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.