The Amazingly Successful Woman Entrepreneur
More than 400 million women are successful entrepreneurs today. Female-owned businesses employ more than 9 million people in the US and generate almost $2 trillion in revenue per year.
Female entrepreneurship started gaining momentum about 40 years ago. Since then, women-owned companies have grown tremendously. Some have become global brands. So, how did women get to where they are today, and why are they so successful in the entrepreneurial world?
The Need to Become a Woman Entrepreneur
There are many reasons women feel the need to become entrepreneurs. As opposed to men who usually start a business to achieve financial success, women are focused on personal accomplishments. Their financial success results from their wit and skills and represents a confirmation of their worth.
Another reason women become entrepreneurs is the inability to break the glass ceiling in the corporate world. They realize they have enough knowledge to start something fresh rather than suffer inequality in the workplace. Women want to change the idea of leadership and push the boundaries for all.
Women also have an innate need to create, and it coexists with the need to become entrepreneurs. When they create something for themselves, they put a lot more energy into it. They feel proud that they’ve made something that belongs to them that has limitless potential, and it reflects on the success of the business.
The History of Female Entrepreneurship
Women have brought innovations to all aspects of humanity. They fought hard and worked diligently to become the best artists, scientists, and writers. In the 1930s, Grace Hopper was among the first women to earn a Ph.D. in mathematics and create a compiler that was the basis for the COBOL language.
Frida Kahlo was the first 20th-century Mexican artist to be featured in the Louvre. In the 60s, Margaret Sanger opened a women’s health clinic and created the first oral contraceptive. Elizabeth Taylor started the HIV/AIDS foundation in the 90s. Here’s how it all started.
Before the turn of the 20th century, women-owned businesses only if they lived alone and wanted to avoid becoming a social burden. However, in the early 1900s, the world saw a change.
Many women had the need to become entrepreneurs, so they started their businesses at home. During this period, their businesses flourished and kept on generating income even after the war ended. One of the notable women of that time was Elizabeth Arden, who established the American beauty industry in 1910.
During World War I and II, the number of women in the workforce grew because of the lack of the male workforce. While this time doesn’t exactly mark the beginning of female entrepreneurship, women took on various roles, and society started accepting them.
As the world changed, so did women’s needs. In the 60s and 70s, the divorce rates increased, and women were facing the life of single mothers. This pushed their need to become entrepreneurs even further.
During this time, women also earned legal rights they never had before. Society saw them not only as housewives, but also as secretaries, teachers, or nurses. Between 1980 and 2000, women like Madonna, Oprah, and Martha Stewart paved the way for other women.
In 1988, Congress passed the Women’s Business Ownership Act, eliminating the outdated laws and supporting female business endeavors. This Act marked the beginning of equality between men and women.
Today, women are founders behind software applications, makeup brands, clothing lines, websites, and blogs. The line between female and male entrepreneurship is almost blurred, but is it enough?
How Successful Are Female Entrepreneurs?
The women’s need to become entrepreneurs seems to lead them in the right direction. The fact that about 75% of businesses are men-owned doesn’t automatically mean that men are more successful. In reality, women are better leaders, generate higher income, improve startup companies, and open more job positions than men.
Opportunities and Challenges
Diversity and inclusion present great opportunities for female entrepreneurs. They finally have a voice, and women from all cultures and backgrounds are welcome to show what they can do.
Female entrepreneurship is a great opportunity for women to show their soft skills. Emotional intelligence and leadership go hand in hand, and the ability to listen is essential in business. Women can finally use their soft skills and run their companies.
The biggest challenge for women who have the need to become entrepreneurs is funding. There are still a lot of men among the VCs, and they seem to have trouble believing in female-led startups. Most of them believe women can’t lead a company toward success and hesitate to provide funds.
Another problem female entrepreneurs face is the lack of networking opportunities. Moreover, not having a mentor affects their growth. Unfortunately, the business world is still male-dominated, and women have a hard time finding a mentor who understands them.
Female Entrepreneurs of the Future
The development of technology won’t stop female entrepreneurs from starting businesses—it will actually help them grow even further. Many women of today are part of the digital world and love technological advancements.
Female entrepreneurs aren’t afraid of exploring the wonders of the internet of things or VR. Star Cunningham created a virtual health management platform called 4D Healthware. Leah La Salla and her Astral AR help detect and stop loaded firearms. Open Health Network, founded by Tatyana Kanzaveli, gives patients full control over their data via blockchain.
These are just some examples of female entrepreneurs in the tech industry. As the world develops and technology gives more opportunities, women will undoubtedly take the lead and use all resources they can to build businesses that will benefit society.
It looks like the need to become entrepreneurs has always been present among women. At the beginning of the 20th century, women saw the opportunity to be more active members of society. Many men died in World War I and II, and females became an essential part of the workforce.
The trend continued, and women started to understand the power they had and what they could do. They started businesses at home and grew beyond expectations. Today, female entrepreneurs are more successful than men. They show that soft skills go beyond the need to become rich and decide to become entrepreneurs to show the world they can overcome all obstacles.