From Dream to Reality: How Women Can Thrive as Entrepreneurs

International Women’s Day is an occasion to shine a spotlight on gender equity issues around the world. When women embrace entrepreneurship, they can expand opportunities to forge their own path and reap the economic rewards. If you’ve thought about starting your own business – even part-time or as a side hustle – there is a supportive community to help you explore this option.

The theme of this year’s International Women's Day (#IWD2024) is to Inspire Inclusion (#InspireInclusion). As explained on the IWD site, when we inspire others to understand and value women's inclusion, we help to build a better world. And when women themselves are inspired to be included, there's a sense of belonging, relevance, and empowerment.

One of the ways organizations and groups can inspire inclusion is through action in building women's economic empowerment. According to Equality Now , full and equal economic participation by women would increase global GDP by more than a quarter, representing nearly $28 trillion of additional shared wealth being contributed to the worldwide economy every year.

Women Entrepreneurs by the Numbers

Women entrepreneurs are a force to be reckoned with. Here’s an excellent list of recent statistics on women entrepreneurs compiled by Luisa Zhou, some of which I’ve highlighted below:

• 42% of all U.S. businesses?are owned by women
• Women-owned businesses have grown 114%?in the last two decades
• Startups with all-women teams only received?1.9% of venture capital funding
• About half of all startups in the U.S.?are founded by women
• One-third of businesses?worldwide?are owned by women
• Lower-income countries have the highest participation (55.6%) of young female entrepreneurs

Interestingly, one in six women globally reported an intention to start a business in the near future. The highest entrepreneurial intention rates were observed in low-income countries, where approximately 28% of women expressed intentions to start a business. For these women, entrepreneurship is a way to change their life circumstances.

Why do Women Start their own Businesses?

Among all entrepreneurs, there are various reasons why someone decides to start their own business. At MIT, I worked with many women-led startups and the reasons are often connected to a passion or an experience in the founder’s life. Alicia Cong Rodriguez’ grandmother died of a heart attack when she was only 13 years old. This fueled her personal mission to co-found Bloomer Tech , a company that makes a bra that monitors women’s heart health, as she explains in this CBS News profile .

Yet, worldwide, more than 70% of women reported job scarcity as the motive behind their startups, according to the Global Entrepreneurship Monitor (GEM) Women’s Entrepreneurship report ‘22/’23 . It is interesting to note the differences between necessity-based entrepreneurs and innovation-based entrepreneurs. Women and minority entrepreneurs are often necessity-based entrepreneurs – starting their own business after losing a job, to supplement their income, or to gain flexibility to attend to other demands in their lives. This doesn’t take anything away from their entrepreneurship. In fact, in addition to economic gain, necessity-based entrepreneurs are often motivated when traditional labor options are insufficient to meet their needs and goals.

How to Explore Entrepreneurship

If you’re considering becoming an entrepreneur, now might be the perfect time to explore opportunities – even for an entrepreneurial side hustle. You don't necessarily have to leave your current job (and regular paycheck and benefits) just yet, but taking some time to delve into entrepreneurship can be immensely rewarding. Start by conducting research and testing the waters to gauge the viability of your business idea.

Fortunately, there are a wealth of resources available within the entrepreneurial community to support you, including networks specifically geared towards women in business. Look into organizations and programs designed to assist female entrepreneurs, such as Women's Business Centers (part of the U.S. Small Business Administration). Additionally, take advantage of events and workshops hosted by colleges and universities, where you can connect with fellow entrepreneurs and gain valuable insights from experienced speakers.

Conferences serve as vibrant hubs for entrepreneurs to connect with like-minded individuals. When selecting a conference to attend, you could choose one that may be geared toward entrepreneurs, or it could be focused on the industry where you want to start your business. After attending an event, are you thinking, “I could do that!”? By immersing yourself in the conference environment and connecting with others who share your vision, you can enrich your entrepreneurial journey and expand your network of supportive peers and mentors.

LinkedIn is also an invaluable tool for entrepreneurs. Take advantage of its vast network to connect with other entrepreneurs in your industry. Don't hesitate to reach out and request an informational interview. Use this opportunity to gain insights into an entrepreneur’s journey – ask about how they got started, the challenges they faced, and any advice they have for breaking into the field.

Resources for Women Entrepreneurs around the Globe

One place to start researching entrepreneurial opportunities is with the ebook I created titled, “An Introduction to Start-up Accelerator Programs around the World ,”?a free guide for entrepreneurs who may be exploring ways to start their own businesses, especially in countries outside the U.S.

I’ve found that diversity, thought leadership, and collaboration all work together to make the ecosystem of entrepreneurs a much richer place. To that end, this ebook includes information about entrepreneurship around the world to show how different countries support their entrepreneurs with various programs and accelerators.

Boston-area Resources for Women Entrepreneurs

Closer to home, I’ve also included a list of local resources. Boston and Cambridge are renown for some of the world’s most prestigious universities and they support the Boston area’s unique entrepreneurial DNA for success . MIT even offers a free online course on Becoming an Entrepreneur .

Here are several resources and organizations in the Boston and Cambridge area. For other regional areas, search online to find local resources.?

• Boston Entrepreneurs’ Network
• Center for Women & Enterprise
• GA – General Assembly
• Mass Innovation Nights
• The Innovation Institute at the MassTech Collaborative
• Roxbury Innovation Center
• Starting a Business ?(City of Boston)

The key message here is that you're not alone on this journey – there are people and resources ready to support and guide you as you explore the world of entrepreneurship. So, take that first step, and embrace the possibilities that lie ahead!

In my current role as an?entrepreneurship consultant and coach , I help entrepreneurs as they explore their options. Please feel free to reach out.

Please visit my blog at: https://trishcotter.com/