Brought to you by Idea Financial:
As challenging as the past year has been for us all, there’s positive news to share. UK and global statistics are painting an encouraging picture of women in business, showing a shift in how female entrepreneurs and senior executives are being supported and provided with opportunity.
In the last five years alone, we’ve seen a 50% rise in the number of female executives in FTSE 100 companies. Entrepreneurship, something so vital to stimulating a country’s GDP and in creating opportunities for its citizens, has surged among women, and they have much to offer.
In one of the most challenging periods in the country and world’s history, trailblazers, hopeful business owners have worked their magic and pushed through difficulty towards their own visions of success. 2020 saw a near 10% increase in the creation of new businesses compared to 2019, according to research performed by the Centre for Entrepreneurs.
And while diversity and inclusivity in business is something that is far from a ‘one and done’ affair, the statistics are again moving in the right direction. Polling of women in the UK tells us that as many as one-fifth are now considering or actively planning the beginning of their own company.
And passion, such an important aspect of maintaining a vision and developing a company, was found by the Small Business Britain’s Entrepreneur campaign to be a motivating factor for 42% of women.
Diversity and Success
One of the most encouraging elements of this kind of culture shift is the environment it creates for women who are seeking to become entrepreneurs.
As businesspeople, the concept of starting a business is something that we view as possible or impossible based in part on the culture around us. The more diversity and success we see in popular media, particularly related to gender, the likelier we are to be encouraged to take the leap.
And there’s a lot to offer. In a business landscape where consumers are increasingly motivated by social change and moral principles, the fresh perspectives and focuses of women often prove to be a compelling competitive edge in the business world.
2020 has seen an exceptional range of female entrepreneurs innovate new products and novel approaches to existing issues, from environmentally-friendly geopolymer construction materials to tech companies, food and catering businesses, and female-focused business incubation initiatives.
Money, however, remains the bottom line for many hopeful business owners. The infamous first year of a company is its most threatening period, and it is commonly the case that startups operate by leveraging as much time as they can while tiptoeing around a lack of capital.
And despite the nearly eight billion Pounds offered in the last year by the UK government for various business initiatives, the stark daily reality of the COVID-19 pandemic has left a telling mark on the ability of many entrepreneurs to enter their respective markets.
As 2021 continues in earnest, it is hoped that we see new businesses take their chance. Whether through accessing social initiatives, obtaining support from the government, or by using a business loan lender, there is an opportunity amidst this shared challenge for women to provide fresh perspectives, innovative services, and new products to the UK and global marketplace.
And the more the wider business community can do to welcome, encourage, and support these new businesses and these hopeful entrepreneurs, the more our economy will benefit by seeing an enriched and increasingly diverse business landscape.
The more is truly the merrier where entrepreneurship is concerned, and we congratulate the female entrepreneurs who have taken the leap so far just as we encourage those preparing to do the same.