Closing the gap of opportunities – Women are heavily under-represented in entrepreneurship. Based on OECD, women, especially young, have only 60% chances, compared to men, to start a venture. How technology helps us to overcome those systemic obstacles and foster the growth of inclusive entrepreneurship?
Women entrepreneurs are those who start a business, acquire the necessary resources, take risks, overcome obstacles, employ others, and run the company on their own. The term “women entrepreneurship” refers to company ownership and business formation that gives women more economic power and social status.
In general, women are expected to follow rather than lead; they are not intended to hold leadership positions. It’s not that they are unable; rather, our culture does not completely accept women in positions of leadership. Even if a lot has changed in this situation, there is still a long way to go.
The National Association of Women Business Owners estimates that as of 2017, more than 11 million U.S. companies with over 9 million people working for them and $1.7 trillion in sales were owned by women. It is generally acknowledged that female entrepreneurship is important for economic growth.
Numerous studies show that female entrepreneurs contribute positively to economic development and progress. Women entrepreneurs still make up a small portion of the business world, and they still have to overcome numerous challenges.
There are many challenges for female entrepreneurs to face in establishing a business.
Main Challenges for Female Entrepreneurs
– Limited Resources
– Managing Responsibilities
– Lack of Confidence & successful women entrepreneurs
– Inadequate Support System
– Gender Inequality & women owned businesses
– Unfavorable Business Culture
– Lack of Knowledge
– No Family Support
Nevertheless, despite all of these challenges for female entrepreneurs, there are a lot of successful businesswomen who manage to successfully manage their businesses while juggling their personal and professional life.
And it is their commitment to overcoming all obstacles to achieve success as an entrepreneur that has altered people’s perceptions of women to a greater extent. The World Bank and its donor nations, as well as top corporations, academic institutions, and nongovernmental organizations (NGOs), are now focused on supporting women-owned businesses.