Empowerment, freedom, flexibility and financial independence are the top reasons women cite for starting their own business. We are jumping into the world of entrepreneurship in droves! The number of women-owned businesses in Canada continues to grow. There has been a 30% increase in the last ten years.
In a GEM report on women’s entrepreneurship, nearly 85% of women said they would be interested in starting a business. So why the increase in numbers?
Some of the top motivators for women entrepreneurs include:
- Financial independence – That feeling of security that comes with knowing you are taking control of your finances and providing for yourself is truly empowering!
- Increased flexibility – Control over their schedules and flexibility with work hours was crucial for women, especially those going back into the workforce after having children.
- A sense of purpose and community – Many women are looking for inspiration. Something they can dive into makes them feel valued and appreciated outside of their family life.
- An escape from the corporate world in favour of more independence and the ability to make the rules!
What does a successful entrepreneur look like?
She is ambitious & hard-working. She shows up every day and puts in the effort to create a life she loves.
She is confident & knows her strengths. She recognizes her talents, plays to them, and doesn’t second guess herself.
She is positive and looks to the bright side. Focusing on what could go right instead of what could go wrong, she is not afraid to take chances.
She focuses on self-growth. Always looking to learn and grow, she recognizes that there is still room for improvement.
Failure is not in her vocabulary. She knows success is just around the corner. After a setback, she does not give up; instead, she picks herself up and keeps trying.
She is grateful. She focuses on her wins, celebrates every small victory, and finds joy in everyday moments.
She has a vision and believes in herself. She knows what she wants, looks to the future, and comes up with a plan to get there. She knows she has the skills to make it happen.
She has a strong network of people behind her. She realizes the importance of a fantastic support group, and actively creates the support network she needs.
How do Female-Led Businesses Differ from Those Run by Men?
Women are more likely to:
- Hire a family member
- Keep their business small, with only 1-2 employees
- Be a solo entrepreneur
- Work in the retail or service sector
- Start a business that aligns with their values in a field they love
Our Contribution to Canada’s Economy
Let’s keep it up, ladies! An estimated $150 billion will be generated if the growth of women-owned businesses continues. The Canadian Government recently launched WES (Women Entrepreneurship Strategy), with a promise to inject $5 billion to double the number of female-led companies by 2025. Our future is bright!