Today’s women are growing by leaps and bounds in the business sector. They handle their business exceptionally, and women-led startups see excellent growth potential. Women entrepreneurs nowadays across the globe are emerging as decision-makers and showing immense dedication towards business.
They are taking charge and have forced people to take them seriously through their achievements. A report by Global Entrepreneurship Monitor shows women entrepreneurs had 20% more chances of closures due to the pandemic compared to men. In addition, that report revealed that nearly half the female entrepreneurs in high-income countries reported closures.
Funding has been a significant issue for female entrepreneurs. A 2019 study shows that female founders focused on self-fund for their startups. They had limited support in terms of capital. A study shows that women-led startups received 10% of funding meanwhile men-led ventures received 90% of the remaining funding support.
As per a study by McKinsey Global Institute, the advancement of women’s equality could increase the global economy by $12 trillion by 2025. This could even jump to 28 trillion dollars.
There is still a gender gap worldwide, and loads of reports are present stating how female entrepreneurship across the globe is about two-thirds of the rate of men. The highest rates of female entrepreneurs are seen in sub-Saharan Africa, where there are 11.3% of female entrepreneurs, and in Asia, we can notice the percentage of women entrepreneurs is 9.1%.
However, it can increase and lead to several benefits for the corporate world. A Harward Business Review found that women outscored in most of the leadership skills compared to men. They outscored in key skills such as innovation, teamwork, and problem-solving. This shows the true potential of women entrepreneurs.
So, how can the gender gap fill up? More and more women-led startups and ventures should emerge. In addition, there should be more funding for women-led startups and women entrepreneurs should be supported.