The COVID-19 pandemic has left many of us vulnerable. It poses new challenges to our lives and livelihood. Despite the profound effect it has left, the lives of men and women in the workplace differ. The commonalities between the lives of female entrepreneurs reveals more about how gender biases continue to affect our world and how the economy heals.
Today there is a higher representation of women in the education, retail, and hospitality industries, all industries the pandemic has heavily affected. Despite years of progress, women still earn less than their male counterparts. They also bear more of the burden with childcare and home maintenance. Through everything, female entrepreneurs are finding ways to prove themselves. All along, they have been key players in economic growth and recovery.
The Female Economic Contribution
Statistics show under representation and an under valuing of women in the labor force. But women entrepreneurs are breaking the glass ceiling. Over the past 20 years, women-dominated businesses have contributed 114% to economic growth. These businesses range from between clothing shops, restaurants, art galleries, and wellness studios. Before the pandemic, women-owned small businesses constituted 40% of all small businesses in America.
Lack of Support
Women-owned businesses are some of the fastest growing businesses around the world. As independent business leaders, these women are tenacious. However, they still need support. Government and legislative support is necessary for progress.
There is a lack of funding for female social entrepreneurs applying for the social entrepreneur program. Echoing Green’s “State of Social Entrepreneurship 2020” reported male fellowship applicants tend to raise more funds among social entrepreneurs joining their programs.
People often automatically perceive male owners in social enterprises as generous heroes. Whereas people more easily regard women as “charity cases”. This implicit bias greatly impacts the upbringing of young girls. And, it heightens the often laud male-dominated misconception of entrepreneurship. This disempowers women and economic downturn. Women entrepreneurs are great drivers of the economy. Society must support their endeavors in order to grow.
A Multifaceted Approach to Access and Empowerment
Women entrepreneurs should have better chances of success. Access to tools, facilities, and programs that advance their progress is crucial.
Remote work and online learning have become our solutions. This has been beneficial to women. It allows them to juggle work, family, and personal life. More institutions have also shifted operations online. Now, options for programs are more readily available for women.
Obtaining a degree from an online program can open several career opportunities for women. For those who have a penchant for entrepreneurship, online business administration degrees leads to opportunities. These opportunities may be in human resource management, financial management, and eventually business analytics. These lucrative jobs are in-demand. Professionals can earn anywhere from $79,200 to $121,750.
Record keeping, budgeting, business intelligence planning, and insight gathering skills will propel a new business forward. Most businesses and workplaces have also moved to the virtual space. Graduates of these programs could hold a competitive advantage.
Another way to empower women entrepreneurs is through self-determination. We believe that adopting self-motivating practices like the “One Word” method can be crucial to a women’s success. This method gives them validation and encouragement to break out of gender biases.
Women continue to prove how instrumental they are to the economy. They do this while bearing the added pressure and impossible standards set by society. They tear down gender normative stereotypes. Women are sure to build up the economy in the process.