Many people are starting their own start-ups, creating a new wave of entrepreneurs and leading the country’s economic growth. There is a positive change in people’s mindset, now they want to become job creators instead of job seekers. Due to a sharper internet connection, and affordable smartphones, every individual can embark on an entrepreneurial journey to solve their existing problems and contribute their values to society, aided by technology and innovation.
Amid many positive outcomes, notable growth is occurring among women entrepreneurs, who are gaining the attention of the country’s entrepreneurial ecosystem. Seeing more women entrepreneurs start their own start-ups and break barriers is fascinating and encouraging. It is also essential to make sure that this rise is not hindered and that everyone gets equal opportunities and resources.
According to some reports, Of all entrepreneurs worldwide, one-third are women entrepreneurs, and the latest statistics report also suggests that there are around 252 million female business owners globally. The main reasons behind this growth are the increase in e-commerce, changing socio-economic conditions of women, and improved access to finance and training. While the rise is encouraging, women entrepreneurs still need help with entrepreneurship. In their entrepreneurial journey, continue reading this article about 5 ways to support female business leaders.
5 Ways to Support Female Entrepreneurs in Their Businesses
Female-founded and female-led startups are growing, but still only account for a small fraction of startups globally. Therefore, learn how to support them in growing their business.
Capital and government benefits
Financing is still a significant barrier that prevents women entrepreneurs from starting and growing their businesses. In their journey as entrepreneurs, they need the help of investors who can provide support and partnership. The rise of digital lending has made it easier to obtain loans. It is, however, necessary to establish a link that connects entrepreneurs with resources to help them build a successful business.
As we know, women entrepreneurs play important roles in the economic development of the country. But the lack of networks and knowledge can be a major constraint to female entrepreneurship. Some studies show that men have more social connections than women, which enables them to access business opportunities, information, and contacts.
Breaking the Bias
Every entrepreneur faces many challenges, but women can walk with a piece of extra baggage of problems that slows their career growth. While men are already playing leadership roles in their families, women need to make some extra effort to overcome the bias. So women entrepreneurs should develop their leadership abilities and convert them into business success.
Due to over-emotional or sensitivity in challenging situations, they lack access to markets, funds, and groups. So there is a need for collaboration at the personal and social levels to support women and break the bias. The goal of awareness and sensitization programs across all levels is to encourage female business leaders to achieve better results and bring about positive change.
Skill, upskilling and reskilling
Women entrepreneurs need to constantly update themselves to stay ahead of the curve. It is very important that they receive all the assistance they need, such as entrepreneurship training and soft skills like communication abilities, decision-making skills, and leadership skills.
To increase their ability in the business, they must need some assistance in development and other services through training and workshops to make them more capable.
Rise of online businesses
In the digital world, Online businesses are another major trend already on the rise, and the pandemic only served to accelerate it. The world has witnessed the rise of women entrepreneurs in e-commerce, making it possible for women to sell products from anywhere, anytime, across the country, and globally.
They must become digitally friendly to use the online marketplace to take advantage of online opportunities. This not only levels the playing field for women entrepreneurs but also opens up many opportunities for them in agriculture, healthcare, education, etc. A strong domain-specific platform exists to build, strengthen, and scale productive rural agribusinesses.
Mentorship and peer groups
It’s a challenging journey to become an entrepreneur, and women entrepreneurs need a mentor who can guide them and give them advice so they don’t fail and can double their chances of success. The mentor can help them network with others, connect them with investors, guide them through the funding process, etc.
Membership in peer groups can introduce them to like-minded individuals from different industries. This can encourage them to have positive discussions, and the result is that they can talk about their challenges and inspire other people without fear of judgement.
Increasing the number of women entrepreneurs can not only support the country’s economic ambitions but also increase employment and revenue-generation opportunities. The rise of women entrepreneurs is a positive thing that has happened in the global economic system. In order to maintain this rise, they should know the capital and government benefits, break the bias, update themselves according to the market, take advantage of the online business, and follow the guidance of the mentors.