Empowering Women in Small Business and Entrepreneurship

Women are the largest untapped reservoir of talent in the world.

However, utilizing this reservoir to its fullest extent is still debatable.?

Empowering women is essential in small businesses and entrepreneurship to promote gender equality and economic progress. Women-owned enterprises not only create jobs and contribute to economic growth, but they also have a significant influence on local communities. Moreover, women may become potent change agents as they contribute to a more inclusive and equitable society when given equal opportunities and resources to establish and expand their companies.

Despite recent advances toward gender equality, women continue to confront substantial difficulties in the workplace, notably in entrepreneurship. Women entrepreneurs, for example, frequently face financial and resource constraints, restricted access to education and training, and gender prejudice and discrimination.

Promoting gender equality in small enterprises and entrepreneurship is critical to ensuring that women have the same opportunities to thrive in the workforce as men. Women can overcome the constraints that prohibit them from starting and expanding businesses if they have equal access to education, money, and resources. Furthermore, eliminating gender prejudice and discrimination in the workplace may result in a more inclusive and varied workforce, which benefits not only women but society as a whole.

Role of women entrepreneurs in economic development

Women have been historically underrepresented in entrepreneurship, but over the years, the numbers have increased. According to the Global Entrepreneurship Monitor, women entrepreneurs comprise approximately 42% of all entrepreneurs worldwide. Women entrepreneurs have a crucial role in economic development, contributing to job creation, innovation, and social change. However, despite the progress made, there are still significant challenges that women entrepreneurs face.

Addressing Societal Issues for Women

Addressing gender bias, discrimination, and stereotypes

Gender prejudice, discrimination, and stereotyping still exist in many communities, hindering progress toward gender equality. Despite the significance of women's leadership and political engagement in reaching the Sustainable Development Goals by 2030, women are underrepresented in decision-making positions worldwide. To address this, organizations must actively promote women's leadership capabilities, including correcting policies and practices that show discrepancies between women's perceptions and leadership qualities.

Unfortunately, gender-based discrimination in employment and business continues. Women face discrimination in 155 of 173 economies. Only 67 nations have laws against gender discrimination in employment. In 18 nations, husbands may bar wives from working.

Despite advances, the worldwide gender gap remains. It may take 132 years to bridge the gap, which has narrowed by 68%. These data show that organizations must address gender-based discrimination and actively encourage women's leadership and decision-making. We can only achieve a fair and just society by working together.

Addressing physical and geographical differences in access to resources and support

Despite significant progress in recent years, women continue to face barriers to accessing education, healthcare, and other essential resources, particularly in certain geographic locations or economic circumstances. Moreover, traditional gender roles and workplace structures that prioritize men continue to hinder women's advancement to leadership positions.

To make matters worse, in 18 countries, husbands are legally allowed to prevent their wives from working outside the home. However, closing the global gender gap could result in significant economic benefits, potentially adding 12 trillion dollars to the global economy as women begin to reach their full potential in the workforce.

Encouragingly, women's entrepreneurship is on the rise, but it is important to note that men still outnumber women by 3 to 1 when it comes to business ownership. It is crucial that we continue to address these gaps and challenges across all societal strata to establish true parity and equality for women. By doing so, we can create a more equitable and prosperous world for all.

Overcoming Barriers to Success

Organizations have the ability to facilitate the advancement of women in leadership positions by addressing policies and practices that convey a discrepancy between the perception of women and the attributes and experiences required for such positions.?

Providing education to both genders regarding second-generation gender bias, establishing secure "identity workspaces" to facilitate the transition to higher positions, and grounding women's developmental endeavors in the sense of leadership purpose can furnish women with a deeper understanding of themselves and their organizations, thereby empowering them to navigate the path to leadership more efficiently.?

Legislative and constitutional reforms have the potential to facilitate equitable access for women to the political arena, encompassing their roles as voters, candidates, elected representatives, and civil servants.

Moreover, the security of families is enhanced when women assume leadership positions that offer higher remuneration, and the freedom of individuals to exercise their own choices benefits all genders. The resolution of the gender leadership disparity necessitates a collaborative endeavor from individuals, institutions, and governing bodies to tackle the societal challenges that impede women's advancement.

Strategies for Empowering Women in Small Business and Entrepreneurship

Encourage Women to Take The Risks and Start Businesses

Starting a business involves considerable risk, but it brings independence to an individual like no other profession. In the UAE, 60% of employed women are eager to leave their job and start something of their own. Encouraging such women to take risks and start businesses can give them more control over their lives and create more opportunities for others. This could be done by promoting the benefits of entrepreneurship, highlighting the success stories of women entrepreneurs, and providing support and resources to help such passionate women take the leap of faith and become entrepreneurs.?

Encouraging women to become community leaders and advocates for change

Women may take on many roles in their communities, from leaders to activists. One option is for women to speak out against issues like sexual harassment and salary disparity. Women may aid one another by educating them, guiding them through the legal system, and encouraging local female businesses. By inspiring young people to advocate for equal rights for women, women can also educate the next generation.

Young leaders may improve their advocacy skills by participating in programs and seminars offered by groups like Women Lead Change and Women Deliver. These initiatives link young activists with the work and support they need to make a bigger impact. Mentoring, making stretch promotion recommendations, and ensuring that women's opinions are heard in meetings are all ways women may advocate for future female leaders.

Provide Budding Women Entrepreneurs With Required Education And Training

One of the key strategies would be to provide these budding women entrepreneurs access to business education and training opportunities. This would help women entrepreneurs develop the skills needed to succeed in business. This could include business planning, financial management, marketing, and leadership courses. And also, this will help these women entrepreneurs break down the patriarchal barriers preventing them from accessing resources and utilizing their full potential.?

Eliminating Lack of Mentorship and Networking

By connecting women with experienced business leaders, women entrepreneurs will receive guidance, advice, and support in navigating the challenges of starting and growing a business. In addition, mentoring and networking opportunities will benefit them by providing the knowledge, resources, and connections that can help them grow their businesses, build their networks, develop their skills, and gain the confidence needed to succeed.

Provide access to funding?

One of the main barriers to women's participation in entrepreneurship is the lack of access to capital. Providing funding options like grants, loans, and venture capital can help women start and grow their businesses. Further, female entrepreneurs should look for international funding.?

Addressing gender biases

It is no secret that women entrepreneurs often face gender biases in accessing funding, networking, and business opportunities. The gender pay gap remains a significant issue in the workforce, with women earning less than men for the same work. In 155 out of 173 economies, at least one general-based discrimination exists in women's employment and entrepreneurship. Only 67 states have laws on gender discrimination in hiring practices. In 18 countries, a husband can prevent his wife from working outside, and the global gender gap is closed by 68%, a minimum of 132 years to full parity and equality.

To address this issue, organizations must also step up and ensure equity and equal opportunities for women to advance and succeed, along with eliminating the gender pay gap and providing equal positions. Teaching men about gender equality and respecting women is essential to creating a more inclusive and equitable society. Men also need to learn about the importance of diversity and inclusion and how they benefit society.?

Addressing these biases and promoting diversity and inclusivity in the business world can help women to overcome these barriers.

Engage Women to Uplift Women

To uplift more women, it's essential to engage them actively. Women can support each other by mentoring, networking, and collaborating. Building a community of women entrepreneurs can create a positive impact and promote more opportunities for women to succeed.?

Promote work-life balance

Balancing work and family responsibilities can be a challenge for women entrepreneurs. Providing flexible work arrangements, childcare support, and other resources can promote work-life balance and enable women to succeed in their personal and professional lives.

Lead by example

Budding women entrepreneurs can learn a lot from current successful women entrepreneurs as to how they started, how they tackled challenges in their business, how they managed work-life balance, etc.—such as Indra Nooyi, an Indian-American business entrepreneur who was born in Chennai, India and served as the former chairman and CEO of PepsiCo.

Her company has completed numerous significant purchases totaling $30 billion in value over the past few years because of her unwavering determination and keen business sense.?

Prioritized both Equity and?Equality

While equality is important, the equity should be prioritized to ensure everyone has the same opportunities and resources. Equity recognizes that different individuals and groups face different challenges and require different levels of support to achieve success. By prioritizing equity, we can create a more inclusive and diverse workforce and society.

Empowering women in small business and entrepreneurship can positively impact communities. Women entrepreneurs can create jobs, drive innovation, and contribute to economic growth. They can also help address societal challenges and promote social change through their businesses.

?? Last week, LegaMart hosted an incredible event on Empowering Women in Entrepreneurship and Small Business featuring expert speakers Hulya Kurt - Vocation Architect , Bengi Turgan ?ift?i Turgan, and Sanaz Javadi Farahzadi .

Missed out? Don't worry! You can still catch up and gain valuable insights to help grow your business. Watch the recording now!

?? Join us on April 20th for an empowering discussion on how IP protection can benefit women in the textile sector.

Learn about the potential government duty to protect traditional know-how and designs to benefit a female-dominated industry, and how this can stimulate innovation and help smaller companies evolve. Don't miss out on this opportunity to be part of the change.

World Intellectual Property Organization – WIPO

Organization of Women in International Trade (OWIT)

OWIT Brussels -Organization Of Women in International Trade

?? Are you interested in learning more about gender inequality in the legal market? Check out LegaMart's latest ebook !

Gain valuable insights and knowledge about the challenges faced by women in the legal industry and strategies to overcome them. Click now to download and join the conversation about gender equality in the legal market.