Why Does Women and Entrepreneurship Matter?

World_map Women are creating and running businesses around the world, contributing to economies that represent more than 70% of the world’s population and 93% of global GDP (2007). Women’s entrepreneurship is a key contributor to economic growth in low/middle income countries, particularly in Latin America and the Caribbean according to The Global Entrepreneurship Monitor (GEM) 2007 Report on Women and Entrepreneurship released by The Center for Women’s Leadership at Babson College. The study found no gender difference in the survival rate of women’s businesses versus those of men in high-income countries.  Women who are employed and have built a social network of entrepreneurs are more likely to become entrepreneurs.  Do you want to find out more? Read on below…

The social and economic benefits of working are driving women’s entrepreneurship more than increased education or household income. Women tend to be less optimistic and self-confident than men about starting a business.  But once involved in entrepreneurial activity, women’s confidence builds, and they are more likely to know other entrepreneurs, and exploit viable opportunities just like their male counterparts.

Fear of failure is also higher for women in all country groups compared to their male counterparts. Women in Europe and Asia low/middle income countries had the highest fear of failure rates (40.3%) compared to women in Latin America and the Caribbean (34.2%), and women in high-income countries (27.1%).  GEM suggests that rise in fear of failure may be linked to the necessity-driven perception of fewer job options.

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