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The Importance of Women Entrepreneurs in Todays World
Entrepreneurs may be defined as a woman or a group of women who initiate, organise and run a business concern.
Women entrepreneurs are those women who think of a business enterprise, initiate it, organise and combine factors of prodWomenuction, operate the enterprise and undertake risks and handle economic uncertainty involved in running it.
Some common features of women entrepreneurs found in India are listed below:
1. Most women with small income are likely to become entrepreneurs
2. Women with small facilities are likely to become entrepreneurs
3. A majority of women entrepreneurs are married. With the support of their husband they accepted entrepreneurship.
4. Most spinsters face difficulties in obtaining financial support to start their enterprises.
5. A large number of women with little or no education and training enter into the business field.
6. Many women become entrepreneurs out of economic necessity.
7. Women’s sincerity and hard work is the cause for sustainability and growth.
8. Women entrepreneurs are security oriented rather than growth oriented
9. Most women prefer stabilization of income and minimization of risk
10. Business enterprises of women lack working capital, this causes low profit margin
Why women become entrepreneurs?
1. To become economically independent
2. To establish their own enterprise
3. To establish their identity in the society
4. To achieve Excellency in their endeavour
5. To build confidence to themselves
6. To develop risk assuming ability
7. To claim equal status in the society
8. To secure greater freedom and mobility
Entrepreneurs are some of society’s most radical and profound members—and for good reason. They contribute to our ever-increasing standards of living and help ensure the economy continues to grow. While growing their business, they help themselves meet their goals, they help everyone else, too. In recent years, women have become more and more interested and involved in entrepreneurship.
While they have proven themselves to be successful proprietors, there is still so much more progress to be made and opportunities to be sought. In many ways, female-entrepreneurship has only just begun. When women are at the forefront of entrepreneurship, innovation is enhanced, productivity surges, creativity expands, and the economy ultimately grows.
Economic Growth
Today, more women are starting new businesses than ever before, and the outcome has shown an economic improvement on both smaller and larger scales. According to American Express’ 2019 State of Women-Owned Business Report, the number of women-owned businesses grew 21% between 2014 and 2019. During that time, revenue and employment simultaneously increased as a result. The trend continues to advance despite obstacles; in 2019, 1,817 new women-owned businesses were popping up every single day. This rate of growth is encouraging and creates an optimistic outlook on the United States’ economy.
One platform leading the conversation about female entrepreneurship and contributing to its rapid growth is the Women’s Venture Fund. Since women are often underfunded and tend to struggle much more than other business owners to receive the proper resources and capital, organizations like the Women’s Venture Fund are essential.
They provide loans, programs, and a variety of other services that help women reach their entrepreneurial goals. When women can achieve success, everyone benefits. As a result, jobs are created, and the economy is stimulated through both increased revenue and reinvested dollars. In addition, women are much more likely to reinvest the money they earn, which helps the local economy.
Although 42% of businesses are women-owned, disparities still exist. These disparities are stunting the amount of economic growth that is truly possible. If these gaps were to be closed, more people could be hired, incomes could increase, new services could be offered, and more products and goods could be sold. When everyone works together to eliminate barriers to success, it’s a win-win situation for both business owners and society as a whole. If women-owned businesses can generate trillions of dollars of revenue even as these disparities prevail, imagine what the result would be if they no longer existed. This only shows us that economic growth is still at the starting line.
Innovation, Creativity, and Productivity
Women entrepreneurs are known for recognizing gaps and unmet needs within their communities and then creating products or services that meet those specific needs. Around 50% of women-owned businesses fall in one of three industries: professional/scientific/technical services, healthcare, and social assistance, or other services. These three industries fall within those that generate less revenue than other industries. This could be contributed to the fact that women are more likely to start a business because they see a need for it.
Other business owners may start a business, such as a Tech company because they know those types of businesses are more likely to generate a large amount of revenue over time. Therefore, for those startup companies that fall into the lower-profit industries, organizations like the Women’s Venture Fund exist to give a chance to these new businesses to flourish just as much as the technology-focused companies.
It’s no surprise that problem-solving is often linked to creativity, as shown in women. Women are needed in the entrepreneurial world because they see problems and offer the perfect, creative solution to solve them. Their innovation and creativity are unparalleled and needed in every type of industry.
When common problems are solved, society benefits by becoming more productive and industries benefit as these innovations are introduced and implemented. The competition also increases among businesses as each of them searches for the next best solution. Whether a woman starts a business as a necessity, a form of supplemental income, or because they sense a need for it, their venture should be supported.
Role Models
The key to growing the number of women entrepreneurs in the world is to make them known and share their success stories with others. Many younger girls find themselves unable to name even one female entrepreneur and this needs to change. Role models are vital within the entrepreneurial world—they serve as powerful reminders of what has already been accomplished and what has yet to be done.
The Women’s Venture Fund allows women to share their entrepreneurial experiences with other women looking to start their own businesses. Through hearing these inspirational stories of success, women are more likely to feel more equipped to go after their goals and pursue their entrepreneurial dreams. The power of connecting with other like-minded individuals should not be underestimated, and mentorship should be the goal in any industry to ensure women are receiving as many resources as possible.
Top Businesses for Women Entrepreneurs to Start in 2023
The number of female entrepreneurs is growing rapidly. In fact, in 2021, 49% of new businesses were started by women, up from 28% in 2019, according to a survey by...
This story originally appeared on Due
The number of female entrepreneurs is growing rapidly. In fact, in 2021, 49% of new businesses were started by women, up from 28% in 2019, according to a survey by HR services company Gusto. According to the U.S. Census Bureau, in 2020, 21.4% of all U.S. businesses were owned by women, and those businesses employed 10.9 million employees.
Those are staggering numbers and represent how women are advancing in an area that has long been dominated by men.
If you are considering joining the ranks of female entrepreneurs, this article has you covered with some great businesses to start in 2023.
The type of business you start depends on what's important to you and your goals, but there are a few factors that you might want to take into consideration.
You should do some research on the types of businesses you're interested in to see the size of the market and whether it's growing or declining. You don't want to get into a market that's on its way to being obsolete. You can easily find that kind of information online.
Startup costs are often an issue, but there are many types of businesses that you can start for very little, particularly if you're interested in a home-based business. There are also financing options, such as SBA loans, that can help you get the capital you need to get started.
Women are often trying to juggle work and family, so you may want to choose a business that allows you to work flexible hours or to work at home. It will help you to maintain a work-life balance that doesn't keep you from missing out on personal or family time.
Ten businesses that are great for women entrepreneurs to start in 2023 & beyond
Ecommerce was already booming before the pandemic, but now it's literally exploding! In 2021, global ecommerce sales grew to more than $5.2 trillion – yes trillion. Ecommerce also offers literally thousands of options in terms of what you can sell and where. You can essentially pick any product that interests you and that has a large target market and sell it from your own website or on sites like Amazon or Shopify.
If you're crafty, you could even make your own products and sell them on Etsy.
If you're going to buy products from a manufacturer to resell, you can even eliminate the need to purchase and hold inventory by finding a manufacturer that offers dropshipping. Dropshipping means that when you get an order from a customer, you then place the order with the manufacturer, and they ship the product directly to your customer.
You can also run an ecommerce business all from the comfort of your own home!
If you have experience with social media and social media marketing, you could start a social media management business. You'd be managing the social media accounts of businesses by posting and running ads for them. Part of this would be helping the businesses to develop an overall social media strategy based on their industry type and target market.
Typically, social media management companies charge between $50 and $100, so once you build up your clientele, you'll be making a fair amount of money. The social media management market was valued at more than $14 billion in 2021 and is expected to grow to over $41 billion by 2026, so you'd also be getting in on the action of a hot market.
You could run your business fully online, so you'd have potential customers all over the country.
If you have a particular skill like writing or graphic design, you could become a freelancer. The number of freelancers is growing rapidly, with more than 70 million people in the U.S. freelancing in 2023. How much you make depends on your particular skill, and could range anywhere from $20 to $100 per hour.
Many online sites, such as Upwork, have continuous freelance gig postings, and also allow you to post your profile and experience so that people can invite you to apply for their gigs.
Freelancing gives you much flexibility. You can choose which jobs to take, set your own rates, and work on your own time.
More and more people are turning to online classes to enhance their skills and knowledge. Revenue from online education is projected to exceed $166 billion in 2023, and continue to grow at nearly 10% per year for the foreseeable future.
There are several online sites that allow you to post your own course curriculum and charge a fee to students, so if you have a particular area of specialty, you could create your own courses and design them any way that you choose.
Most of these courses are self-study, so once your curriculum is created and posted, you'll have to do little but answer questions and give feedback on assignments.
If you have business or technology experience, you could start a consulting company, helping businesses improve various functions and processes such as management, operations, or cybersecurity. Management consulting in particular is a huge industry, valued at nearly $330 billion in 2023.
Consulting often requires in-person work, so you'd have to network with local business owners and market locally to find clients. The rate you can charge depends on the type of consulting that you do, but the average rate is $100 per hour and can be even higher, depending on your experience and the complexity of the work that you do.
Are you that person whose closets look like something out of a magazine? It takes true skill to make that happen, and it's a skill that many people don't have, which is where you could come in. You could organize anything from closets to basements to garages, and make $50 an hour or more.
You can even get a professional organizers certification from the National Association of Productivity & Organizing Professionals to give you more credibility. Doing so could also help you to justify commanding a higher hourly rate.
The ranks of women in technology is growing, which offers a world of opportunity if you have technology experience or want to continue your education. App development is just one of many technology business options that are available.
You have a few options – you could create your own app to monetize, or you can have a business creating apps for other entrepreneurs who have app ideas but no technology experience.
The world these days is driven by apps, so you'd be jumping on a fast-moving train, with the mobile app industry projected to grow by more than 13% per year through 2030.
It's a digital world, with a growing number of people finding companies and products online, which makes digital marketing big business. Globally, $616 billion was spent on digital advertising in 2022, so clearly digital marketers are in demand.
Starting a digital marketing agency takes experience in the field, but you should have no trouble finding clients, with most companies doing at least some of their marketing digitally. Digital marketing agencies can command up to $500 per hour, or monthly rates of $10,000 or more.
A digital marketing agency is also a business that has unlimited potential for growth.
Okay, a laundromat doesn't sound very glamorous, but investing in a laundromat can bring in a significant amount of passive income because you'd rarely have to be there. It's a $6 billion industry in the U.S. and the average laundromat makes about $500 a day. Not bad for a passive income!
It will take an investment and could cost anywhere from $50,000 to $100,000 or more to get started, but no experience is required and you could just consider it a side gig while you pursue another business venture.
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It's surprisingly easy to become a real estate agent or broker. You can often just take online classes for about six to eight weeks, pass the test in your state, and get your license. You'll have to spend some time and money to market yourself, but you can make 2% to 7% of the purchase price of each home that you sell.
Alternatively, you could start a real estate investing company and buy homes either to flip or to rent. Rental properties are another way to make a good passive income, particularly if you hire a management company to take care of your units and deal with tenants for you.
While these business ideas are all great, it's often your best bet to follow your passion and do something that you love. You need to be happy, and the money you'll make is just a bonus. Some of the best businesses started as hobbies, so if you consider what you really like to do, it may help you come up with an idea.
Entrepreneurship can be extremely rewarding, particularly for women who want to be in control of their own destinies and not have to answer to anyone. Don't be afraid to go for it and follow your entrepreneurial dreams. Whatever business you choose, if you do your homework and work hard, you can be success
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About: Andries vanTonder
Over 40 years selfemployed
He is a Serial Entrepreneur, an Enthusiastic supporter of Blockchain Technology and a Cryptocurrency Investor
Find me at my Markethive Profile Page | My Twitter Account | My Instagram Acount | and my Facebook Profile.
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