The business world is no longer a male-dominated arena. Women have become a significant force in entrepreneurship and are redefining the landscape. It’s interesting to note that on a global level, more and more businesses led by women are thriving and outpacing than those run by men.
Amidst shifting societal norms, women entrepreneurs have rocketed to the forefront, augmenting the very definition of success and forging new frontiers of business acumen. Women’s entrepreneurial activity has skyrocketed by an impressive 10% over the past year. This surge can be plausibly attributed to an amalgamation of factors, such as enhanced access to education, personalized support systems for women in business, and a general surge in societal support.
On a global scale, women-led businesses hold an undeniable sway over the economy. Entrepreneurship gender parity could potentially unlock economic contributions of up to $12 trillion to the global GDP by 2025. The figures underscore the staggering economic potential that women entrepreneurs carry within them.
In a world where many assumed women entrepreneurs were struggling, a new revelation has emerged: they are thriving and succeeding beyond expectations. The companies with women occupying high-level management roles enjoyed an impressive 15% boost in their overall profits. This means that women entrepreneurs are truly making significant progress in their businesses.
Venture capital funding for women-led companies has historically been difficult to come by. However, this is changing. In 2020, a remarkable increase of 27% in funding, reaching an all-time high of $3.1 billion, was secured by female-founded companies.
This influx is a significant indication that the potential and profits of women-led businesses are finally being recognized.
Businesses led by women excel with their embrace of diversity and innovation. Enterprises with diverse managerial teams, including female leaders, witnessed an increase of 45% in market share over the period of a year. With a range of perspectives and experiences brought to the table, decision-making is made thorough and results in superior solutions, ultimately paving the road to success for these companies.
By empowering local economies, women entrepreneurs create a profound social impact and contribute to sustainable development and poverty reduction, in addition to driving economic growth.
The Women’s Entrepreneurship Index from the Global Entrepreneurship Monitor shows that socially responsible practices are more common and job creation is more likely in women-led businesses, enhancing the positive impact on their communities.
Worldwide, businesses led by women are witnessing a remarkable growth that showcases the indomitable spirit and entrepreneurial prowess of women. These women entrepreneurs are defying limitations, breaking barriers, and achieving unprecedented success through their unwavering dedication and innovative approaches. This solidifies the fact that women-led businesses are performing much better than their male counterparts in terms of innovation, profitability, and social impact. Thus, fostering of a more inclusive and prosperous business landscape can come from acknowledging and supporting the growth of businesses led by women. In doing so, we can pave the way for future generations to be inspired by the achievements of women entrepreneurs.
Pallavi Singh is Vice-President of Super Plastronics Pvt. Ltd.