Women entrepreneurs are changing the face of business. From DNA testing company 23andMe to subscription marketplace Classpass, some of the most cutting-edge companies are owned and run by women entrepreneurs.
This year, women business owners are making plans to hire more staff (30%), invest in marketing (18%), expand or remodel (17%) and renovate (17%) their companies – all strategies which could put their companies on a path toward greater success.
More Women Are Starting Their Own Businesses
Women are taking control of their careers and building successful businesses. Women-led firms make up almost 42% of US businesses, representing almost 13 million businesses that they own or manage themselves – women-led businesses are growing faster than businesses overall in recent years.
Entrepreneurship offers women the freedom to be their own boss and pursue their goals, especially those who are driven to create innovative products or services that address real world needs. Entrepreneurship also gives women control of their financial future and mitigates any draining effects of workplace sexism.
Women business owners still face many barriers that prevent their success as business owners, such as lack of funding, accessing networking opportunities and receiving investment dollars allocated specifically to female-led firms. Luckily, local and online resources exist that can assist female entrepreneurs, such as networking events, podcasts and career coaching services.
More Women Are Taking On Leadership Roles
With women determined to “lean in,” millennials eager to define their career paths and other factors contributing, it’s clear that more women are taking leadership roles – an unprecedented increase has now reached 23 Global 500 companies headed by women!
Although women have made progress, many obstacles still stand in their way. Gender bias, sexual harassment and hostile work environments still plague women; often having trouble balancing family responsibilities with work. Furthermore, the COVID-19 pandemic has had an immense effect on females as more caregiving duties were assumed and hours lost from the workforce due to providing caregiving responsibilities during illness.
Companies and organizations need to commit themselves to diversity and equality as the solution to these problems. Companies and organizations can accomplish this goal through mentoring programs and flexible work arrangements that enable employees to prioritize family and personal commitments over work obligations. They should also prioritize female employees who bring unique perspectives into their business while supporting teamwork – creating an even more productive and innovative work environment in return.
More Women Are Taking Advantage of Mentorship Programs
Mentorship programs can assist women as they advance in their career. From those just starting out in business to established leaders within an organization, women can learn from mentors who have already succeeded and can offer insight. Furthermore, mentoring can also be used to close gender gaps in leadership positions; some women may struggle to see themselves taking executive positions normally filled by men without role models who can show them the way.
Mentorship programs can also aid female employee retention. Studies have revealed that women who have mentors tend to remain with companies longer. Robust mentoring programs offer role models and provide confidence-boosting advice so mentees are prepared for new challenges ahead.
More Women Are Embracing Diversity
As women continue to break through stereotypes and barriers to success, their desire for equality is being seen in the workplace. Businesses that prioritize gender equity are likely to see positive returns on their investment from customers and business partners alike.
Women continue to grow their presence in leadership positions and there has been an encouraging shift toward greater diversity among small business owners. Although most female business owners identify as White or Caucasian, there has been an encouraging uptick in Black or African-American female entrepreneurs as well.
Gender equality encompasses more than simply equal representation on boards and C-suite roles; it means creating an inclusive work environment for all employees. To do so effectively, companies need to go beyond giving lip service by investing in diversity initiatives aimed at eliminating unconscious bias that may impact hiring processes as well as making sure all workers feel safe and supported at work.