Forbes Magazine stated that women now make up a whopping 40% of new entrepreneurs. Between 2017 and 2018 women started an average of 1,821 new businesses per day in the U.S, which is pretty staggering. The questions are why now? and what has changed? Here’s a look at why more women are becoming entrepreneurs…
According to the ‘Number of Women-Owned Business Report’ commissioned by American Express, The number of firms owned by minority women has grown 163% since 2007, which can only be a good thing. Communities such as Girlgaze are empowering women and gender non-binary individuals to start up their own businesses and unlock their creativity. For individuals that may feel alienated by the traditional corporate world, becoming an entrepreneur can be a great way to change the landscape of the business world, for the better.
‘I knew something was wrong when everyone around me was so excited for my success and I was miserable. I didn’t have the freedom, flexibility, or creativity that I craved and felt suffocated.‘-Caroline Castrillon
Self-titled ‘Corporate Escape Artist’ Caroline Castrillon has made it her mission to inspire and empower corporate professionals to make the transition from employee to entrepreneur, because she feels that EVERYONE deserves to experience the flexibility, freedom, and joy that being your own boss brings. Being an entrepreneur and running your own business isn’t easy. The hours are long, it’s tough to switch off and you’re under pressure. That aside, many women are becoming entrepreneurs to allow themselves more flexible working hours. Flexible working hours mean being able to work around family and other commitments.
Working From Home
Working from home is a big allure for many female entrepreneurs. Being based at home means you can be home when the children arrive back from school and spend more time with family. Many entrepreneurs who run businesses from home are able to work remotely from their team. Having the ability to email, telephone, send and receive fax online can be just as convenient as being in a physical office in some industries.
Georgene Huang is the CEO and a Cofounder of Fairygodboss, an online platform for women to anonymously share information about their workplaces, including culture, leadership, and maternity leave. Many female entrepreneurs are creating businesses that have a positive impact. Like, positive communities to inspire, empower and share valuable resources.
‘Research by LeanIn.Org and McKinsey & Co. showed that although women and men say they want to be promoted in about equal numbers, women are 15% less likely than men to get promoted.‘– Forbes Magazine
For many women finding themselves stifled by the corporate world, becoming their own boss is the fastest way to a pay rise. For many women the bottom line is not the only mark of success. Success is having the ability to work flexible hours, create their own destiny, have a positive impact on the world and balance family life with work.
Could it be that the rise in female entrepreneurs is all about redefining success? That with technology comes the ability to work from home effectively, creating more flexible working hours and a better work/ life balance? or perhaps women have just grown tired of being stuck in male dominated corporate institutions, with reduced opportunities and limited possibilities, so they are going it alone and creating their own destiny. Whatever the reason, the change is positive and if you have a business idea of your own, go for it! There are lots of empowering business communities championing female entrepreneurs and start ups, so you’re not alone.