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More female entrepreneurs
if the number of female entrepreneurs equalled the number of male
entrepreneurs, GDP could be increased by 10% by 2030, according to
a new report.
There are more than 2.4 million unemployed women who want to work
and many are driven to set up their own business due to the need for
greater autonomy, a better work-life balance, and flexible working,
research by the Chartered Institute of Personnel and Development
(CIPD) has found.
The report also revealed that female-run businesses are successful
because women tend to: be motivated more by a sense of purpose
rather than just making money; grow their business sustainably and
choose self-financing rather than debt; demonstrate self-awareness
and business acumen; and take a personal approach to marketing and
managing relationships.
“It’s clear from our research that women have a lot to offer to the
economy – be it by starting up their own businesses or by letting their
entrepreneurial flair and business savvy shine in the corporate world,”
said Dianah Worman OBE, public policy adviser at the CIPD.
"Government is right to actively stimulate the wider take up of flexible
working by employers and to seek to support women in setting up and
growing their own enterprises."
Yet female entrepreneurs also face certain challenges when setting up
on their own; the report found that more women would be encouraged
to start a business if they had access to a central business advice
portal, to find out about areas such as financial business planning, upskilling and training.
Naomi Timperley, co-director of Enterprise Lab and director of Social
Media Boom, said:
"Women are increasingly savvy at recognising and tapping into
emerging trends but there needs to be greater guidance out there for
enterprising and creative women.
"I learnt that you can start a business with very little money but you
need to make sure that you have done your research and know your
market."
The report also warned that, if businesses don’t adopt more flexible
working practices, they risk losing key female talent who decide to
start their own business to achieve a better work-life balance.
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