Women Entrepreneurs = Economic Growth
It should be no surprise that gender inequality exists within the workplace. We’ve all heard about or experienced first-hand some of the challenges working women endure. On average, women earn only 54 cents for every dollar men earn—not to mention, there are far more men in higher leadership roles than women. Despite a multitude of efforts made to help eradicate these inequalities, women still struggle to be viewed as equals. Now is the time to support women entrepreneurs.
According to a McKinsey Global Institute study, $12 trillion could be added to the global economy by 2025 by advancing women’s equality. But this will be no easy feat unless the public, private, and social sectors collaborate and work together.
Women far outscore men in many leadership skills such as team working, innovation, and problem-solving. Yet, women hold only 21% of C-suite level roles in the United States. It’s important to note that this stat rose 4% since 2015—but many would argue that it is not rising fast enough, and it is far from equitable that men hold 75% of C-suite level executive roles.
If given the opportunity to excel, women’s innate leadership skills would help propel them forward—especially in the entrepreneurial space. As of 2017, women-led startups were only receiving 2% of venture capital funding. In order to help shift this trend, investors must prioritize funding women-backed businesses. With greater funding and support, Women entrepreneurs and women-run businesses could have the ability to grow and flourish.
Entrepreneurship is an attractive lifestyle for many. Although social norms are changing, many women still hold the brunt of traditional family responsibilities. Often, corporations are incapable or slow to address the need to be flexible and accommodating to working mothers. The conveniences of working-from-home and flexible work hours are just a couple of the many perks of an entrepreneurial lifestyle.
Without a doubt, women entrepreneurs must be treated as equals and given the same opportunities as their male counterparts. Much work must be done to create an equitable workspace for both men and women. Equal pay, better access to capital funding, and more leadership roles for women will help close the gender gap. Supporting women entrepreneurs and women in business is more important than ever.
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Derek Rundell, is a successful business leader, operator, and serial entrepreneur. Derek has founded, managed and sold businesses in the technology, media and finance industries. He sits on several boards and serves as an advisor/investor to numerous established businesses and startups. Startups are Derek’s real passion, and in addition to building his own portfolio of technology, media and financial ventures, he invests in and mentors startups and entrepreneurs. He is passionate about sharing his knowledge and helping other businesses succeed.