The Changing Landscape of Women in Business:
Trends and Challenges Around the Globe.
Women have long been a driving force behind the world’s economic development, but their visibility and influence in the business world continues to be limited. Despite the fact that women now make up almost half of the global work force, they remain significantly underrepresented in leadership roles.
This is especially true in the highest echelons of business, where women occupy 26% of all CEO and managing directors’ positions worldwide according to the Fortune Global 500 including six women of colour.
Yet, the tide is slowly starting to shift. Women are increasingly becoming more visible in the business world, and their influence is growing. In the United States, for example, show 1.2 million women-owned employer firms (20.9% of all businesses with employees).
In addition to this, women started 49% of new businesses in the US in 2021, up from 28% in 2019. Not surprisingly, three times more Black or African American entrepreneurs also started businesses.
This share has tripled from 3% in 2019 to 9% in 2021 (Gusto 2022 survey of new business owners). Businesses are growing at a rate five times faster than the national average in the US.
The rise of women in business has been a boon to global economies, with studies showing that companies with higher levels of gender diversity tend to perform better and generate higher returns. In spite of these advances, women still face a number of challenges in the business world.
"GoDaddy has found women are now running almost 40% of UK micro businesses – up from 32% before March 2020" (Venture Forward Study)
In the UK, women make up around 33 percent of entrepreneurs. This figure has been steadily increasing over the last few years as more women are able to access the resources and support they need to start their own businesses. According to the Alison Rose report All-female-led companies represented 20% of all businesses in the UK in 2022, up from 16% in 2018.
"£250 billion of new value that could be added to the UK economy if women started and scaled new businesses at the same rate as men (The Alison Rose Review of Female Entrepreneurship, 2023)"
Globally, only 1 in 3 SME businesses are owned by women and varies across the regions, from a low of 18% in South Asia to a high of 50% in Latin America & Caribbean. In East Asia & Pacific, South Korea has the lowest rate of women business owners, with just 19% of firms, and the Federated States of Micronesia has the highest, with 87% of firms owned by women. Similarly, in the Middle East, it goes from a low of 7% in the Republic of Yemen to a high of 49% in Tunisia.
"Women-owned businesses comprise only 23% of micro and SMEs in Latin America and the Caribbean and only 1% of women entrepreneurs have access to angel investors, seed capital and venture capital funds. Jeanette Awai, on behalf of Republic Bank"
India has also seen a rise in female entrepreneurship, and this movement has seen according to recent figures, women comprise 14 per cent of the total entrepreneurs in India, which works out to 8 million. Also, 10 per cent of all formal enterprises are owned by women.
This is a significant increase from the mere 5 percent recorded in 2015. The rise in female entrepreneurs in India can be attributed to the growing number of women-focused incubators, accelerators, and other support networks that provide women with the resources, connections, and skills they need to start and grow their own businesses.
Let’s Talk Caribbean
The Caribbean is also seeing an increased focus on sustainability, with governments introducing policies that reduce environmental impact. This has seen businesses investing in green technologies such as renewable energy and recycling, and women will be taking more advantage of these business opportunities.
Talking to Jenny Mein, artist, designer, founder and owner of Jenny Mein Designs. She creates beautiful fine bone china tableware inspired by fruit & flowers of the Caribbean.
Since setting up her business based on Jamaican culture, she explained that the culture had changed enormously.
“When I started in the 90s there were very few botanical tableware on the market, the most popular then was Portmeirion, Now you enter a department store and the china department is awash with a variety of floral tableware from small and large companies. It is quite incredible.”
Source: Jenny Mein Designs
Even so, after a decade and some of business, Jenny Mein Designs still continues to be the go-to place for good-quality, refined tropical botanical tableware.
In closing it’s fair to say that female entrepreneurs continue to drive economic growth whilst creating jobs in their respective countries.
This is having a positive impact on local economies, as well as helping to reduce poverty and inequality. In addition, female-led businesses tend to be more socially responsible, with a greater focus on sustainable practices and ethical business models.
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