The critical factor in the growth of female entrepreneurship

Although women’s entrepreneurship is becoming increasingly important in creating new jobs and accelerating the social and economic growth of societies, their influence and participation in leadership culture is still underrepresented.

Traditionally, women have been housewives, while men are considered the breadwinners of the family. However, the world is now realizing the importance of “doing” rather than “winning” to achieve a larger goal. Modern women are ambitious and often find themselves in positions where they can offer employment to others, thanks to significant global social changes.

Unfortunately, women own just over 20 percent of all micro and small businesses, compared to 80 percent of businesses owned by men. Women also make up just 29 percent of senior management positions. Numerous studies suggest that women are better leaders than men.

Research also shows that organizations led by women produce more beneficial results than those led by men.

A sustainable growth approach

Climate change and ESG (environmental and social governance) are testaments that we should no longer compete for petty agendas, but try to make the world a better place as a unified society.

Collaboration has become the norm in the corporate and political world. Everyone agrees that it is difficult to function in isolation. As a result, having a cohesive workforce is critical to success. Women are better at providing a feeling of security and compassion in general, which encourages colleagues to seek their help even in workplaces.

Companies are rethinking titles like general manager, executive, and vice president, favoring product leaders, creative leaders, people officers, and so on. All of this is made possible by the convergence of diverse workforces. Startups today have a goal-oriented structure rather than a tiered organization to be on top of their game.

This is achieved by hiring people with the relevant skill set that aligns with the company’s vision, not just certified and experienced professionals.

Hiring and workplace regulations are being challenged to accommodate energy innovation, leading to a sustainable future.

Achieve gender equality

Gender equality and the 2030 Agenda for Sustainable Development require the social and economic development of women. Although women represent half of the world’s human capital, they continue to be denied autonomy over their assets and decision-making.

Consequently, empowering women to make the most of their potential and leadership in global business, politics and society emerges as a critical component to thriving in a fast-paced marketplace.

The inclusion of women leads to broader perspectives in all areas. Most women tend to do unpaid care work, which reduces their working hours and even forces them to give up their paid jobs.

The effect of the pandemic, therefore, has led to a reversal of gender equality. Gender discrimination, unequal distribution of resources, biased control in the family, existing preconceived ideas, and other factors are causes that contribute to unfavorable development outcomes.

The importance of organizational diversity

Embracing diversity could be a critical factor in achieving long-term business goals. Although it sounds complicated, numerous studies indicate that diversity in an organization could not only result in higher productivity and profitability, but would eventually lead to a higher level of innovation. The general presence of women leaders and colleagues provides a new perspective to solve recurring business problems.

The time when organizations could operate in isolation is over. The traditional belief system that restricted women to a particular role in the home is no longer relevant. With an overall positive outlook on ESG, sustainability and diversity management, it could be recognized that women can make a significant difference in crucial leadership roles. Although trends have changed significantly in recent years, the future will see a greater role for women leaders in all sectors and positions.

Edited by Affirunisa Kankudti

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

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