world.
Alongside the many ambitious men in the business world, women are increasingly becoming successful entrepreneurs who own businesses globally. Their success is due to a range of factors: they have broken free from the traditional gender-specific roles, they have a burning desire to become their own boss, they seek personal fulfilment, they want to be involved with their community and they are willing to share their passion with the world.
The proof of this is in the numbers – female business owners are also contributing to more employment in their countries and are generating economy revenues. A recent study indicated that 1 out of every 11 adult women is an entrepreneur in the United States and that they contribute to the overall employment of 18 million workers and generate anywhere from $2 to $3 million in United States (US) economy revenues.
Studies have shown that many women today are not afraid of taking risks and are twice as likely to take average risks than their male equivalent. They not only possess sound business ideas, but just like men, they seek to share their ideas with those who may benefit from their discoveries.
The same study has also shown that many women have the desire to control their own lives and be their own bosses, and they have a greater tendency to create a balance between their family life and career than men do. They have an amazing ability to multitask, efficiently balancing both personal and professional life with their goal-oriented approach. As Sarah Breedlove said, who was known as Madam C. J. Walker, an American entrepreneurand philanthropist who was the first female self-made millionaire in America and who made her fortune by developing and marketing a successful line of beauty and hair products for black women under the company she founded, Madam C. J. Walker Manufacturing Company, “I am a woman who came from the cotton fields of the South. From there I was promoted to the washtub. From there I was promoted to the cook kitchen. And from there I promoted myself into the business of manufacturing hair goods and preparations….I have built my own factory on my own ground.”
One of the really great things about women entrepreneurs is that they tend to offer better conditions to their work-force; on the job training and education, more tuition reimbursement for students and continuing education to their employees. They also tend to provide more vacation and paid leave options to their staff. This plays an important role in boosting their workers’ performance and improving their business profits.
Research has also shown that many of these women have pursued higher education degrees and are more knowledgeable about their target market, and the demands of today’s consumers.
Of course, the business world is complex, and isn’t free from challenges and many entrepreneurs face hurdles including a lack of capital and resources for business start-up, a lack of business skills and information technology awareness, and a lack of research required to identify market needs, competition and methods of product awareness and distribution.
Another important point to highlight is that opening a business is one thing, and growing it is another. Despite those challenges, the majority of women entrepreneurs overcome them and continue to broaden their networks. They have become a strong driving force in today’s corporate world and are not reluctant to move forward. More than 9 million women own their business in the US, and of all US enterprises that exist, over 40% comprise of women-owned businesses.
It is clear that women are changing the world and are creating positive opportunities for others. Women embrace change and instinctively expect it. Successful entrepreneurs don’t live in the notion that life is constant and we just need to live in it. Instead, they embrace it, change it, improve it, and make their mark upon it.
“Women entrepreneurs as drivers of change” is a key theme of the Qatar International Businesswomen Forum, which will take place in Doha, Qatar in December 2014. The Forum will discuss the economic and social roles of women and how they are taking part in the ongoing regional developments. It will also address leadership, entrepreneurship, management, finance, culture and social issues. Success stories of women will also be shared to build business networks between businesswomen in Qatar and the rest of the world.
The future looks bright for female entrepreneurs. It is predicted that women will continue to establish business networks to flourish in the business world and research shows that female-driven businesses are expected to make up almost 50% of all businesses worldwide by the year 2025.