The Rise of Female Entrepreneurs: Breaking Barriers and Embracing Autonomy

More Women are Choosing Entrepreneurship as a Path to Success and Fulfillment

In a historic high, over 150,000 new businesses were started by women in 2022, accounting for more than 20.5% of all UK businesses. Many women are turning to entrepreneurship as a means to achieve the autonomy and freedom they feel is lacking in traditional workplaces. Outdated attitudes and glass ceilings continue to hinder progress in mainstream workplaces, prompting women to take control of their own careers and lives. However, despite the increasing number of female entrepreneurs, systemic barriers and a lack of access to funding and professional networks still pose challenges.

Frustrations with Traditional Workplaces Drive Women to Entrepreneurship

Tameeka Smith, founder and director of Trimenco CIC, a nonprofit training, mentoring, and coaching company, resigned from her previous role as director of a youth charity to pursue her own business. She realized that being her own boss and having autonomy were more important to her than the security of being an employee. Smith’s experience is not unique, as many women feel limited by traditional workplaces and seek the freedom and control that entrepreneurship offers.

A Lack of Opportunities and Gender Pay Gap Fuel Entrepreneurial Ambitions

The gender pay gap and limited opportunities for women in leadership positions further motivate women to start their own businesses. UK women aged 40 and older will not experience the closure of the gender pay gap until after they reach state pension age, according to a report by the Fawcett Society. Additionally, women hold only one in five commercial roles on the boards of Britain’s largest listed companies. These statistics highlight the need for change in mainstream workplaces and drive women to pursue entrepreneurship as a means of finding success on their own terms.

Overcoming Challenges and Embracing Autonomy

Zhin Kader, founder of Estéra Swim clothing line and the podcast Fashion Tweak, turned to entrepreneurship after feeling undervalued and limited in the fashion industry. Kader’s personal values and frustrations with the traditional workplace led her to start her own business, where she could fully utilize her capabilities and grow. Similarly, Rebekah Lloyd, a women’s health consultant and founder of This Independent Life, became an entrepreneur after feeling unsupported by her employer during a health problem. Autonomy, freedom, and the ability to create something she was passionate about motivated her to start her own venture.

Slow Progress and Systemic Barriers

Despite the increasing number of women entrepreneurs, progress is slow, with only 1% of venture capital in the UK going to businesses led by women. Systemic barriers and a lack of access to professional networks further hinder women’s entrepreneurial endeavors. Unrealistic depictions of entrepreneurship and the glorification of the “hustle culture” can also discourage women from starting their own businesses. However, entrepreneurship offers flexibility and self-determination, which are often lacking in traditional workplaces.

The Need for Equal Opportunities and Support

Efforts to encourage women into entrepreneurship need to start at a young age to challenge the notion that it is not for them. Initiatives and support should be provided across industries and locations to ensure equal opportunities for women. Access to funding and professional networks must be improved to level the playing field for female entrepreneurs. Additionally, the challenges of juggling domestic demands with entrepreneurship need to be addressed, with greater support for new parents in entrepreneurship.

Conclusion:

The rise of female entrepreneurs is a testament to women’s determination to overcome barriers and find success on their own terms. However, systemic challenges and a lack of equal opportunities continue to hinder progress. To truly achieve gender equality in entrepreneurship, efforts must be made to provide support, access to funding, and professional networks for women. Encouraging entrepreneurship from a young age and addressing the challenges faced by new parents in entrepreneurship are crucial steps towards creating a more inclusive and empowering environment for female entrepreneurs.