The Rise of Female Entrepreneurs: Breaking Barriers and Embracing Autonomy

More women are starting their own businesses to escape gender inequalities and find fulfillment in their careers.

In a world where gender inequalities persist in traditional workplaces, an increasing number of women are turning to entrepreneurship to find autonomy, freedom, and success on their own terms. The statistics speak for themselves: over 150,000 new businesses were started by women in 2022, reaching a historic high. These “all female”-led companies now represent more than 20.5% of all UK businesses, a significant increase from 16.7% in 2018. The motivations behind this trend are clear – women are tired of waiting for their workplaces to catch up with modern attitudes and are taking matters into their own hands.

Frustrations with Traditional Workplaces

Many women cite frustrations with gender pay gaps and limited opportunities for advancement as key reasons for venturing into entrepreneurship. The Fawcett Society’s report reveals that UK women aged 40 and older will not experience the closure of the gender pay gap until after they reach state pension age. Additionally, women hold only one in five commercial roles on the boards of Britain’s largest listed companies. These statistics highlight the outdated attitudes and glass ceilings that exist in mainstream workplaces, prompting women to seek success and fulfillment outside of traditional employment structures.

Autonomy and Control

For Tameeka Smith, the founder and director of Trimenco CIC, starting her own business was a transformative decision. Smith realized that being her own boss allowed her to achieve her potential and be in control of her own career and life. This sentiment resonates with many female entrepreneurs who value the autonomy and freedom that entrepreneurship offers. Ameena Hamid, founder of a production company, emphasizes that women no longer want to wait for permission to succeed and are finding success by forging their own paths.

Challenging the Status Quo

Zhin Kader, founder of the clothing line Estéra Swim and the podcast Fashion Tweak, was driven to entrepreneurship by her frustration with a fashion industry that diminished her capabilities. Kader’s experience in the industry, marked by ethical dilemmas and a lack of inclusivity, clashed with her personal values. Similarly, Rebekah Lloyd, a women’s health consultant, became an entrepreneur after feeling unsupported by her employer during a serious health problem. These women were determined to challenge the traditional workplace’s limitations and create a space where their ideas and creativity could thrive.

Barriers and Challenges

While the number of women entrepreneurs is on the rise, progress is slow, and significant barriers still exist. The Treasury estimates that if women in the UK started and scaled new ventures at the same rate as men, up to £250 billion of new value could be added to the British economy. However, only 1% of venture capital in the UK ends up in businesses led by women. Women also face difficulties accessing advantageous professional networks, which further hinders their entrepreneurial journey. Unrealistic depictions of entrepreneurship as a “hustle culture” can also deter women from pursuing their own businesses.

Seeking Opportunities and Support

Creating an environment where women have equal opportunities is crucial for fostering entrepreneurship. Martha Bennett, founder of Ludo Tutors, highlights the need to provide women with the same opportunities as men. Efforts to encourage women into entrepreneurship should start at a young age, challenging the notion that it is not a path for them. Additionally, addressing the financial gaps that women often face throughout their lives can provide them with the resources needed to take the plunge into entrepreneurship. Juggling domestic demands with entrepreneurship is another challenge that needs to be addressed, ensuring that new parents receive the support they need to balance family and business responsibilities.

Conclusion:

The rise of female entrepreneurs signifies a shift in the landscape of business, as women seek autonomy, success, and fulfillment outside of traditional workplaces. Frustrations with gender inequalities and limited opportunities have fueled this trend, prompting women to take control of their own careers and lives. While barriers and challenges persist, efforts to provide equal opportunities and support for women in entrepreneurship are crucial. Encouraging entrepreneurship from a young age and addressing financial gaps can empower more women to embark on their entrepreneurial journeys. By embracing autonomy and challenging the status quo, female entrepreneurs are reshaping the business world and paving the way for a more inclusive and equal future.