With growth of small businesses globally and the significant rise of self-employment in recent years, entrepreneurship has not only become a widespread phenomenon, but in many markets has become the norm. There is an expectation of the young and upcoming generations to conduct business and develop our markets with a fresh focus, and it’s no surprise that women around the world are rising to the call and claiming their piece of the pie.
In January 2010, the Financial Times reported that women were entering the world of entrepreneurship at a much faster rate than men, although their businesses have been much harder hit by the recession than their male-owned equivalents. Female self-employment increased by 4.9 per cent in the third quarter of 2009, the latest date for the research, compared with the same period a year earlier. By contrast, male self-employment was up just 1.1 per cent.
Despite the field being primarily male dominant in the past, many female entrepreneurs on the rise have broken the mold and delved into fresh areas of self-owned business practice; capitalizing on their abilities as women rather than letting it be a hindrance to their growth. Of the top 15 female entrepreneurs under the age of 30, 6 of their companies base the internet as its central means for doing business, thereby allowing the women to work on their own terms when first starting up. It may not come as a surprise that the majority of their businesses focus on industries such as fashion and cosmetics, jewelry design, catering, book selling, event planning, and charitable causes. What does stand out however, is that all these women in their twenties have used ideas most familiar to their gender to generate businesses that collectively are worth several millions of dollars.
The world today has not only come to realize the ability for women to make significant contributions to the businesses arena, but their input has been globally embraced. Organizations assisting women in realizing their business goals are now spreading fast, be it financial and managerial assistance; investment plans; or merely networking platforms designed for specifically for such women. Karen Gill, co-founder of Everywoman, a network supporting over 35,000 female entrepreneurs, said that female entrepreneurs might suffer from concentrating too much on their business idea and not enough on generating profits. “You have got to go out there and make the money,” she said.