Female Entrepreneurship Opportunities and Challenges For Economic Development

Female Entrepreneurship Opportunities and Challenges

A female entrepreneur is a woman who takes on the risks and responsibilities of being an entrepreneur.

Women contribute to entrepreneurship in many ways, including but not limited to: founding new businesses, developing innovative technologies, improving customer service practices, providing access to new markets, etc.

Female entrepreneurs are key for economic development. A new business by a woman generates on average more jobs than a small business founded by a man. It has been observed that female entrepreneurs are more likely to create sustainable jobs and generate growth for their economies. We should come forward to take Necessary Steps for Women’s Empowerment.

Female Entrepreneurship Opportunities and Challenges

Female entrepreneurs are not only passionate but also creative. A few years ago, they were struggling to get their foot in the door because of many misconceptions that people had about them. But now, with changing society, there are more opportunities for female entrepreneurs to collaborate with male counterparts in the entrepreneurship field. It’s a very things to see in the world that, female entrepreneurship growth has increasing rapidly today.

While the number of women-owned firms is increasing every year, it is still a small percentage of all businesses. In 2006, women accounted for 32% of all business owners in the United States. In 2014 they accounted for 43%.

The growth in female entrepreneurship is not just happening in America. Globally, there has been an increase in female entrepreneurs over the past decade. An example would be that 52% of employers are more likely to promote a woman than a man, while only 35% are more likely to promote a man than a woman.

As we approach 2021, we can see that female entrepreneurship growth will be a key area of interest and challenge. The problem is that there are two groups of women entrepreneurs: those who already have an established business and those who are getting started.

It was found in the report by the Kauffman Foundation that women entrepreneurs still face many challenges like lack of access to capital, lack of mentorship and networks, and less time to take care of their families among others.

These obstacles are not insurmountable for these women entrepreneurs as they have shown willingness to break through these barriers if given the right environment.

Entrepreneurship Opportunities

For female entrepreneurs, the opportunities are plentiful. They exist in every industry and in every country. All of these possibilities give women the chance to create more successful businesses, which means more of an opportunity to turn their ideas into reality.

Some of the industries that are currently having major success for female entrepreneurs include: food, fashion and beauty, travel and hospitality, and media. The opportunities for female entrepreneurs have never been better than they are now, so take a chance on your dreams today. Let’s find out some valuable points which you should consider to join today.

  • A Flexible Working Schedule
  • Opportunity to build a career that aligns with your values
  • Constant growth and Development
  • Meeting like-minded people
  • Awesome Experience with New Opportunities
  • Greater Confidence and Able to Grow Leadership Skills

Do you know Youth Business International (YBI) created a positive impact female entrepreneurs in many ways. For instance, did you know YBI supported over 30,000 with training last year 2020?

Entrepreneurship Challenges

A large percentage of entrepreneurs are women. They face many unique challenges, some of which can be more challenging than those faced by men. Women often need to work harder and smarter than their male counterparts in order to succeed as entrepreneurs. This is due, in part, because many industries traditionally dominated by men still operate within a traditional male power structure that biases against women, making it hard for them to rise quickly through the ranks and dominate positions of power like CEOs or executives at Fortune 500 companies.

Female Entrepreneurship Challenges
Image Source: Google

Common Challenges for Females.

  • Limited Access of funding for starting Capital
  • Hiring Employees
  • Defying Social Expectations
  • Strapped Budget

Female Entrepreneurship Statistics

According to the Center for Women’s Business Research, there are over 9.2 million women-owned businesses in the US alone. Women entrepreneurs are also proportionally more successful than men when it comes to growing their businesses. Do you know in United States, 5 Female Black Business Women’s who can Inspire you to became an entrepreneur.

Women entrepreneurs in the US start their business with less than $14,000 on average and generate an average of $36,000 in annual revenue. You can also check out the Most Inspiring Female Entrepreneurs in 2021, who you’ll tells you a lot.