Female entrepreneurs are changing the face of business in industries around the world. According to a Quantum Leaps report, women-owned companies and firms could create millions of new jobs in the United States alone. The lack of women in entrepreneurship is a problem affecting all 50 states, and it is especially pressing when you factor in the statistic stating that women perform 66 percent of labor in the world while earning only 10 percent of the income.
The Global Pay Gap
In addition to lower earnings, women own only one percent of the world’s property. Despite this, women produce 50 percent of the world food supply and female small business owners are expected to create more than 5 million jobs in the United States by 2018. These entrepreneurs are transforming the economy by creating firms and companies that operate on a more horizontal distribution of power and responsibility.
Empowering Women Entrepreneurs
According to Cara Power, Executive Director of Savvy Ladies, an organization for the empowerment of women through financial education, female entrepreneurs use their profits to invest back into their businesses and their employees. Ventureneer is a woman-owned non-profit organization whose founder explains that the economy can only improve by helping woman entrepreneurs create jobs and bring products to market.
When women are empowered to start businesses and take on roles of responsibility in the workplace, individual companies benefit as well as the global economy. Nonetheless, the lack of visible and realistic role models is an issue. The Story Exchange is an international website that is devoted to improving the visibility of female business owners and entrepreneurs. This website features stories and information to inspire women who are taking their first steps into the world of entrepreneurship.
According to the founder of OWN It Ventures, women entrepreneurs contribute more than 7.5 million dollars to the United States economy. Her company connects women-owned companies and small businesses with the resources they need to grow their startups and contribute to the economy. Individual empowerment is where the journey begins, but advocates of women entrepreneurs explain that the initiative is global in scope. Research shows that women in business greatly benefit from mentoring and, if given the proper resources, they could create more than 16 million jobs over the next five years.
Women in business have unique experiences and perspectives to bring to their industries. Women-owned companies are shown to be highly effective at building strong foundations and contributing to an economy that needs all the help it can get. For a promising financial future, the research clearly shows that the United States would benefit from investing in women entrepreneurs and connecting them with the tools they need to grow their businesses, pursue business-related education and create more jobs for the workforce. Women are already the driving force in the global workforce, so the next step is to create a more balanced distribution of power at the executive level. The most effective way to do this is to empower the women who currently hold executive positions and encourage them to mentor startup founders and other women in business.